COTE D’IVOIRE (REPUBLIQUE DE) – XS1796266754 CôteD’ Ivoire 6,625% Prospectus Document

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                                                         IMPORTANT NOTICE

THE NOTES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”) AND, SUBJECT TO CERTAIN EXCEPTIONS, MAY NOT BE OFFERED OR SOLD WITHIN
THE UNITED STATES. THE NOTES WILL BE OFFERED AND SOLD: (A) IN THE UNITED STATES TO PERSONS WHO ARE
“QUALIFIED INSTITUTIONAL BUYERS” (AS DEFINED IN RULE 144A (“RULE 144A”) UNDER THE SECURITIES ACT) (“QIBS”)
AND (B) TO PERSONS LOCATED OUTSIDE THE UNITED STATES IN OFFSHORE TRANSACTIONS (AS DEFINED IN
REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”)).
IMPORTANT: You must read the following disclaimer before continuing. The following disclaimer applies to the prospectus following
this page (the “Prospectus”) and you are therefore advised to read this disclaimer carefully before reading, accessing or making any other use
of the attached Prospectus. In accessing the attached Prospectus, you agree to be bound by the following terms and conditions, including any
modifications to them from time to time, each time you receive any information as a result of such access. You acknowledge that this
electronic transmission and the delivery of the attached Prospectus is intended for only you as the addressee of the email sent by BNP Paribas,
J.P. Morgan Securities plc or Standard Chartered Bank, and you agree you will not forward this electronic transmission or the attached
Prospectus to any other person.
NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN ANY
JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE SECURITIES HAVE NOT BEEN, AND WILL NOT BE,
REGISTERED UNDER THE SECURITIES ACT OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION
OF THE UNITED STATES AND, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1)
IN ACCORDANCE WITH RULE 144A OR (2) OUTSIDE THE UNITED STATES IN RELIANCE ON REGULATION S, IN EACH
CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION OF THE
UNITED STATES.
IN MEMBER STATES OF THE EEA, THE ATTACHED PROSPECTUS IS DIRECTED ONLY AT PERSONS WHO ARE
“QUALIFIED INVESTORS” WITHIN THE MEANING OF REGULATION (EU) 2017/1129 (THE “EU PROSPECTUS
REGULATION”) AND IN THE UNITED KINGDOM ONLY AT PERSONS WHO ARE “QUALIFIED INVESTORS” WITHIN THE
MEANING OF REGULATION (EU) 2017/1129 AS IT FORMS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN
UNION (WITHDRAWAL) ACT 2018 (THE “UK PROSPECTUS REGULATION”). THE COMMUNICATIONS CONTAINED IN
THE ATTACHED PROSPECTUS ARE ONLY MADE TO OR ARE DIRECTED AT (I) PERSONS WHO ARE OUTSIDE THE
UNITED KINGDOM OR (II) PERSONS WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO
INVESTMENTS FALLING WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL
PROMOTION) ORDER 2005 OR (III) HIGH NET WORTH COMPANIES, AND OTHER PERSONS TO WHOM IT MAY
LAWFULLY BE COMMUNICATED, FALLING WITHIN ARTICLE 49(2)(A) TO (D) OF SUCH ORDER (ALL SUCH PERSONS
TOGETHER BEING REFERRED TO AS “RELEVANT PERSONS”). THE ATTACHED PROSPECTUS MUST NOT BE ACTED
ON OR RELIED ON BY PERSONS WHO ARE NOT RELEVANT PERSONS. ANY INVESTMENT OR INVESTMENT ACTIVITY
TO WHICH THE ATTACHED PROSPECTUS RELATES IS AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE
ENGAGED IN ONLY WITH RELEVANT PERSONS.
THE ATTACHED PROSPECTUS IS PERSONAL TO YOU AND MAY NOT BE FORWARDED OR DISTRIBUTED TO ANY
OTHER PERSON AND MAY NOT BE REPRODUCED IN ANY MANNER WHATSOEVER, AND IN PARTICULAR MAY NOT
BE FORWARDED TO ANY U.S. ADDRESS. FAILURE TO COMPLY WITH THIS DIRECTIVE MAY RESULT IN A VIOLATION
OF THE SECURITIES ACT OR THE APPLICABLE LAWS OF OTHER JURISDICTIONS.
Confirmation of Your Representation: In order to be eligible to view the attached Prospectus or make an investment decision with
respect to the Notes described in the attached Prospectus, you must be (i) outside the United States for the purposes of Regulation S or (ii) a
QIB that is acquiring the Notes for its own account or for the account of another QIB.
The attached Prospectus is being sent at your request. By accepting the email and accessing, reading or making any other use of this Prospectus,
you shall be deemed to have represented to BNP Paribas, J.P. Morgan Securities plc and Standard Chartered Bank, that (1) you understand and
agree to the terms set out herein, (2) you and any customers you represent are “Authorized Persons” because either (a) in respect of Notes being
offered pursuant to Rule 144A, you are (or the person you represent is) a QIB, and the electronic mail address to which, pursuant to your request,
the Prospectus has been delivered by electronic transmission is utilized by someone who is a QIB, or (b) in respect of Notes being offered outside
the United States in an offshore transaction pursuant to Regulation S, you and the electronic mail address that you gave to BNP Paribas, J.P.
Morgan Securities plc or Standard Chartered Bank, and to which this email has been delivered is not located in the United States, its territories
and possessions (including Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands),
any State of the United States or the District of Columbia, (3) you consent to delivery of the Prospectus by electronic transmission, (4) you will
not transmit the Prospectus (or any copy of it or part thereof) or disclose, whether orally or in writing, any of its contents to any other person
except with the consent of the Joint Lead Managers, described in the attached Prospectus and (5) you acknowledge that you will make your own
assessment regarding any legal, taxation or other economic considerations with respect to your decision to subscribe for or purchase any of the
Notes.
You are reminded that the attached Prospectus has been delivered to you on the basis that you are a person into whose possession such Prospectus
may be lawfully delivered in accordance with the laws of the jurisdiction in which you are located and you may not, nor are you authorized to,
deliver the attached Prospectus to any other person and in particular to any United States address.
The materials relating to the offering do not constitute, and may not be used in connection with, an offer or solicitation in any place where offers
or solicitations are not permitted by law. If a jurisdiction requires that the offering be made by a licensed broker or dealer and the underwriters
or any affiliate of the underwriters is a licensed broker or dealer in that jurisdiction, the offering shall be deemed to be made by the underwriters
or such affiliate on behalf of the Issuer in such jurisdiction.
Restrictions: Nothing in this electronic transmission constitutes an offer of securities for sale to persons other than Authorized Persons to whom
it is directed and access has been limited so that it shall not constitute a general solicitation. If you are not an Authorized Person and have
gained access to this transmission, you will be unable to purchase any of the Notes described in the attached Prospectus.
Under no circumstances shall the Prospectus constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of Notes
in any jurisdiction in which such offer, solicitation or sale would be unlawful.
                                             THE REPUBLIC OF CÔTE D’IVOIRE
                                       €250,000,000 6.625% Amortizing Notes due 2048
             to be consolidated and form a single series with the €850,000,000 6.625% Amortizing Notes due 2048

