Standard Chartered, one of the world’s leading global banks specializing in cross-border lending, has secured Africa’s first sustainable loan of EUR 533 million for Côte d’Ivoire.
The objective of this innovative financing is to leverage capital for key projects under the national development plan (NDP) for the period from 2021 to 2025. It will contribute to the acceleration of the country’s economic and social growth, in line with Cote d’Ivoire’s sustainability framework, confirmed and endorsed by an external report.
These funds will mainly be allocated to the promotion of sustainable projects and various social and environmental initiatives such as improving education, strengthening health infrastructure, developing renewable energies, managing wastewater and taking actions against pollution.
Standard Chartered played a key role in this transaction, acting as sole global coordinator, structuring bank, sustainability coordinator, lead manager, mandated lead arranger, and underwriter.
This financing, in the form of a 15-year long-term loan, offers competitive loan terms and has been structured to meet the specific requirements of Côte d’Ivoire, thus providing affordable financing.
This operation marks a significant step forward for the country in terms of access to competitive and sustainable financing for ESG (environmental, social and governance) projects.
Sujithav Sarangi, Executive Director, Structured Export Finance at Standard Chartered, said: “Standard Chartered is delighted to have played a leading role in the success of the first sustainable loan operation guaranteed by the African Development Bank for 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 seek to replicate this type of financing, in partnership with the AfDB, for other sovereign states in the African region.”
This loan demonstrates Standard Chartered’s expertise in structured export finance and reflects its strong relationship with multilateral development banks and export credit agencies.