Ashurst acts for African Development Bank on €570m private capital mobilisation for high-impact green and social projects in Côte d'Ivoire
Global law firm Ashurst has acted for the African Development Bank on dual-currency €470m and XOF 65.5bn partially-guaranteed facilities to the Republic of Côte d’Ivoire arranged by Deutsche Bank and Société Générale. The innovative risk-sharing structure, in the form of a first loss partial credit guarantee from AfDB, mobilises private capital by way of competitive, long-term commercial financing, extending to both hard and local currency funding.
The facilities are designed to advance strategic green and social investments aligned with the Sustainable Development Goals and Côte d’Ivoire’s National Development Plan 2021–2025. This transaction builds on the AfDB‑backed €533m guaranteed facility completed in 2023, reflecting Côte d’Ivoire’s sustained economic resilience and improving credit profile. By diversifying funding sources and extending maturities in line with the country’s 2024–2028 Medium‑Term Debt Management Strategy, the guarantee supports debt sustainability while catalysing private capital for priority projects with high development impact. The guaranteed local currency tranche also addresses persistent CFA franc liquidity constraints in the WAEMU regional market.
Proceeds will finance a portfolio of high-impact initiatives in priority sectors, including sustainable agriculture, water and sanitation, renewable energy, health, affordable housing, education and financial inclusion, further advancing Côte d’Ivoire’s vision of achieving upper-middle-income status by 2030 through sustainable economic transformation.
Commenting on the transaction, Ahmed Attout, Director, Financial Sector Development at the African Development Bank Group, said: “This second partial credit guarantee operation with the Republic of Côte d’Ivoire underscores the African Development Bank Group’s commitment to supporting repeat, high-impact market access. Building on the success of the first guaranteed transaction, the Bank is continuing to deploy risk-mitigation instruments to mobilize long-term private capital for priority green and social investments, strengthen investor confidence, and support debt sustainability in line with Côte d’Ivoire’s development agenda.”
Commenting on Ashurst’s role, lead partner Tom Longmuir said: "We take great pride in acting for our clients on their most strategic matters. This second, large scale guaranteed financing to the Republic of Côte d’Ivoire marks another important step for sustainable financing in Africa and the use of multilateral risk mitigation tools in mobilising private capital and creating additionality, including in local currency. We are pleased to have once again supported our client the African Development Bank in its delivery of competitive, long-term funding for Côte d’Ivoire’s green and social priorities."
The Ashurst team was led by partner Tom Longmuir and senior associate Samia Khennous, supported by associates Lilian Decot, Orphée Janaud and Rohan Last, together with trainee solicitor Peggy Flanagan. Counsel Gaëlle Cognet advised on environmental and sustainability-related legal matters, and partner Emmanuelle Cabrol and senior associate Bogdan Voinov advised on arbitration- and immunity-related aspects.