   Issue Price: 111.660% plus an amount corresponding to accrued interest from and including 22 March 2020 to but
                                            excluding 15 February 2021
The Republic of Côte d’Ivoire (the “Issuer”, the “Republic” or “Côte d’Ivoire”) is offering the €250,000,000 6.625% Amortizing Notes due 2048 (the “New
Notes”) to be consolidated and form a single series with the €850,000,000 6.625% Amortizing Notes due 2048 (the “Original Notes” and together with the New
Notes, the “Notes”). The Notes will, unless previously redeemed or cancelled, be redeemed in three instalments on 22 March 2046, 22 March 2047 and 22 March
2048. The Amortization Amounts (as defined herein) are set out in “Terms and Conditions of the Notes—7. Redemption and Purchase”.
The Original Notes bear the interest on their outstanding principal amount from and including 22 March 2018 and the New Notes will bear interest on their
outstanding principal amount from and including 22 March 2020 at a rate of 6.625% per annum payable annually in arrear on 22 March in each year. The first
payment of interest on the New Notes will be made on 22 March 2021 for the period from and including 22 March 2020 to but excluding 22 March 2021. Payments
on the Notes will be made in Euros, without deduction for or on account of any Ivorian withholding taxes unless the withholding is required by law, in which case
the Issuer will, subject to certain exceptions, pay additional amounts, if any, in respect of such taxes as described herein. See “Terms and Conditions of the Notes—
8. Taxation”.
This prospectus (the “Prospectus”) constitutes a prospectus for the purposes of Regulation (EU) 2017/1129 (the “EU Prospectus Regulation”). This Prospectus
has been approved by the Central Bank of Ireland (the “CBI”), as competent authority under the EU Prospectus Regulation. The CBI only approves this Prospectus
as meeting the standards of completeness, comprehensibility and consistency imposed by the EU Prospectus Regulation. Such approval should not be considered
as an endorsement of the issuer or the quality of the Notes that are the subject of this Prospectus and investors should make their own assessment as to the
suitability of investing in the Notes. Any website referred to in this document does not form part of the Prospectus and has not been scrutinised or approved by
the CBI. Application has been made to the Irish Stock Exchange plc trading as Euronext Dublin (“Euronext Dublin”) for the Notes to be admitted to its official
list (the “Euronext Dublin’s Official List”) and trading on the regulated market of Euronext Dublin (the “ Euronext Dublin’s Regulated Market”). Application
has also been made to passport the Prospectus into Luxembourg in accordance with the EU Prospectus Regulation and a further application will be made for the
New Notes to be admitted to the official list of the Luxembourg Stock Exchange (the “Luxembourg Stock Exchange’s Official List”) and to trading on the
Luxembourg Stock Exchange’s regulated market (the “Luxembourg Stock Exchange’s Regulated Market”). The Original Notes are already admitted to the
Luxembourg Stock Exchange’s Official List and to trading on the Luxembourg Stock Exchange’s Regulated Market. References in this Prospectus to Notes being
“listed” (and all related references) shall mean that the Notes have been admitted to Euronext Dublin’s Official List and the Luxembourg Stock Exchange’s
Official List and have been admitted to trading on Euronext Dublin’s Regulated Market and the Luxembourg Stock Exchange’s Regulated Market. Each of
Euronext Dublin’s Regulated Market and the Luxembourg Stock Exchange’s Regulated Market is a regulated market for the purposes of Directive 2014/65/EU
of the European Parliament and of the Council on markets in financial instruments, as amended (“MiFID II”).
The New Notes are expected to be rated on issuance B+ by Fitch Ratings Ltd. (“Fitch”) and Ba3 by Moody’s Investors Services Inc. (“Moody’s”). All references
to Moody’s and Fitch included in this document are to the entities as defined in this paragraph. A rating is not a recommendation to buy, sell or hold securities
and may be subject to revision, suspension or withdrawal at any time by the assigning rating organization. None of Fitch or Moody’s is established in the European
Union and has applied for registration under Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating
agencies (the “CRA Regulation”). The rating issued by Fitch has been endorsed by Fitch Ratings Ireland Limited and the rating issued by Moody’s has been
endorsed by Moody's Deutschland GmbH in each case in accordance with the CRA Regulation. Each of Fitch Ratings Ireland Limited and Moody's Deutschland
GmbH is established in the European Union and registered under the CRA Regulation. As such each of Fitch Ratings Ireland Limited and Moody's Deutschland
GmbH is included in the list of credit rating agencies published by the European Securities and Markets Authority (“ESMA”) on its website (at
http://www.esma.europa.eu/page/List-registered-and-certified-CRAs) in accordance with the CRA Regulation.
The Notes have not been, and will not be, registered under the US Securities Act of 1933, as amended (the “Securities Act”) or with any securities regulatory
authority of any state or other jurisdiction of the United States and may not be offered, sold or delivered within the United States except pursuant to an exemption
from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. Accordingly, the Notes are being
offered, sold or delivered: (a) in the United States only to qualified institutional buyers (“qualified institutional buyers”) (as defined in Rule 144A under the
Securities Act (“Rule 144A”)) in reliance on, and in compliance with, Rule 144A; and (b) outside the United States in offshore transactions in reliance on
Regulation S under the Securities Act (“Regulation S”). Each purchaser of the Notes will be deemed to have made the representations described in “United States
Transfer Restrictions” and is hereby notified that the offer and sale of Notes to it is being made in reliance on the exemption from the registration requirements
of the Securities Act provided by Rule 144A. In addition, until 40 days after the commencement of the offering, an offer or sale of any of the New Notes within
the United States by any dealer (whether or not participating in the offering) may violate the registration requirements of the Securities Act if the offer or sale is
made otherwise than in accordance with Rule 144A.
Neither this Prospectus nor the Notes are required to be registered or cleared under the regulations of the West African Economic and Monetary Union (Union
Economique et Monétaire Ouest Africaine or “WAEMU”) or Côte d’Ivoire financial regulations. Unless they are registered and authorized by the financial
regulators of WAEMU and Côte d’Ivoire, the Notes cannot be issued, offered or sold in these jurisdictions.
The New Notes sold in offshore transactions in reliance on Regulation S will be issued initially in the form of registered global note certificates (the “Unrestricted
Global Note Certificates”) and the New Notes sold to qualified institutional buyers in reliance on Rule 144A will be issued initially in the form of registered
global note certificates (the “Restricted Global Note Certificates” and together with the Unrestricted Global Note Certificates, the “Global Note Certificates”).
Each Global Note Certificate will be deposited with a common depositary for Euroclear Bank SA/NV (“Euroclear”) and Clearstream Banking, S.A.
(“Clearstream”), and registered in the name of a nominee for such common depositary. See “Form of Notes”.
BNP Paribas, J.P. Morgan Securities plc and Standard Chartered Bank. (the “Joint Lead Managers”) expect to deliver the New Notes to purchasers in registered
book entry form through the facilities of Euroclear and Clearstream on or about 15 February 2021. See “Subscription and Sale”.
An investment in the Notes involves certain risks. Prospective investors should consider the factors described in “Risk Factors” beginning on page 1.

                                                             Joint Lead Managers and Bookrunners

                                     BNP Paribas                           J.P. Morgan                   Standard Chartered Bank

                                                        The date of this Prospectus is 11 February 2021.
                                        RESPONSIBILITY STATEMENT

The Issuer accepts responsibility for the information contained in this Prospectus. To the best of the knowledge and
belief of the Issuer, the information contained in this Prospectus is in accordance with the facts and does not omit
anything likely to affect the import of such information.

To the best of the knowledge and belief of the Issuer, the information contained in this Prospectus is true and
accurate in every material respect and is not misleading in any material respect and this Prospectus, insofar as it
concerns such matters, does not omit to state any material fact necessary to make such information not misleading.
The opinions, assumptions, intentions, projections and forecasts expressed in this Prospectus with regard to the
Issuer are honestly held by the Issuer, have been reached after considering all relevant circumstances and are based
on reasonable assumptions.

Neither the Joint Lead Managers nor any of their respective affiliates have authorised the whole or any part of this
Prospectus and none of them makes any representation or warranty or accepts (i) any responsibility or liability as to
the accuracy or completeness of the information contained in this Prospectus or any other information provided by
the Issuer in connection with the Notes or their distribution or (ii) any responsibility for any act or omission of the
Issuer or any other person (other than the relevant Joint Lead Manager) in connection with the issue and offering of
the Notes.

                                             IMPORTANT NOTICES

EU Prospectus Regulation

This Prospectus constitutes a prospectus for the purposes of Article 6 of Regulation (EU) 2017/1129 (the “EU
Prospectus Regulation”).

Validity of Prospectus

This Prospectus will be valid until the admission of the Notes to trading on Euronext Dublin’s Regulated Market
and of the New Notes to trading on the Luxembourg Stock Exchange’s Regulated Market. The Issuer will, in the
event of any significant new factor, material mistake or inaccuracy relating to information included in this
Prospectus which is capable of affecting the assessment of the New Notes, prepare a supplement to this Prospectus.
The obligation to prepare a supplement to this Prospectus in the event of any significant new factor, material mistake
or inaccuracy does not apply when the New Notes have been admitted to trading on Euronext Dublin’s Regulated
Market and the Luxembourg Stock Exchange’s Regulated Market.

Unauthorised Information

No person has been authorized to give any information or to make any representation other than those contained in
or consistent with this Prospectus in connection with the offering of the Notes (the “Offering”) and, if given or
made, such information or representations must not be relied upon as having been authorized by the Issuer or the
Joint Lead Managers. Neither the delivery of this Prospectus nor any sale made hereunder shall, under any
circumstances, constitute a representation or create any implication that there has been no change in the affairs of
the Issuer since the date hereof. This document may not be used for the purpose of an offer to, or a solicitation by,
anyone in any jurisdiction or in any circumstances in which such an offer or solicitation is not authorized or is
unlawful, including to persons in Côte d’Ivoire. See “Subscription and Sale”.

Investing in Emerging Markets

Generally, investment in emerging markets such as Côte d’Ivoire is only suitable for sophisticated investors who
fully appreciate the significance of the risks involved in, and are familiar with, investing in emerging markets.
Investors are urged to consult their own legal and financial advisers before making an investment in the Notes.

