EIB Announces €150 Million Investment for Forest Conservation and Restoration in Côte d’Ivoire

EIB Announces €150 Million Investment for Forest Conservation and Restoration in Côte d’Ivoire

(IN BRIEF) At COP29, the European Investment Bank (EIB) announced a €150 million investment to support Côte d’Ivoire’s forest preservation, rehabilitation, and expansion efforts. This funding aligns with President Alassane Ouattara’s Abidjan Legacy programme, which targets deforestation, land restoration, and agroforestry. The project will focus on protecting and expanding the country’s forests through key investments. EIB Vice-President Ambroise Fayolle emphasized the importance of the project in reducing emissions and supporting local communities. EIB Global, the bank’s development finance branch, continues to focus on promoting sustainable development in Africa.

(PRESS RELEASE) LUXEMBOURG, 13-Nov-2024 — /EuropaWire/ — At the COP29 United Nations Climate Change conference, the European Investment Bank (EIB) announced a €150 million commitment to support Côte d’Ivoire’s forest preservation, rehabilitation, and expansion efforts. This initiative aligns with President Alassane Ouattara’s Abidjan Legacy programme, which aims to combat deforestation, promote agroforestry, and restore degraded lands as part of the country’s broader environmental goals.

The project will focus on safeguarding, rehabilitating, and expanding Côte d’Ivoire’s forests through the financing of key infrastructure investments and softer assets that support the nation’s comprehensive reforestation and forest rehabilitation strategy.

Vice-President Ambroise Fayolle expressed his satisfaction with the strong partnership between the EIB and Côte d’Ivoire, stating, “We are pleased to continue building our strategic relationship with Côte d’Ivoire, and this project will play a crucial role in protecting forests, reducing emissions, and improving the livelihoods of local communities that depend on them.”

Fayolle made the announcement alongside Côte d’Ivoire’s Minister of Water and Forests, Laurent Tchagba, during the COP29 event.

The EIB has invested over €59 billion across 52 African countries, supporting a wide range of projects, from infrastructure and renewable energy to innovation and enterprise development. With a strong focus on strengthening EU-Africa relations, the EIB continues to play a pivotal role in driving sustainable development on the continent.

Launched in 2022, EIB Global is the development finance arm of the European Investment Bank. It focuses on climate action, sustainable investments, and improving living conditions in challenging environments. By fostering development loans and financial partnerships, EIB Global accelerates growth, drives rural prosperity, and encourages innovation in urban areas, ultimately building stronger economies for a sustainable future.

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SOURCE: European Investment Bank