CI-ENERGIES Guarantee Project (WB-P164145)

Countries
  • Ivory Coast
Where the impacts of the investment may be experienced.
Financial Institutions
  • World Bank (WB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jun 29, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
REPUBLIC OF COTE DIVOIRE
The holder of the loan, grant, or other investment.
Sectors
  • Energy
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 280.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 280.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ WB website

Updated in EWS Feb 27, 2019

Disclosed by Bank Jul 31, 2017


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

The development objective of CI-Energies Guarantee Project for Côte d'Ivoire is to refinance the short-term liabilities of CI-ENERGIES to improve the electricity sectors’ financial performance and its ability to attract investments to support the shift towards cleaner energy. The project is composed of an IDA Guarantee or equivalent in West African CFA franc (CFAF) that will support CI-ENERGIES in raising equivalent amount in long-term commercial financing. This new debt will be used to restructure or replace a substantial portion of the sector’s existing short-term commercial debt accumulated at the level of the Ivorian Electricity Company (CIE) the private operator and to repay arrears to Independent Power Producers (IPPs) and gas suppliers. IDA Guarantee will accomplish this by enhancing CI-ENERGIES’ credit quality and enable the company to raise new commercial debt with a lower interest rate and longer tenor than what would be available on a stand-alone basis. The cost of CI-ENERGIES’ existing commercial debt ranges between seven percent and eight percent for tenors of six to twelve years in local currency. IDA-guaranteed new commercial debt is expected to both reduce the level of interest paid by CI-ENERGIES and extend the tenor of its financing.

Investment Description
  • World Bank (WB)
Contact Information
Implementing Agency : CI-ENERGIES
Contact : Amidou Traoré
Title : Managing Director
Telephone No : 22520206201
Email : atraore@cinergies.ci

ACCOUNTABILITY MECHANISM OF WORLD BANK

The World Bank Inspection Panel is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by a World Bank-financed project. If you submit a complaint to the Inspection Panel, they may investigate to assess whether the World Bank is following its own policies and procedures for preventing harm to people or the environment. You can contact the Inspection Panel or submit a complaint by emailing ipanel@worldbank.org. You can learn more about the Inspection Panel and how to file a complaint at: http://ewebapps.worldbank.org/apps/ip/Pages/Home.aspx.