Such risks include, but are not limited to, higher volatility and more limited liquidity in respect of the Notes, a
narrow export base, budget deficits, lack of adequate infrastructure necessary to accelerate economic growth and
changes in the political and economic environment. Emerging markets can also experience more instances of
corruption by government officials and misuse of public funds than more mature markets, which could affect the
ability of governments to meet their obligations under issued securities. See “Risk Factors”.
                                                           i
Investors should also note that emerging markets such as Côte d’Ivoire are subject to rapid change and that the
information set out in this Prospectus may become outdated relatively quickly.

Suitability of Investment in the Notes

Investors are urged to consult their own legal, tax and financial advisers before making an investment in the Notes.
Each potential investor in the Notes must determine the suitability of such an investment in light of its own
circumstances. In particular, each potential investor should:

•     have sufficient knowledge and experience to make a meaningful evaluation of the Notes, the merits and risks
      of investing in the Notes and the information contained in this Prospectus or any applicable supplement;

•     have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its particular
      financial situation, an investment in the Notes and the resulting effect on its overall investment portfolio;

•     have sufficient financial resources and liquidity to bear all of the risks of an investment in the Notes, including
      any risk resulting from the currency of the Notes being different from the purchaser’s functional currency;

•     understand thoroughly the terms of the Notes and be familiar with financial markets; and

•     be able to evaluate (either alone or with the help of a financial adviser) changes in economic conditions,
      interest rates and other factors that may affect its investment and its ability to bear the associated risks.

Furthermore, the investment activities of certain investors are subject to legal investment laws and regulations, or
review or regulation by certain authorities. Each potential investor should consult its legal advisers to determine
whether and to what extent (i) the Notes are suitable legal investments for it, (ii) the Notes can be used as collateral
for various types of borrowing and (iii) other restrictions apply to its purchase or pledge of the Notes. Financial
institutions should consult their legal advisers or the appropriate regulators to determine the appropriate treatment
of the Notes under any applicable risk based capital or similar rules.

No Recommendations or Advice

Neither the Issuer nor any of the Joint Lead Managers is making any representation to any investor in the Notes
regarding the legality of an investment in the Notes by such investor under any investment or similar laws or
regulations, including those of Côte d’Ivoire. The contents of this Prospectus are not to be construed as legal,
business or tax advice. Each prospective investor should consult with its own legal, business or tax adviser regarding
an investment in the Notes.

This Prospectus is not intended to provide the basis of any credit or other evaluation and should not be considered
as a recommendation by the Issuer or the Joint Lead Managers that any recipient of this Prospectus should purchase
any of the Notes. Each investor contemplating purchasing Notes should make its own independent investigation of
the financial condition and affairs, and its own appraisal of the creditworthiness, of the Issuer. Neither this
Prospectus nor any other information supplied in connection with the Offering constitutes an offer or invitation by
or on behalf of the Issuer or any of the Joint Lead Managers to subscribe for or purchase any Notes.

Neither the delivery of this Prospectus nor the offering, sale or delivery of the Notes shall in any circumstances
imply that the information contained herein concerning the Issuer is correct at any time subsequent to the date hereof
or that any other information supplied in connection with the Offering is correct as of any time subsequent to the
date indicated in the document containing the same. The Joint Lead Managers expressly do not undertake to review
the financial condition or affairs of the Issuer during the life of the Notes or to advise any investor in the Notes of
any information coming to their attention.

Stabilisation

IN CONNECTION WITH THE ISSUE OF THE NOTES, STANDARD CHARTERED BANK AS
STABILIZATION MANAGER (THE “STABILIZATION MANAGER”) (OR PERSONS ACTING ON
BEHALF OF THE STABILIZING MANAGER) MAY OVERALLOT NOTES OR EFFECT TRANSACTIONS
WITH A VIEW TO SUPPORTING THE MARKET PRICE OF THE NOTES AT A LEVEL HIGHER THAN
THAT WHICH MIGHT OTHERWISE PREVAIL. HOWEVER, STABILIZATION MAY NOT NECESSARILY
                                                           ii
OCCUR. ANY STABILIZATION ACTION MAY BEGIN ON OR AFTER THE DATE ON WHICH ADEQUATE
PUBLIC DISCLOSURE OF THE TERMS OF THE OFFER OF THE NOTES IS MADE AND, IF BEGUN, MAY
CEASE AT ANY TIME, BUT IT MUST END NO LATER THAN THE EARLIER OF 30 DAYS AFTER THE
ISSUE DATE OF THE NOTES AND 60 DAYS AFTER THE DATE OF THE ALLOTMENT OF THE NOTES.
ANY STABILIZATION ACTION OR OVER ALLOTMENT SHALL BE CONDUCTED BY THE
STABILIZATION MANAGER (OR PERSONS ACTING ON BEHALF OF THE STABILIZATION MANAGER)
IN ACCORDANCE WITH ALL APPLICABLE LAWS AND RULES.

The Stabilization Manager has acknowledged that the Issuer has not authorized the issuance of more than
€250,000,000 in aggregate principal amount of the New Notes.

MIFID II product governance / Professional investors and ECPs only target market

For the purpose of 2014/65/EU (as amended, “MiFID II”), the target market for the Notes is eligible counterparties
and professional clients only, each as defined in MiFID II. Any person subsequently offering, selling or
recommending the Notes (a “distributor”) should take into consideration such target market assessment; however,
a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the
Notes (by either adopting or refining the target market assessment) and determining appropriate distribution
channels.

UK MIFIR PRODUCT GOVERNANCE / PROFESSIONAL INVESTORS AND ECPS ONLY TARGET
MARKET

Solely for the purposes of each manufacturer’s product approval process, the target market assessment in respect of
the Notes has led to the conclusion that: (i) the target market for the Notes is only eligible counterparties, as defined
in the FCA Handbook Conduct of Business Sourcebook (“COBS”), and professional clients, as defined in
Regulation (EU) No. 600/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act
2018 (“UK MiFIR”); and (ii) all channels for distribution of the Notes to eligible counterparties and professional
clients are appropriate. Any distributor should take into consideration the manufacturers’ target market assessment;
however, a distributor subject to the FCA Handbook Product Intervention and Product Governance Sourcebook (the
“UK MiFIR Product Governance Rules”) is responsible for undertaking its own target market assessment in
respect of the Notes (by either adopting or refining the manufacturers’ target market assessment) and determining
appropriate distribution channels.

Notice to Prospective Investors in Singapore

Singapore SFA Product Classification: In connection with Section 309B of the Securities and Futures Act
(Chapter 289) of Singapore, as modified or amended from time to time (the “SFA”) and the Securities and Futures
(Capital Markets Products) Regulations 2018 of Singapore (the “CMP Regulations 2018”), the Issuer has
determined, and hereby notifies all relevant persons (as defined in Section 309A(1) of the SFA), that the Notes are
“prescribed capital markets products” (as defined in the CMP Regulations 2018) and Excluded Investment Products
(as defined in Monetary Authority of Singapore (the “MAS”) Notice SFA 04-N12: Notice on the Sale of Investment
Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).

The Issuer is relying on an exemption from registration under the Securities Act. By purchasing the Notes, each
purchaser will be deemed to have made the acknowledgements, representations, warranties and agreements
described in “United States Transfer Restrictions” in this Prospectus. Each prospective investor should understand
that it will be required to bear the financial risks of its investment.

Restriction on Distributions

This Prospectus does not constitute an offer to sell or the solicitation of an offer to buy the Notes in any jurisdiction
to any person to whom it is unlawful to make the offer or solicitation in such jurisdiction. The distribution of this
Prospectus and the offer or sale of Notes may be restricted by law in certain jurisdictions.

The Issuer and the Joint Lead Managers do not represent that this document may be lawfully distributed, or that any
Notes may be lawfully offered, in any such jurisdiction or assume any responsibility for facilitating any such

                                                           iii
distribution or offering. In particular, no action has been taken by the Issuer or the Joint Lead Managers (save for
the approval of this document as a prospectus by the CBI) which is intended to permit a public offering of any Notes
or distribution of this document in any jurisdiction (including Côte d’Ivoire) where action for that purpose is
required. Accordingly, no Notes may be offered or sold, directly or indirectly, and neither this Prospectus nor any
advertisement or other offering material may be distributed or published in any jurisdiction, except under
circumstances that will result in compliance with any applicable securities laws and regulations. Persons into whose
possession this Prospectus or any Notes come must inform themselves about and observe any such restrictions.

The Notes have not been registered with, recommended by or approved or disapproved by the US Securities and
Exchange Commission (the “SEC”) or any other federal or state securities commission in the United States nor has
the SEC or any other federal or state securities commission in the United States confirmed the accuracy or
determined the adequacy of this Prospectus. Any representation to the contrary is a criminal offence in the United
States. The Notes are subject to restrictions on transferability and resale and may not be transferred or resold except
as permitted under applicable US federal and state securities laws pursuant to an exemption from registration. See
“United States Transfer Restrictions”.

