Côte d'Ivoire
New credit for Côte d'Ivoire

afrol News, 29 April - The World Bank today approved a new credit of 1.8 million euro (1.2 billion Franc CFA) for the development of the educational sector of Côte d'Ivoire. The credit is to ensure the continued salary of over 4000 state employees in the sector over the next four year. 

The Minister of Economy and Finance, Bohoun Bouabré, had negotiated the deal with the World Bank. Bouabré had his national budget, emphasising on social services and poverty reduction, approved just last month. Since that, the successful Minister has achieved the financial support by a long row of external institutions - ranging from the European Union to various banks - to secure the goals of growth and equity outlined in the budget. 

The World Bank only reengaged in Côte d'Ivoire in February after a couple of years of distance. The World Bank's new assistance program in Côte d'Ivoire agreed upon three month ago includes credits for education, health, agriculture, finance and infrastructure, as well as policy lending; equal to the budgetary goals of Bouabré. With the new credit approved today, the educational sector is given even greater importance.

Côte d'Ivoire and it economic capital Abidjan has developed into the financial centre of West Africa over the last decade, despite the political turmoil in the country in the years 1999-2001. Skyscraper-dominated Abidjan - its skyline contrasting neighbouring capitals - however has been in recession during the last years, while neighbours have experienced high growth rates.

Education is an emphasised sector by the socialist-oriented government of President Laurent Gbagbo. While previous governments in Côte d'Ivoire had opted for a state-controlled development of the cash crops sector - making the country the world's second exporter of cocoa - Gbagbo heads towards economic liberalisation and a more diversified economy. 

The new World Bank credit comes in line with several favourable deals with global financial organisations, following the return to democracy and the strict obedience of structural reforms in the country. 

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