Project Description
On September 2, 2025, MIGA provided a Non-Honoring of Sovereign Financial Obligation (NHFO-SFO) guarantee to Standard Chartered Bank (Hong Kong) Limited in the amount of EUR372.9 million. The guarantee was subsequently adjusted to also include JPM Morgan Chase Bank N.A., London Branch and HSBC Bank Plc (the Lenders). The guarantee covers a sustainability-linked loan (SLL) of up to EUR433.4 million (the Loan) provided to the Ministry of Finance and Budget of the Republic of Côte d'Ivoire (CdI). The final maturity of the SLL is 15 years.
The Republic of CdI, in collaboration with the World Bank Group, has developed its first Sustainability-Linked Financing Framework (SLF). This framework allows the Republic of CdI to access financing for its development priorities at potentially more favorable terms by linking financial conditions to the achievement of clearly defined Sustainability Performance Targets in the fields of (i) renewable energy production (excluding hydropower), and (ii) deforestation prevention and reforestation. The SLF supports the country’s ambitious sustainability commitments, including a national greenhouse gas (GHG) emissions reduction target of more than 30% by 2030, with the energy and forestry sectors being among the largest contributors to national GHG. This SLF will be reviewed by an external third-party, which will provide a Second-Party Opinion to confirm the Framework’s credibility and alignment with the ICMA and LMA principles. The SLL is the inaugural transaction under the SLF framework and will benefit from a first-loss guarantee from the International Bank of Reconstruction and Development (IBRD) of up to EUR260 million, as well as the MIGA NHFO-SFO guarantee, which is provided as a second loss guarantee.
Environmental and Social Categorization
The Project is classified as category C under MIGA’s Policy on Environmental and Social Sustainability (2013) as the targeted government expenditures are anticipated to have minimal or no adverse environmental or social risks and/or impacts. Potential adverse E&S risks are mitigated against by the existence of a sound regulatory framework that is being strengthened with support from IBRD.
Development Impact
The Project’s expected key development impact is to enable the Government of Côte d’Ivoire to benefit from lower funding costs to deliver on a set of objectives that have been identified as national strategic priorities. The Loan will also introduce important financial innovations that have the potential to trigger private capital mobilization from a new investor base as well as wider adoption of ESG practices in Côte d’Ivoire.