The Notes have not been registered with, recommended by or approved or disapproved by WAEMU nor has
WAEMU confirmed the accuracy or determined the adequacy of this Prospectus.

This Prospectus is not for public distribution in the United States and is only being provided to a limited number of
qualified institutional buyers for informational use solely in connection with the consideration of the purchase of
the Notes. It may not be copied or reproduced in whole or in part nor may it be distributed or any of its contents
disclosed to anyone other than the prospective investors to whom it is originally submitted.

This communication is only being distributed to and is only directed at (i) persons who are outside the United
Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act
2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom
it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being
referred to as “relevant persons”). The Notes are only available to, and any invitation, offer or agreement to
subscribe, purchase or otherwise acquire such Notes will be engaged in only with, relevant persons. Any person
who is not a relevant person should not act or rely on this document or any of its contents.




                                                          iv
                                                               TABLE OF CONTENTS

                                                                                                                                                             PAGE

RISK FACTORS ...................................................................................................................................................... 1

FORWARD-LOOKING STATEMENTS ............................................................................................................ 21

PRESENTATION OF ECONOMIC AND OTHER INFORMATION ............................................................. 22

CERTAIN DEFINITIONS AND TERMINOLOGY........................................................................................... 25

EXCHANGE RATE ............................................................................................................................................... 31

OVERVIEW ........................................................................................................................................................... 33

ENFORCEMENT OF CIVIL LIABILITIES ...................................................................................................... 43

USE OF PROCEEDS ............................................................................................................................................. 44

THE REPUBLIC OF CÔTE D’IVOIRE ............................................................................................................. 45

THE ECONOMY ................................................................................................................................................... 85

FOREIGN TRADE AND BALANCE OF PAYMENTS ................................................................................... 168

PUBLIC FINANCE .............................................................................................................................................. 185

PUBLIC DEBT ..................................................................................................................................................... 202

MONETARY SYSTEM ....................................................................................................................................... 226

TERMS AND CONDITIONS OF THE NOTES ............................................................................................... 244

FORM OF NOTES ............................................................................................................................................... 265

TAXATION........................................................................................................................................................... 267

SUBSCRIPTION AND SALE ............................................................................................................................. 272

UNITED STATES TRANSFER RESTRICTIONS ........................................................................................... 276

GENERAL INFORMATION .............................................................................................................................. 278




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                                                    RISK FACTORS

Prospective investors should read the entire Prospectus. Investing in the Notes involves certain risks. The Issuer believes
that the following factors may affect the Issuer’s economy and its ability to fulfill its obligations under the Notes. In
addition, factors which are material for the purpose of assessing the market risks associated with the Notes are also
described below.

The Issuer believes that the factors described below represent the principal risks inherent in investing in the Notes, but
the inability of the Issuer to pay principal, interest or other amounts on or in connection with any Notes may occur for
other reasons and the Issuer does not represent that the statements below regarding the risks of holding the Notes
comprise an exhaustive list of the risks inherent in investing in the Notes, and the Issuer may be unable to pay amounts
due on the Notes for reasons not described below.

In this Prospectus, the most material risk factors have been presented at the beginning in each category. The order
of presentation of the remaining risk factors in each category in this Prospectus is not intended to be an indication
of the probability of their occurrence or of their potential effect on the Issuer’s ability to fulfil its obligations under
the Notes.

Prospective investors should also read the detailed information set out elsewhere in this Prospectus prior to making any
investment decision.

Risks Relating to the Republic

Côte d’Ivoire’s NDP growth outlook for the medium-term is conditioned upon the successful implementation of an
extensive reform agenda and the mobilization of sufficient fiscal resources, external funding and private sector
investments.

In order to consolidate its achievements under the 2012-2015 NDP, the Government adopted the 2016-2020 NDP on 9
December 2015 with the overall objective of making Côte d’Ivoire an emerging economy by 2020. See “The Economy–
National Development Plans”. At the outset, the financial resources required for the implementation of the 2016-2020
NDP investment programme were estimated at CFAF 30,000 billion over the 2016-2020 period, with funding expected
to come from both public and private sources, including a public investment budget of CFAF 11,284 billion and the
mobilisation of CFAF 18,716 billion in external and private financing. To mobilise its share of this funding, the
Government pursued a comprehensive set of structural reforms with technical assistance from international partners,
notably the IMF and the World Bank, to improve economic governance and encourage a greater contribution from the
private sector. These reforms, which are still being pursued, included fiscal measures to improve revenue collection and
public spending and to better control external and domestic indebtedness, such as the overhaul of the budgetary process,
reforms of the tax system and of public procurement law and the restructuring of the electricity and of the public banking
sectors. Among the problems resulting from undisciplined budgetary processes and controls before the country began to
recover from the political and military crisis in 2011 were expenditures incurred outside the budgetary process and late
payments to private sector suppliers. In addition, the Government needs to complete its economic and financial system
reforms in order to continue improving the business and regulatory environment, diversifying the economy, extending
banking sector penetration and facilitating access to credit so as to further promote and encourage participation of the
domestic and international private sector in the NDP investment programme.

The implementation of the 2016-2020 NDP began in an international context characterised by a global growth slowdown,
a fall in the prices of major raw materials and, in Côte d’Ivoire, low rainfall. This unfavourable context, intensified this
year by the current Covid-19 pandemic, has impeded achievement of the macroeconomic growth and balance objectives
originally envisaged in the 2016-2020 NDP. However, after four years of implementation, the Government’s annual
reports on the implementation of the 2016-2020 NDP reflect overall satisfactory macroeconomic performance. See “The
Economy–National Development Plans – Implementation of the 2016-2020 NDP”. To maintain and consolidate the
country’s economic growth trend while mitigating the current and anticipated impacts of the Covid-19 pandemic, the
Government is currently preparing a new National Development Plan for the 2021-2025 period (the “2021-2025 NDP”).
See “– The Economy – 2021-2025 NDP”. While instrumental in coordinating and enhancing the Government’s social



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and economic development efforts, the NDPs remain, nevertheless, subject to a number of challenges. The economic and
other assumptions underlying the objectives set forth in all NDPs are affected by a number of factors, including:
uncertainties as to the pace of the structural reforms affecting the public sector; possible delays in the effective
mobilisation of private sector and external financing, which could in turn negatively affect the implementation of
investment projects and cause an increase of and greater reliance on public debt; and the time needed to eliminate
remaining bottlenecks and inefficiencies (in respect of public spending, public infrastructure, business climate and
subsidies to the electricity sector) resulting from the political and military crisis. Issues that may have adversely affected,
and may continue to adversely affect, the implementation of previous, current and future NDPs also include project
execution risks, such as financing gaps, delays or suspensions in scheduled fund disbursements from external sources
related to donor oversight programs, changes in financial commitments, shortages in resources for management and
project maintenance, either during or after completion, including in labour/or materials, and political or social resistance
to policies required for project completion, which, if (and, as in certain cases, have) materialised, could slow development
progress and lead to lower-than-expected growth. Furthermore, estimates presented in this Prospectus concerning the
Government’s progress in meeting its objectives under the 2016-2020 NDP are likely to be impacted by the Covid-19
pandemic and may prove to be inaccurate and final results may not be known for some time after 2020 due to the time
required to collect data and finalise results. See “— Official Statistics published by Côte d’Ivoire may be more limited
and less accurate than those produced by developed countries and, to the extent currently presented as estimates and
forecasts, may be materially adjusted in the future once finalized.” below. If Côte d’Ivoire fails to implement its structural
and fiscal reforms successfully or to secure appropriate external and private sector funding in a timely manner to meet
the objectives of its NDPs, this could result in an adverse effect on Côte d’Ivoire’s economic performance and ability to
service its indebtedness, including the Notes.

Worldwide economic effects of the coronavirus (Covid-19) pandemic could adversely affect Côte d’Ivoire’s economy.

The new strain of the covid-19 coronavirus (“Covid-19”) reported in Wuhan, Hubei Province, China in December 2019
has spread throughout the world, including in Côte d’Ivoire. On 10 March 2020, Côte d’Ivoire recorded the first case of
Covid-19 on its territory. On 11 March 2020, the World Health Organization declared Covid-19 a global pandemic. As
of the date of this Prospectus, Côte d’Ivoire reported 29,967 confirmed cases of Covid-19, including 28,186 patients who
successfully recovered and 165 deaths. The Covid-19 pandemic is currently having an adverse impact on the global
economy and in Côte d’Ivoire, the extent of the severity and duration of which is difficult to predict. See “— The Economy
– Measures in Support of the Economy During the Coronavirus (Covid-19) Pandemic”.

