The Board of Directors of the African Development Bank Group has approved an up to XOF 15 billion (EUR 22.9 million) to support Phase II of Côte d'Ivoire's Programme Électricité Pour Tous (PEPT).
The financing includes up to EUR 16.0 million from the Bank and up to EUR 6.9 million from the Sustainable Energy Fund for Africa (SEFA). The approval was made on 15th October 2025.
The transaction marks the first African Development Bank subscription to a local currency social bond in the West African Economic and Monetary Union (WAEMU) region. The project will finance 400,000 new electricity connections over 2025-2026, benefiting 2.2 million people, of which 35 percent live in rural communities. It is a flagship initiative under Mission 300 – the Bank's program to provide electricity access to 300 million Africans by 2030.
"This innovative social bond structure exemplifies how the Bank is deploying creative financing solutions to achieve universal energy access," said Kevin Kariuki, Vice President of the Power, Energy, Climate, and Green Growth complex. "By mobilizing capital markets and making electricity connections affordable for low-income households, we are powering economic transformation and improving lives across Côte d'Ivoire."
The PEPT program, launched in 2014, reduces electricity connection costs for eligible low-income households and small businesses from XOF 150,000 to a symbolic XOF 1,000, with the balance repaid over 2 to 10 years through electricity bills. The XOF 60 billion social bond is structured in three tranches with maturities of 7 (tranche A), 10 (tranche B), and 15 years (tranche C). The securitization vehicle is managed by Africa Link Capital Titrisation (ALC Titrisation), and the transaction was arranged by Africa Link Capital Structuration (ALC Structuration).
On October 17th, the African Development Bank, Emerging Africa & Asia Infrastructure Fund (EAAIF) with a guarantee from International Finance Corporation (IFC), and Norwegian Investment Fund for Developing Countries (Norfund), each anchored a portion of the bond.
“This landmark transaction for the Bank marks a major step in advancing the use of green, social, and sustainability instruments within the BRVM market. The Bank is proud to collaborate with other development finance institutions and local institutional investors to deepen market integration and foster a sustained flow of sustainable financing across the continent,” said Ahmed Attout, Director of the Bank's Financial Sector Development Department."
Commenting on the approval, Wale Shonibare, Director of the Energy Financial Solutions, Policy, and Regulations department said the project, a flagship implementation of Mission 300, demonstrates the innovative approaches needed to achieve universal electricity access by 2030. “"By connecting over 400,000 households, we are showcasing how market-based financing can accelerate electrification at the scale and speed required to reach 300 million people.”