IFC Backs Major Bond to Expand Electricity Access for 2.8 Million People in Côte d’Ivoire

The initiative is expected to benefit nearly 2.8 million people—representing almost a 10 percent increase in national electricity access.

In a major step toward expanding energy access and driving inclusive economic growth, the International Finance Corporation (IFC) has announced support for a significant bond issuance that will fund up to 600,000 new electricity connections in Côte d’Ivoire. The initiative is expected to benefit nearly 2.8 million people—representing almost a 10 percent increase in national electricity access.

To support the issuance, IFC is providing guarantees worth up to XOF15.8 billion (US$28.3 million). These guarantees will enable Société Ivoirienne de Banque (SIB) and the Emerging Africa and Asia Infrastructure Fund (EAAIF) to participate as anchor investors in the securitized bond linked to the government-backed Electricity for All Program (PEPT).

Covering 30 percent of the total bond size, IFC’s role was instrumental in mitigating investor risk and strengthening the financial structure. The transaction attracted substantial co-investment from key development finance institutions including the African Development Bank (AfDB) and Norfund, contributing nearly US$80 million equivalent, alongside a diverse network of domestic institutional investors.

The bond issuance—organized in three tranches with 7-, 10-, and 15-year maturities—is managed by Africa Link Capital Titrisation and is projected to raise up to XOF60 billion (US$107.2 million equivalent). This follows the successful first PEPT social bond issuance supported by IFC, reinforcing confidence in the model and accelerating the development of local capital markets in the West African Economic and Monetary Union (WAEMU).

Transforming Access to Energy

PEPT, launched in 2014, offers affordable access to electricity for low-income and rural households by allowing connection fees to be financed and repaid through installments rather than upfront payments. To date, the program has facilitated over 2 million household connections—including 63 percent in rural regions—helping close the energy gap between urban and rural areas.

“PEPT’s innovative financing model continues to be a game changer for reaching universal electricity access in Côte d’Ivoire,” said Zahalo Silué, Chairman of the PEPT Fund. “IFC’s continued support highlights how capital markets can be leveraged to improve millions of lives.”

“Our participation reflects IFC’s deep commitment to supporting Côte d’Ivoire’s universal energy access target by 2030,” added Josiane Kwenda, IFC Country Manager. “This collaboration demonstrates how public-private partnerships can mobilize long-term capital and enable sustainable development across Africa.”

A Building Block for Africa’s Electrification Goals

This financing also aligns with Mission 300, a joint initiative by the World Bank Group and AfDB aimed at connecting 300 million Africans to electricity by 2030. Since its launch, Mission 300 has already helped provide electricity access to more than 30 million people across Africa.

The new issuance strengthens the role of capital markets in addressing infrastructure gaps and reinforces Côte d’Ivoire’s leadership in energy access reforms. It also marks another milestone in the country's progress toward universal energy access, improved living standards, and increased opportunities for small businesses and underserved communities.