To fight against the Covid-19 pandemic, the Government has implemented various social distancing and containment
measures to prevent and combat the spread of Covid-19 and mitigate its economic and social impact. Those measures
included declaring a state of emergency and establishing a curfew from 9 p.m. to 5 a.m., banning all international travel
(with an exception for humanitarian aid purposes), prohibiting public gatherings of more than 50 people, closing schools,
restaurants and recreational facilities, launching a vast disinfection operation in Abidjan, and imposing restrictions on
public transportation and travel between regions in the country. Whilst the Government has gradually lifted those
measures, it stands ready to reactivate them, including establishing gradual or selective lockdowns in any regions where
a particular risk of a spread of Covid-19 would be identified. To prevent a second wave of contaminations and control
the resurgence in the number of new confirmed Covid-19 cases, the Government has declared a new state of emergency
throughout the national territory from 21 January to 28 February 2021 (unless extended). Moreover, the Government is
participating in the COVAX initiative, which is co-led by Gavi, the Coalition for Epidemic Preparedness Innovations
(CEPI) and the WHO. The COVAX initiative aims to accelerate the development and manufacture of Covid-19 vaccines,
and to guarantee fair and equitable access to such Covid-19 vaccines for every country in the world. As part of this
initiative, the Government is expecting to receive 100,000 doses of the various approved Covid-19 vaccines by the end
of February 2021 for the first phase of its vaccination campaign. The COVAX initiative will enable Côte d’Ivoire to
ultimately acquire up to 10 million doses for the vaccination of five million people, representing 20% of the Ivoirian
population. The Government will also benefit from the “Revolving Fund” (Fonds Renouvelable) launched by the
Conference of the ECOWAS Heads of States and Governments on 23 January 2021, whose main purpose is to secure the
availability of up to 240 million doses of Covid-19 vaccines for its member countries. See “The Republic of Côte d’Ivoire
– Health”. The direct and indirect impact of the Covid-19 pandemic remains highly uncertain. However, the health crisis
is expected to adversely impact all sectors of Côte d’Ivoire’s economy, and there can be no assurance as to when the


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various sectors of the economy will return to pre-Covid-19 levels of activity. In addition, no prediction can be made as
to the scope or the scale of the systemic changes to Côte d’Ivoire’s economy that will result from the Covid-19 pandemic.
More specifically, the Government cannot determine with certainty what impact the Covid-19 pandemic will have on
key macro-economic indicators, including inflation, budget deficit, private consumption, private investment and FDIs,
or on the Government’s existing and future economic targets.

The Government announced various financial stimulus packages in anticipation of a significant negative impact on GDP
during 2020. See “The Economy – Measures in Support of the Economy During the Coronavirus (Covid-19) Pandemic”.
Uncertainties remain as to whether these policy tools will be sufficient to counter the anticipated macro-economic impact
of the Covid-19 pandemic. A prolongation of the pandemic and/or delayed return to normality could adversely affect
economic growth, and impact business operations in Côte d’Ivoire and/or its trading partners.

The emergence of the Covid-19 pandemic poses a new risk to the fiscal position of Côte d’Ivoire and has already led to
significant volatility in international financial markets, lower oil prices, reduced global liquidity and trade, lower activity
in tourism, hospitality and export-related industries. For 2020, in order to meet major challenges and fund additional
expenditures related to the Covid-19 pandemic, the Government and the IMF agreed on a budget deficit of 5.9% of GDP.
The budget deficit is expected at 4.6% of GDP for 2021; and is expected to converge towards the WAEMU community
convergence criteria of 3% of GDP in 2023. The pandemic and its consequences have had, and could have further,
material adverse impacts on the global economy and in particular the economic performance of the Euro area and
ultimately adversely affect economic growth of Côte d’Ivoire. These developments could, in turn, adversely affect Côte
d’Ivoire’s ability to meet its obligations under any outstanding indebtedness, including the Notes.

Côte d’Ivoire’s economy is dependent on its agriculture sector and in particular the cocoa sector which is highly
vulnerable to global price volatility and to weather-related shocks.

Since the 1960s, Côte d’Ivoire’s economic performance has been dominated by agriculture, in particular the cocoa sector.
According to Government estimates, the weight of the primary sector in the country’s nominal GDP, while decreasing in
proportion, still represented an estimated 20.7% of the country’s nominal GDP in 2019 (compared to 20.5% of nominal
GDP in 2018), with coffee and cocoa, together, representing 41.3% of the value of exports (excluding exceptional goods,
according to provisional data) and 9.9% of its tax revenue, and is projected at 20.8% of the country’s nominal GDP in
2020 and 20.1% in 2021. As of the date of this Prospectus, Côte d’Ivoire is the world’s largest producer of cocoa and
accounts for more than one third of global cocoa production, according to the World Cocoa Foundation. As such, the
Government considers cocoa production as a key element of the country’s economic strategy. The primary sector is also
the principal employer of a large part of the population. Côte d’Ivoire’s economy is thus vulnerable to challenges affecting
the performance of its agriculture, and the cocoa sector in particular including global demand, pricing levels and
competition.

Côte d’Ivoire’s agriculture suffered severely from the 2002-2011 political and military crisis. This crisis resulted in the
disruption of production cycles, the interruption of a number of development programs and projects, notably in the
northern, central and western regions, the destruction of plantations and production facilities and the cancellation of
agricultural research programs. A further result of the crisis was the significant displacement of people, which led to
increased land ownership disputes, particularly in the coffee and cocoa producing areas, an issue that is being addressed
by the Government through the adoption and implementation of various land reform initiatives commenced in 1998 to
formalize customary land rights. In addition, for several years, the country’s agriculture has suffered from inadequate
management structures and inadequate funding and maintenance. These factors, individually or in aggregate, may
continue to have a negative impact on Côte d’Ivoire’s agricultural production and its economic performance. The
Government, with the notable help of the World Bank, has engaged in a number of reforms designed to support the cocoa
sector, by encouraging the domestic processing of cocoa, with approximately 30% of cocoa production being processed
in Côte d’Ivoire in 2019 (aimed also at developing more value-added services and industry within the country), by
enhancing transparency and efficiency through a more adequate taxation system and the creation of a single regulatory
and stabilization structure in charge of all operations in the cocoa sector, and, as further discussed below, by ensuring
higher remuneration levels for cocoa farmers through the application since 2 November 2011 of a farm-gate price
equivalent to 60% of the CIF price (up from the previous level of 30%). In addition, the Government is implementing
measures designed to support diversification of the agriculture sector through the development of other agricultural

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products, such as rice, cotton, cashew nuts, bananas and palm oil. See “The Economy – Principal Sectors of the Ivorian
Economy – Agriculture”. If Côte d’Ivoire fails to successfully continue implementing its agenda on agricultural reforms
outlined above, the Government may not be able to meet its economic growth objectives, which could result in a loss of
competitiveness and lower economic growth.

In addition, agricultural production is dependent on weather conditions. In particular, cocoa trees and coffee plants are
sensitive to changing weather conditions, which might be exacerbated by climate change, as well as also being exposed
to the spread of disease, which necessitates their regular replacement with more resistant crop varieties. For example,
parts of Côte d’Ivoire have seen an increase in swollen shoot disease which affects cocoa trees and has resulted in lost
crops. The Coffee Cocoa Council (Conseil Café-Cacao) has indicated that up to 100,000 hectares of infected cocoa trees
will need to be destroyed by 2022 to stem the spread of the disease. A period of low agricultural production, whether due
to poor weather conditions such as drought or flood, or disease or other causes, may result in lower economic growth for
the country than anticipated.

The economic performance of the agricultural sector is also dependent on international demand and commodity prices.
For instance, cocoa and coffee prices have fluctuated significantly in the past and may fluctuate in the future. According
to the International Cocoa Organization (“ICCO”), the ICCO daily price peaked in 2018 at US$ 2,799 per ton on 1 May
2018 (compared to a peak of US$ 2,262 per ton for 2017), and increased by 25% between 29 December 2017 and 31
December 2018 (after a decrease by 24% between 29 December 2016 and 29 December 2017). As of 25 January 2021,
the ICCO daily price was US$ 2,389.59 per ton. This volatility affects both the overall performance of the cocoa sector,
with a 13.8% reduction in the country’s export earnings for 2018 (processed cocoa), and the earnings of the farmers.
Volatility in the commodity prices for cocoa also impact cocoa production by affecting the purchase price paid to
producers and there is no assurance that the fluctuations in commodity prices will continue to allow the high remuneration
levels required to incentivize cocoa producers. As a result, the Coffee Cocoa Council (Conseil Café-Cacao) has taken
several measures to support sector participants, including pre-financing arrangements for certain exporters and tax
reductions designed to safeguard the price paid to producers. The Government has also set up a stabilization fund and a
technical reserve fund to cover the risks arising from the price guarantee system for the producers in order to manage the
volatility of cocoa prices, which in turn may put a strain on Côte d’Ivoire’s public finances if cocoa prices were to drop
sharply and for a prolonged period. In July 2019, Côte d’Ivoire and Ghana announced and subsequently implemented a
mechanism providing that any buyer under an export contract shall have to pay, in addition to the market price, US$ 400
per ton of cocoa, for the 2020-2021 campaign which opened in October 2020. This aims at achieving a sales price at no
less than US$ 2,600 per ton of cocoa, in order to ensure a minimal guaranteed farm gate price for domestic producers.
Despite these measures, there can be no assurance that cocoa prices will return to their February 2014 highs (when prices
first closed above US$ 3,000 per metric ton) or will not further decrease from their current levels or that such efforts to
protect the Ivorian economy and domestic producers against cocoa price volatility will be successful. Any decrease in
the production, demand for or price in cocoa could have a material adverse effect on Côte d’Ivoire’s level of export
earnings and, therefore, its ability to service the Notes.

