Africa Financial Sector Responses to COVID-19 - Côte d'Ivoire

Jul 28, 2020

As a Partnership committed to the African financial sector (AFS) development and resilience, Making Finance Work for Africa (MFW4A) has implemented a number of recent initiatives to strengthen the resilience of the African financial sector.

In addition to its webinars series and discussions aimed at identifying the sector's difficulties and solutions, a portal dedicated to domestic and international responses to the impact of COVID-19 on the regional financial sector has been set up.  The exercise consists in monitoring, collecting and classifying by country or region the measures taken by governments, central banks and DFIs in in support of the AFS vis-à-vis the financial impact of the pandemic. 

This page presents measures and initiatives by the Ivorian government, national central bank and Development Finance Institutions (DFIs) in support of a resilient domestic financial sector facing the effects of the COVID-19 pandemic.

Disclaimer: This page contains information and links from third parties. These links are being provided as a convenience and for informational purposes only; they do not constitute an endorsement or an approval by MFW4A.

Instrument

Institution

Financing volume

Description 

Tax Measures Government N/A (April 07, 2020) Suspension of tax and customs controls, total and partial exemptions and deductions in several sectors for a period of 3 months.

Public funds to support the private sector

Government

USD 340 million

(April 09, 2020) Establishment of a support and guarantee fund for small and medium-sized enterprises (SMEs) by the government for a total amount of 200 billion CFA francs (USD 340 million), in order to maintain the economic activity of these companies affected by the Coronavirus crisis.



Treasury Bills



Government



USD 305 million

 (May 04, 2020) Issuance of treasury bills, known as "Bons Social Covid-19" to investors on the financial market of the West African Monetary Union (WAMU) for a subscribed amount of 180 billion CFA francs (USD 305 million).



Support Fund for Agricultural Sectors


Government


USD 259 million

(May 20, 2020) The government is setting up a CFA 150 billion (USD 259 million) fund to support agricultural sectors.





Grant




Government




17 millions USD
(May 27, 2020) 40,000 actors in the informal sector will benefit from this financial support of CFA 10 billion (USD 17 million) to revive their activities. Catering, handicrafts, transport and trade are the targeted actors and each beneficiary will receive a grant of 200,000 to 300,000 CFA, depending on their activity.

Multilateral Line of Credit

IFC

USD 22 million

(July 13, 2020) The International Finance Corporation (IFC), a member of the World Bank Group, announced a €25 million, one-year senior loan to NSIA Banque Côte d’Ivoire (NSIA), allowing the bank to extend new trade-related or working capital loans to companies whose cash flows have been disrupted by the Covid-19 pandemic.