World Bank supports Côte d'Ivoire gas strategy with $875 million financing
(Bloomberg) — The World Bank approved an $875 million financing package for Côte d'Ivoire and signed an interim agreement with Eni's local unit to support development of the country's growing natural gas sector, including technical assistance for its Gas Master Plan.
“This is a massive investment in Ivorian youth, the creation of productive jobs, and the resilience of local communities,” Ousmane Diagana, World Bank vice president for Western and Central Africa, said in an emailed statement. “Energy remains the backbone of any structural transformation. Our technical support for the future Gas Master Plan aims to provide the country with a rigorous road map for developing the necessary transmission and distribution infrastructure.”
Authorities recently started implementing a Gas Master Plan with World Bank support as Ivory Coast seeks to attract more investment in the sector. The strategy follows Eni’s decision to accelerate a $4 billion expansion of its offshore joint venture with Vitol Group, aimed at increasing the Baleine Phase 3’s oil production to 150,000 bpd from 60,000 and raise gas output.
The push also comes as wars in Iran and Ukraine have made nations in Europe and elsewhere keen to diversify gas supply sources.
The package is part of the World Bank’s recently announced broader commitment of more than $17 billion via its lending and investment arms, the lender said.