Failure to continue growing the non-agricultural sectors of its economy may constrain Côte d’Ivoire’s economic
growth.

Over the last few years, in order to reduce its dependence on the agricultural sector, Côte d’Ivoire has continued to
develop the non-agricultural sectors of its economy by encouraging trade, construction, telecommunications, financial
services, mining, oil and gas and manufacturing activities. Together, the secondary and tertiary sectors are estimated to
have grown in real terms by an estimated 16.4% in 2019, 11.1% in 2018, 20.0% in 2017, and 18.2% in 2016, and are
projected to grow by an estimated 3.4% in 2020 (as a result of the Covid-19 pandemic) and then 16.2% in 2021. The
secondary and tertiary sectors represented 65.9% of nominal GDP in 2016, 66.7% of nominal GDP in 2017, 64.3% of
nominal GDP in 2018 and 64.3% of nominal GDP in 2019 and are projected to represent 63.5% of nominal GDP in 2020
and 64.3% of nominal GDP in 2021. However, a slowdown in the efforts to address the remaining bottlenecks regarding
infrastructure (including inadequate power and water supplies, transportation systems and transformation capabilities),
reduced credit availability and consumer demand, local shortages of skilled managers and workers or inconsistent
government policies may constrain development in these sectors and the current rate of growth may not be sustained in
future periods.



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If Côte d’Ivoire fails to continue to implement its reforms successfully and to grow the non-agricultural sectors of its
economy, it may constrain Côte d’Ivoire’s economic growth and thereby affect Côte d’Ivoire’s ability to service the
Notes.

Côte d’Ivoire’s emerging economy status objective is contingent on continued improvement of the country’s social
cohesion and political stability.

While Côte d’Ivoire has emerged from its 2002-2011 political and military crisis, if it is to achieve the status of an
emerging economy then continued improvements of the country’s social cohesion and stability are required (see “The
Republic of Côte d’Ivoire –Political History”). The implementation of the 2012-2015 NDP saw the restoration of peace,
strengthening of social cohesion and strong economic growth, with an average real GDP growth rate of 9.2% from 2012
to 2015 according to the Government. The significant progress towards stabilizing the security and socio-political
situation in the country led the United Nations Security Council in April 2014 to partially lift the arms embargo on Côte
d’Ivoire and to finally terminate sanctions imposed in 2005 on diamond imports from Côte d’Ivoire. The United Nations
Security Council fully lifted the arms embargo on Côte d’Ivoire in April 2016. On 30 June 2017, the ONUCI definitively
completed its mandate and withdrew from Côte d’Ivoire. See “The Republic of Côte d’Ivoire – Political History – Recent
Political Developments”.

However, there remains an ongoing need for Côte d’Ivoire to pursue its efforts to strengthen political stability in order to
fully eradicate the roots and the effects of the decade-long crisis that led to the partition of the country for close to five
years, disrupted the strategic sectors of the economy and culminated in the post-election crisis of early 2011. Despite the
progress made since 2012, the quality and effectiveness of the institutions of Côte d’Ivoire still need strengthening. For
example, the political opposition exercises insufficient oversight over government activity and various political parties
have unequal access to public funding and State media. Although the new Constitution was adopted with 93.42% of the
vote on 30 October 2016, voter turnout was only 42.42% and several opposition parties demonstrated against the new
Constitution. In the view of the Government, the new Constitution was designed to strengthen the Ivorian political
framework notably through the creation of the office of Vice President, a second chamber of the Parliament (the
“Senate”), which has been fully operational since 5 April 2018, and the Court of Auditors. However, despite improving
national reconciliation, these important reforms did not appear to benefit from a wide support outside the coalition
supporting the Government of President Ouattara. On 5 March 2020, President Ouattara announced various additional
amendments to the 2016 Constitution. The draft reform was adopted by the two chambers of Parliament in a joint session
held on 17 March 2020, and the law amending the Constitution was enacted on 19 March 2020. The reform is designed
to reinforce the rule of law and bring the institutions closer to citizens through changes to the status of the Vice President,
the legislative system and the organization of the judiciary. See “The Republic of Côte d’Ivoire – Political History –
Recent Political Developments”.

Tensions between the Government of President Alassane Ouattara and the main political opposition further intensified
around the preparation and the organization of the presidential election which was held on 31 October 2020. The first
cause of such tensions was the composition of, and recent reforms to, the Independent Electoral Commission (“IEC”),
responsible for supervising elections in Côte d’Ivoire. The Parti Démocratique de Côte d’Ivoire (“PDCI”) refused to sit
on this commission which the PDCI did not view as being independent from the Government. The PDCI and other
political formations brought a case before the African Court on Human and Peoples' Rights, which requested the
Government of Côte d'Ivoire to reform the IEC to address the political opposition’s requests. These tensions were further
heightened by the decision of President Ouattara to run as the presidential candidate for the Rassemblement des
Houphouëtistes pour la Démocratie et la Paix (“RHDP”). This decision was made following the death, on 8 July 2020,
of Mr. Amadou Gon Coulibaly, then Prime Minister of Côte d'Ivoire, who had been initially nominated as the presidential
candidate for the RHDP following President Ouattara’s declaration in March 2020 that he would no longer run for
president. The main political opposition, led by Pascal Affi N'Guessan (FPI) and Henri Konan Bédié (PDCI), declared
President Ouattara’s candidacy for a third term as illegal and a violation of the Ivoirian Constitution and called for civil
disobedience and a boycott of the presidential elections. The electoral campaign and post-election period were marked
by numerous protests and instances of violence that have resulted in a number of casualties, including, according to
Government estimates, 87 deaths and nearly 500 people injured and 225 arrested, as well as significant property damage
in several locations in the country. According to Government and other reports, 4,780 polling stations in opposition
strongholds were ransacked on election day and election materials were burned by supporters of the opposition to prevent

                                                              5
the opening of polling stations. This resulted in only 17,601 polling stations being open out of 22,381. According to the
results announced by the IEC on 3 November 2020 and confirmed by the Constitutional Council on 9 November 2020,
President Alassane Ouattara won the election in the first round with 94.27% of the votes. The only other candidate who
participated in the election, Mr Kouadio Kona Bertin, received 1.99% of the votes. While Pascal Affi N'Guessan and
Henri Konan Bédié refused to participate in the election, they did not withdraw their candidacies and received 0.99% and
1.66% of the votes, respectively. The voter turnout rate was 53.90% compared to 52.86% in 2015. Pascal Affi N'Guessan
and Henri Konan Bédié have refused to recognize the election. On 2 November, they both announced the creation of a
so-called national transition council (Conseil national de transition) chaired by Henri Konan Bédié with the objective of
organising a new presidential election. On 6 November 2020, the public prosecutor of Abidjan referred the matter to a
senior investigating judge (juge d’instruction) who opened a criminal investigation against various leaders of the
opposition, including Pascal Affi N'Guessan and Henri Konan Bédié, for alleged acts of terrorism, attacks and
conspiracies against the authority of the State, murder, organizing and participating in an insurrectional movement and
other crimes. Henri Konan Bédié was put under house arrest on 6 November 2020 due to his age and physical condition.
He was released on 11 November 2020. On 7 November 2020, Pascal Affi N'Guessan was arrested near the border
between Côte d’Ivoire and Ghana. On 9 November 2020, following confirmation of the results of the election by the
Constitutional Court, President Ouattara called for a political dialogue with the leaders of the opposition in the hope of
finding a peaceful solution to the crisis. On 11 November 2020, President Ouattara and Henri Konan Bédié met in Abidjan
for the first time since the presidential election. During the brief joint press briefing after the meeting, President Ouattara
and Mr. Bédié promised to hold more meetings and reaffirmed their commitment to find a peaceful solution to the crisis.
On 16 November 2020, Mr Bédié, speaking on behalf of the opposition, demanded, as condition to a continued dialogue
with the Government, the presence of a facilitator in any future meetings between the opposition and President Ouattara,
the lifting of blockades around the residences of opposition leaders, and the unconditional release and cessation of all
legal proceedings against all opposition leaders, including Pascal Affi N’Guessan. The various initiatives taken by the
Government and the release of several opposition leaders who had been imprisoned, including Pascal Affi N'Guessan on
30 December 2020, and Maurice Kakou Guikahue on 19 January 2021, have helped ease political tensions and improve
dialogue with the opposition. The opposition in response decided to participate in the legislative elections scheduled for
6 March 2021. The preparation of these elections is underway and the Government expects them to take place peacefully.

