Ivory Coast Broadens Funding Strategy With Samurai Bond, Green Debt
TLDR
- Ivory Coast is expanding its funding sources as it seeks to meet rising investment needs and finance its €23.3 billion budget
- This month, the government raised 50 billion yen (about $336 million) through a Samurai bond on the Tokyo Stock Exchange
- The Ministry of Finance said the move is part of a wider strategy to diversify financing options and reduce dependence on traditional lenders
Ivory Coast is expanding its funding sources as it seeks to meet rising investment needs and finance its €23.3 billion budget. This month, the government raised 50 billion yen (about $336 million) through a Samurai bond on the Tokyo Stock Exchange—its first issuance in Japan. The ten-year bond carries a 2.3% interest rate and follows a $1.75 billion Eurobond issued earlier this year.
The Ministry of Finance said the move is part of a wider strategy to diversify financing options and reduce dependence on traditional lenders. Before the Samurai bond, the country already owed around $900 million to Japanese institutions. In January, it secured a €400 million loan from Mitsubishi UFJ Financial Group via a World Bank-backed debt-for-development framework.
Ivory Coast is also preparing to issue green and blue bonds in partnership with the African Development Bank and other international organizations. The target is to mobilize over $2 billion for climate-linked investments. Additional talks are ongoing with Gulf Cooperation Council countries for further funding avenues.
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Key Takeaways
Facing long delays from traditional financiers, Ivory Coast is actively rebalancing its borrowing portfolio. The government is tapping into less conventional markets—Japan's yen bond market, climate finance instruments, and Middle Eastern sovereign funds—to secure faster and more flexible funding. With debt standing at 58.1% of GDP, Abidjan is targeting moderate borrowing costs while aligning new debt with environmental and social priorities. This multipronged strategy gives Ivory Coast more autonomy in its fiscal planning, helps reduce exposure to single-source risks, and positions the country as a front-runner in innovative African public finance. The next test will be execution: attracting the right investors, maintaining transparency, and managing currency and interest rate risks across this diverse debt mix.
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