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(Ecofin Agency) – In Côte d’Ivoire, the private sector contributes 80% of government revenue. In that context, the government has launched a number of initiatives to boost investment in the sector to 25% of GDP and create over 90% of projected jobs by 2030.
Côte d’Ivoire announced, Monday (June 19), the launch of a CFAF38 billion ($63 million) long-term investment facility (FILT) program to promote the private sector.
This facility, called “CDC-CI Capital”, is a fund to support business development, initiated as part of the Competitive Value Chains for Employment and Economic Transformation Project (PCCET). It will support companies over the long term and reinforce the instruments initiated and put in place by the Ivorian government to make a more sustained contribution to the country’s growth.
“We need to foster the emergence, development, and consolidation of a strong private sector, one that is competitive on the global value scale and capable of employing, in large numbers and on a sustainable basis, our so creative and full of vitality youth[…]. […] This is the sine qua non for an increasingly prosperous and united Côte d’Ivoire, in an Africa that will embody a new ambition, a new growth, a new modernity,” said Souleymane Diarrassouba, Minister of Trade, Industry and SME Promotion.
The initiative is part of the West African country’s national development plan “Vision 2030,” which places a particular emphasis on structural transformation.
Since he assumed the Presidency, Alassane Ouattara has made the private sector the key focus of development actions. According to authorities, the private sector is the leading employer and the main contributor to 80% of government revenue. As part of its vision, the Ivorian government wants the private sector to invest 25% of GDP and create over 90% of projected jobs by 2030.
In December 2022, the country set up a one-stop-shop for business development (GUDE-PME) to make it easier for small entrepreneurs to obtain support and pre-financing. In January 2023, it also launched “Start-up Boost Capital,” a multi-billion CFAF Franc financing initiative to support and develop innovative businesses.
Charlène N’dimon (Intern)
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