If Côte d’Ivoire fails to continue to promote sustainable cohesion and reconciliation through more inclusive growth,
poverty reduction and stronger institutions or fails to maintain political stability, this may undermine the country’s ability
to fully realize its economic potential, which may have an adverse effect on Côte d’Ivoire’s ability to perform its
obligations under the Notes, attract foreign and private sector investments and may in turn result in lower economic
growth than expected under the 2016-2020 NDP or any future programmes, including the 2021-2025 NDP which is being
prepared by the Government.

Côte d’Ivoire continues to face internal security challenges, including in relation to the demobilization and
reintegration of ex-combatants.

While the Government considers the process of disarmament, demobilization and reintegration of ex-combatants that
took part in the military conflict to be substantially complete, continued security concerns were illustrated by violent
incidents sparked by the protests of 8,400 mutinous soldiers over a wage dispute, between 12 and 16 May 2017. See “The
Republic of Côte d’Ivoire –Disarmament, Demobilization and Reintegration of Ex-Combatants”. These 8,400 soldiers
are the former members of the anti-Gbagbo Forces Nouvelles combatants who were integrated into the army pursuant to
the Ouagadougou Political Agreements of 2007 in an effort to unify the army of Côte d’Ivoire and reconcile the Ivorian
society. These mutineers had organized a first series of protests in January 2017 to demand a CFAF 12 million bonus
payment per reintegrated soldier, which they claimed had been promised to them during the civil war against former
President Laurent Gbagbo’s supporters. The Government agreed to pay the bonus requested following the January
protests and scheduled the payment for May 2017. The 12-16 May 2017 protests were organized by mutinous soldiers
fearing that the bonus payment would not be made as scheduled following the statements of certain members of the
mutinous soldiers although the final payments were made at the end of June 2017. According to the Government, the 12-
16 May 2017 protests resulted in four known deaths and nine other casualties. Furthermore, on 23 May 2017, other
former Forces Nouvelles combatants who were demobilized following the 2011 post-election crisis organized protests
reportedly to demand the payment of a CFAF 18 million per demobilized ex-combatant. According to the Interior
Ministry, five demobilized ex-combatants were killed and 14 were injured as a result of a confrontation with the police

                                                              6
in Bouaké. Demobilized ex-combatants are estimated at about 6,000 according to media reports, although the
Government does not recognize this group or their claims and believes that the situation of demobilized combatants was
adequately addressed through the DDR programme. See “The Republic of Côte d’Ivoire –Defence and Security”. These
events suggest that, despite the efforts of the Government, the situation of the ex-combatants, whether reintegrated into
the army or demobilized, remains sensitive and a potential source of insecurity and additional strains on the budget.
Despite the end of the DDR, there is therefore a continued need for the Government to further consolidate the unity of
the army.
The Government believes that the agreement found with the representatives of the 8,400 mutinous soldiers and the final
bonus payment made in June 2017 for a total of CFAF 100.8 billion was an important step contributing to the resolution
of the claims of the mutinous Forces Nouvelles combatants. In addition, the Government has made the improvement of
living standards, the professionalization of the armed forces and the enhanced training of the military a priority and is
committed to devoting appropriate budgetary resources to the modernization of its security and military forces. See “The
Republic of Côte d’Ivoire - Defence and Security”.
Defence and security have been a priority for President Ouattara’s Government since he came to power in 2011. The
initial 2021 budget has allocated CFAF 591.8 billion for defence, security and justice, including CFAF 351.4 billion for
defence services, including the gendarmerie, and CFAF 171.0 billion for the police, in connection with the
implementation of the Military Planning Act and the Domestic Security Planning Act enacted on 13 January 2016.
However, if the Government’s reintegration efforts are not successful or do not result in the level of social cohesion and
security required for the successful implementation of the 2016-2020 NDP or any future programmes, this will have a
negative effect on the Government’s ability to retain or attract sufficient FDI flows and private sector contribution to the
growth of the economy, which may in turn affect the Government’s ability to honour its financial commitments to its
creditors, including its obligations under the Notes.
These internal security issues are compounded by other threats, including the crises in some neighbouring countries like
Mali, recurrent domestic or regional terrorist attacks (including in Burkina Faso in March 2018 and September 2019),
the proliferation of small arms and light weapons in the country, repatriating and reintegrating pro-Gbagbo refugees and
preserving stability along the border with Liberia. According to the UNHCR, an estimated 250,000 Ivoirians fled to
Liberia during the post-election crisis in 2011, where they took refuge in one of six refugee camps. By March 2014, all
but approximately 46,000 had returned home and three of the camps had been closed down. In July 2014, nearly 38,000
Ivorian refugees living in Liberia were unable to return home after Côte d’Ivoire temporally closed its borders with
Liberia due to the Ebola outbreak. See “–Côte d’Ivoire suffers from high levels of poverty and health risks.” Repatriation
from Liberia resumed December 2015. In January 2018, the repatriation programme was improved with an increase in
the allowances granted to Ivorian refugees returning to Côte d’Ivoire (from CFAF 75,000 to CFAF 150,000 per adult,
and from CFAF 50,000 to CFAF 75,000 per child). According to the UNHCR, a total of approximately 75,358 Ivoirian
refugees returned home from 2011 to 31 May 2020. As of 31 May 2020, 7,999 Ivoirians were still refugees in Liberia
according to UNHCR’s estimates. On 9 November 2020, the UNHCR reported that more than 8,000 Ivorian refugees (up
from 3,200 on 3 November 2020) fleeing from the violence that erupted after the presidential election of 31 October 2020
had arrived in neighbouring countries, including Liberia, Ghana and Togo. Most of them are women and children from
Côte d’Ivoire’s west and southwest regions fearing post-electoral violence. According to the UNHCR, as of 2 November
2020, 289 Ivorians returned to Côte d’Ivoire after calm had returned in their respective villages.

If security issues (both internal and external) are not adequately addressed or if the perception of security deteriorates,
then this could affect social harmony and investor confidence in Côte d’Ivoire and have a material adverse effect on
economic performance and the Government’s ability to service the Notes.

Côte d’Ivoire’s economy and security may be negatively affected by regional considerations

Côte d’Ivoire has a number of regional trading partners upon which its economy relies heavily. Côte d’Ivoire is an active
member of the West African regional organizations, such as WAEMU and ECOWAS, which foster more economic
integration among their member countries. For example, an important part of the activity of the ports of Côte d’Ivoire in
Abidjan and San Pedro relates to goods traded by Burkina Faso, Mali and Niger, and Côte d’Ivoire exports electricity to
a number of its neighbouring countries. In 2019, ECOWAS countries represented an estimated 17.5% of Côte d’Ivoire’s
exports and an estimated 17.0% of its imports, with an estimated 13.3% of such imports coming from Nigeria. Political

                                                             7
instability, social unrest, epidemics and/or increased economic and financial fragility are common in the West African
region and, among other factors, could result in a reduction in Côte d’Ivoire’s exports to, and imports from, those
countries or in regional contagion.

The West African region has also been subject to on-going political and security concerns. In particular, the ongoing
conflict and political instability in Mali, a neighbour of Côte d’Ivoire and a significant trading partner, has been the
subject of significant ECOWAS and international attention and intervention, and its impact and resolution are difficult
to predict. Any further escalation of this conflict or a more aggressive stance by parties to the conflict could be a further
destabilizing factor for the region. The perception of regional instability and insecurity caused by the ongoing Mali
political instability has been exacerbated by the presence of Boko Haram in northeast Nigeria and the terrorist attacks by
Daesh and Boko Haram and groups claiming affiliation with them in Mali, Burkina Faso and Niger since 2015. In Côte
d’Ivoire, on 13 March 2016, heavily armed assailants attacked three hotels at a beach resort in Grand-Bassam, located
approximately 40 km east of Abidjan resulting in 19 deaths. On 11 June 2020, the Kafolo armed forces and gendarmerie
joint outpost located in the Sikolo Sub-Prefecture at the border with Burkina Faso (north-east of Côte d’Ivoire) was
attacked by a group of suspected terrorists, resulting in the death of 14 military personnel, with another 5 wounded. See
“The Republic of Côte d’Ivoire –Fight against Terrorism and Piracy”. These regional threats and fragility among Côte
d’Ivoire’s neighbours and partner countries could have an adverse effect on Côte d’Ivoire’s growth prospects, which
could affect its ability to meet its financial obligations generally and the Government’s ability to service the Notes.

