(Ecofin Agency) - The funds will finance growth-oriented reforms, promote competition in key sectors, encourage sustainable use of natural resources and expand access to health and education services.

The World Bank has approved the disbursement of $300 million to support economic growth in Cote d’Ivoire. In a December 8 statement, the lender said the aid is aimed at helping the country achieve upper-middle-income status by 2030, as per its 2021-2025 National Development Plan.

The first focus is on stimulating competition in major sectors and enhancing domestic revenue collection. The anticipated reforms will improve sectoral competition policies and regulatory frameworks. The second set of reforms concentrates on expanding equitable access to health and education services, improving the quality of basic education, addressing skills mismatch in the job market, and promoting inclusive health insurance. The third pillar involves promoting the sustainable use of natural resources, including sustainable cocoa production, forest conservation, and strengthening environmental regulatory frameworks.

This World Bank’s assistance is essential for delivering near-term support to guarantee the sustainability of public finances and debt. "The reforms program supported by this operation is right on spot to accelerate productivity growth and sustain economic growth, including improving public service delivery in health and education, protecting its natural resources, and creating the environment for thriving public and private investments”, emphasized Marie-Chantal Uwanyiligira, World Bank Country Director for Cote d’Ivoire, Benin, Guinea, and Togo.