Standard Chartered facilitates EUR533 million Sustainable Loan in Ivory Coast
on January 9, 20249 January, London, UK – Standard Chartered, a leading international cross-border bank, has arranged EUR533 million of financing, backed by the African Development Bank (AfDB), for the Ministry of Finance and Budget of the Republic of Côte d’Ivoire. This landmark sustainable financing will provide capital for key projects under the Republic’s 2021 – 2025 National Development Plan, helping to accelerate Côte d’Ivoire’s economic and social development in compliance with the country’s own Sustainable Framework1, which is reviewed and supported by a Second Party Opinion2.
The financing will go towards fostering sustainable development and supporting a range of eligible social and environmental projects, including education, health infrastructure, renewable energy, wastewater management, and pollution prevention and control.
The Bank acted as sole Global Coordinator, Structuring Bank, Sustainability Coordinator, Bookrunner, Mandated Lead Arranger and Underwriter. This Partial Credit Guarantee in loan format has a long 15-year tenor and competitive borrowing costs, which have been structured to meet Côte d’Ivoire’s target financing terms, securing low-cost financing. The transaction is a significant step in enhancing the country’s capacity to attract long-term, competitive financing dedicated to ESG projects.
Sujithav Sarangi, Executive Director, Structured Export Finance at Standard Chartered, said: “Standard Chartered is pleased to have played a leading role in successfully delivering the first African Development Bank guaranteed sustainable loan to finance social and environmental projects for the Republic of Côte d’Ivoire. As a leading financial institution, we promote sustainable finance in our markets and look to replicate this type of financing, in partnership with AfDB, for other sovereigns in the African region.”
This loan is a great example of Standard Chartered’s structured export finance expertise and strong relationships with Multilateral Development Banks and Export Credit Agencies.
1 Côte-dIvoire-Sustainable-Framework-July-2021-vF.pdf (tresor.gouv.ci)
2Côte d’Ivoire Sustainable Bond Framework Second-Party Opinion (sustainalytics.com)
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For further information please contact:
Denada Muka
Communications, Brand and Marketing Manager, Europe
Standard Chartered Bank
Tel: +44 7884476951
Email: Denada.Muka@sc.com
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