The Ivorian Minister of Economy and Finance, Adama Coulibaly, and his French counterpart Bruno le Maire, signed the third debt reduction and development contract, in favor of Côte d’Ivoire this Thursday, October 28, 2021 in Paris, reports RFI.

1.4 billion euros, or 751 billion CFA francs, this is the sum that Côte d’Ivoire will not reimburse to France next year, in respect of its pre-2012 debt. This money will be deposited on an account of the French Development Agency then “marked” towards projects deemed priority by the Ivorian government, in agreement with France. These include, among others, training and employment for young people, urban development, agriculture and the preservation of biodiversity. Without forgetting the strengthening of the governance of public institutions.

A mechanism invented by the French authorities twenty years ago, during the global debt relief of heavily indebted poor countries, or HIPCs. A mutual debt that will be transformed into a donation.

At the end of this contract, it was agreed that eighteen countries such as Côte d’Ivoire, Cameroon, Congo, and several others, will benefit from the debt reduction and development contract.