Côte d’Ivoire: First country in West and Central Africa to issue ESG Samurai Bonds

Salif Diallo
Abidjan, Côte d'Ivoire
September 30, 2025

C ôte d’Ivoire wants to reduce its infrastructure gap to take advantage of its sustained economic growth over the past decade. The authorities have stated that they want to turn the country into a middle-income country by 2030. One of the country’s objectives is to increase per capita income from around US$1,722 (2020) to around US$4,000 by 2030 and an annual growth rate of 7 percent of GDP.

The Ivorian government has outlined these ambitions in a policy document it entitled “Côte d’Ivoire 2030“(or CI-2030). This plan presents vast infrastructure programs in the major economic sectors, including transportation, health, education, agriculture, electricity, technology, and communication. CI2030 is also a long-term vision, a reference, and a framework for the entire Government, domestic, and international investors.

The government needs financing and has over the past decade raised funds on the domestic market and also through Eurobonds on the international market in Europe. ESG Samurai Bonds is the first time Cote d’Ivoire has tapped into the Far East financial market and a first for any country in West and Central Africa.

Samurai Bonds

On July 17th, 2025, Finance Minister Adama Coulibaly announced Côte d’Ivoire’s first Samurai bond, which raised US$336 million (50 billion yen) through a 10-year note at a 2.3 percent coupon. The bond, denominated in Japanese yen and listed in Tokyo, makes the country the first sub-Saharan African sovereign with an active Samurai issuance. A Samurai bond is a yen-denominated bond issued by foreign companies in the Japanese market. It provides capital to a non-Japanese issuer. It resembles a classic bond where the issuer pays coupons but also has an obligation to repay the principal at maturity. This issuer must comply with Japanese regulations.

Côte d’Ivoire worked with Japanese authorities and financial institutions to complete the issue. On July 15th, 2025, the Japan Bank for International Cooperation (JBIC) signed a set of agreements with Cote d’Ivoire to provide a partial guarantee for these yen-denominated foreign bonds. This partial guarantee stimulated interest from Japanese institutional investors.

The bond will follow a private placement. The arrangers are SMBC Nikko Securities Inc. and Mitsubishi UFJ Morgan Stanley Securities Co., Ltd., with Sumitomo Mitsui Banking Corporation serving as a commissioned company for bondholders.

The JBIC describes the bond as a “Sustainability Bond” and defines it as an instrument whose proceeds go to social and green projects. The issuance also carries an ESG label. This means that the JBIC expects the bond to target investments with environmental, social, and governance impact.

Côte d’Ivoire public debt

Côte d’Ivoire’s total debt was US$52.2 billion in March 2025. External debt represents 62.2 percent (US$32.7 billion) while internal debt makes up 37.3 percent (US$19.5 billion).

The country continues to borrow to fund investments in infrastructure. During the first quarter of 2025, Côte d’Ivoire raised EUR 335 million (FCFA-denominated bond issuance for a total amount of XAF220 billion). During the same period, the country also raised US$ 1.75 billion through Eurobonds. The authorities used these funds to refinance the country’s liability and restructure its debt amortization schedule. In addition, Cote d'Ivoire has also borrowed US$265.9 (XOF149 billion) from private commercial banks.

Multilateral creditors have provided 35 percent of Côte d’Ivoire's debt, bondholders 32 percent, while bilateral and commercial lenders have provided 17 percent and 16 percent.

Closing the infrastructure gap

Côte d’Ivoire is reducing its infrastructure gap in areas such as transport, access to reliable electricity and digital networks. The authorities are also investing in education and health. The 2025 national budget has earmarked USD$6.6 billion for infrastructure investments. To date, 28.9 percent of these funds will finance the construction of roads and increase access to electricity, 10.3 percent to health and 8.2 percent to climate mitigation and adaptation. In 2025, the government plans to channel 60 percent of debt finance to infrastructure investments.

The International Monetary Fund (IMF) says that Cote d’Ivoire has a resilient economy that makes it an anchor of stability in the turbulent West African region. The IMF forecasts that the country will achieve an average GDP growth rate of 6.7 percent in 2026-30 and reach 7 percent in 2029. Investments in infrastructure and a revitalized extractive sector will contribute to this performance. For the International Monetary Fund, “the authorities will prioritize investments in transportation, renewable energy, and telecommunications infrastructure to boost economic growth and connectivity” [1].

In 2023, Cote d’Ivoire overtook Ghana and became the second economy in West and Central Africa (behind Nigeria). In 2024, the country had a nominal GDP of US$86.54 billion compared to Ghana's US$82.83 billion.

Risks

The IMF and Côte d’Ivoire signed a US$3.6 billion Extended Fund Facility (EFF) and Extended Credit Facility (ECF) in May 2023. In the third year of these programs and after four reviews, the IMF is optimistic about the short-term economic outlook for Cote d’Ivoire. The IMF says that the program implementation of structural benchmarks is satisfactory and that the country is meeting performance criteria. For 2025, the country targets 6.3 percent GDP growth rate. Authorities also expect average inflation to return within the 1 to 3 percent range, which is the target of the West African Monetary Union (WAEMU).

Côte d’Ivoire aspires to be a middle-income country by 2030. Although the performance has been encouraging since the end of COVID-19, the nation is fragile and won’t reach its goal. The country’s policy choices face trade barriers, uncertainties from previous trade destinations such as Europe, and disruptions or reductions in foreign direct investments. Commodity prices and major trading currencies like the euro, dollar, and Pound, are volatile, reshaping trade. The country faces debt distress, rising interest rates and a volatile US dollar.

At the regional level, Côte d’Ivoire offers and benefits from the seaport access it offers to landlocked countries such as Mali and Burkina Faso. But insecurity threatens the flow of regional trade to and from these countries. Regional insecurities, cyber threats, money laundering, and terrorism finance represent emerging risks for the economy.

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