In particular, the outbreak of new terrorist attacks or activities in the country and/or in the region could further strain both
Government finances and political stability in the country and in the region. These events could have a material adverse
impact on the Ivorian economy, including declines in FDI and tourism flows or disruptions on Côte d’Ivoire’s exports
and imports to and from the partner countries involved. Any of the foregoing could also lead to the diversion of
Government resources towards increased military and security spending, which may reduce overall economic growth
and increase Côte d’Ivoire’s budget deficit.

Failure to adequately address actual and perceived risks of corruption may adversely affect Côte d’Ivoire’s economy
and ability to attract foreign direct investment.

Although Côte d’Ivoire has implemented, and continues to pursue, initiatives to prevent and fight corruption and unlawful
enrichment, there have been allegations and incidents of corruption and misuse of public funds in Côte d’Ivoire as is the
case in other emerging markets. Côte d’Ivoire is ranked 104 out of 180 in Transparency International’s 2020 Corruption
Perceptions Index report published on 28 January 2021 (compared to 106 out of 180 in the 2019 edition), 110 out of 190
in the World Bank’s “Doing Business 2020” report published on 24 October 2019 (compared to 122 out of 190 the
previous year), 101 out of 186 in the 2020 Economic Freedom Index (compared to 78 out of 186 in 2019) and 18 out of
54 on the 2020 Ibrahim Index of African Governance (compared to 46 in 2010).

Since 2012, the Government has implemented various measures to fight corruption. In April 2012, Côte d’Ivoire adhered
to the EITI to foster good governance and environmental sustainability in the extractive industry. In October 2012, it
ratified the UNCAC and the UNTOC and, in November 2012, the African Convention on Preventing and Combating
Corruption, which it had signed in 2004. Furthermore, the Government adopted two ordinances regarding the issue of
corruption in September 2013. The first ordinance aims at improving the legal framework to prevent and fight corruption
and the second ordinance established an independent High Authority for Good Governance, which is in charge of
developing and implementing a national strategy to fight corruption. Also, on 5 June 2014, a new law on transparency in
the management of public finances was passed in accordance with WAEMU rules and regulations. As of the date of this
Prospectus, the new public procurement system is operational and the Government is committed to continuing to improve
it by, in particular, implementing the CPMP throughout different ministries and putting the Integrated System for Public
Procurement Management (Système Intégré de Gestion des Marchés Publics) online, to make transactions more
accessible and accelerate their processing. See “Public Finance - Transparency, Fight against Corruption and Public
Procurement Framework”. The IMF Report 19/197 dated July 2019 further notes that the authorities are determined to
improve governance and fight corruption, although efforts are required to align the framework with best practices,
including by publishing the asset declarations that elected and government officials are required to file. The absence of
an independent prosecutor under the authority of the President of the Republic can, however, limit the efficiency of this
fight against corruption. While the Government has taken a number of measures aimed at mitigating the risks of


                                                               8
corruption, such as the launch of a National Good Governance and Anti-Corruption Plan (Plan National de Bonne
Gouvernance et de Lutte contre la Corruption) which resulted in the creation of the High Authority for Good Governance
(Haute Autorité pour la Bonne Gouvernance) and a Special Court in charge of preventing and fighting against corruption
(Cour spéciale de prévention et de lutte contre la corruption), failure to continue to step up efforts to prevent or fight
corruption in the public sector, or perceived risks of corruption in Côte d’Ivoire, could have an adverse effect on Côte
d’Ivoire’s economy and may have an adverse effect on Côte d’Ivoire’s ability to attract and/or maintain foreign
investment.

Unsustainable levels of indebtedness could have a material adverse effect on Côte d’Ivoire’s economy, its sovereign
credit ratings and its ability to service its debt, including the Notes.

At the end of December 2019, Côte d’Ivoire’s total outstanding external debt was estimated at approximately CFAF
8,867.5 billion (compared to CFAF 7,613.4 billion in 2018), representing 25.7% of estimated nominal GDP (compared
to 23.7% in 2018). At the end of June 2020, outstanding external debt amounted to CFAF 10,065.6 billion. On 1
December 2020, Côte d’Ivoire concluded a liability management transaction financed in part by proceeds from the
issuance of a €1,000,000,000 4.875 per cent. amortizing Eurobond due 2032. The transaction also allowed the
Government to raise €460 million in new money to ensure the completion of resource mobilization for the year 2020.
See “ – Public Debt – Active – Debt Management”. As a result of reaching the completion point under the IMF and
World Bank enhanced initiative for the Heavily Indebted Poor Countries (“HIPC”) in June 2012, Côte d’Ivoire’s external
indebtedness was reduced to what the IMF and the World Bank viewed at the time as a sustainable level (45.1% of
forecast nominal GDP) and the Government resumed regular debt service payments to all of its external creditors which
had been suspended partially since 2009. See “Public Debt – Multilateral Debt – Relationship with Creditors – Heavily
Indebted Poor Countries Initiative”. Côte d’Ivoire is current and has met in a timely manner all payment obligations to
all external creditors, including all holders of outstanding bonds.

The Covid-19 pandemic and the various containment and mitigation measures deployed by the Government have
adversely impacted the economy and put significant pressure on Côte d’Ivoire’s balance of payments and budget needs.
See “The Economy – Measures in Support of the Economy During the Coronavirus (Covid-19) Pandemic”. To help Côte
d’Ivoire meet urgent balance of payments needs and support its Covid-19 emergency measures, the IMF approved a
disbursement of US$886.2 million and the World Bank provided a financing of US$75 million to Côte d’Ivoire. The
AfDB also approved a financing of €75.0 million, and France and the AFD provided a €30.0 million financing to support
Côte d’Ivoire’s Covid-19 related measures and programmes. Moreover, to support the poorest countries in their Covid-
19 containment measures and support their respective economies, the G20 member states and Paris Club creditors have
offered to temporarily suspend debt service payments for all eligible countries that make such a request through a
programme called the Debt Service Suspension Initiative (“DSSI”). On 10 June 2020, Côte d’Ivoire officially announced
its participation in the DSSI and addressed official requests to its Paris Club and other important bilateral creditors. Côte
d’Ivoire’s request was approved by the representatives of the Paris Club creditor countries on 11 June 2020 and the
appropriate documentation was negotiated with the relevant creditors. The amount of bilateral external debt service
eligible for suspension under this initiative amounts to CFAF 38 billion, representing approximately 4.4% of external
public debt service in 2020. On 14 October 2020, Paris Club members and the G20 agreed to extend the DSSI for a
further six months, until 30 June 2021, for eligible countries that request such an extension. In January 2021, the
Government requested and benefited from an extension of the DSSI for a further six months, until 30 June 2021. The
amount of bilateral external debt service eligible for suspension under the extension of this initiative amounts to CFAF
121.8 billion, representing approximately 11.5% of external public debt service as of January2021. See “Public Debt –
Multilateral Debt – Relationship with Creditors – G20 and Paris Club Debt Service Suspension Initiative”. The Covid-
19 pandemic will likely result in a significant increase in Côte d’Ivoire’s level of indebtedness, which could in turn
adversely impact its ability to service its debt, including the Notes. On 12 June 2020, following the official announcement
of Côte d’Ivoire’s participation in the G20 and Paris Club DSSI on 10 June 2020, Moody’s placed Côte d'Ivoire’s Ba3
rating under review for downgrade, noting that this decision reflects its assessment that the country’s participation in the
DSSI raises the risk that private sector creditors will incur losses, notwithstanding the Government’s express
confirmation, in a public communiqué dated 10 June 2020, of its commitment to continue to comply with all of its
contractual obligations vis-a-vis private sector creditors and its current intention not to request DDSI-equivalent relief
for such private sector creditors. On 7 August 2020, Moody’s concluded its review and confirmed Côte d'Ivoire's Ba3
rating, with a stable outlook. See “Public Debt - Reducing the Country’s Credit Risk”.

                                                             9
The level of domestic indebtedness of Côte d’Ivoire represents a constraint for the management of public finances. At
the end of December 2019, total outstanding domestic debt amounted to around CFAF 4,432.7 billion (12.9% of nominal
GDP), as compared to CFAF 3,994.4 billion (12.4% of nominal GDP) at the end of December 2018. At the end of June
2020, outstanding domestic debt amounted to CFAF 5,099.8 billion. In parallel with the implementation of the HIPC
initiative for its external debt, the Government undertook to negotiate arrears settlement plans with various holders of
domestic debt and has now substantially completed this process. Côte d’Ivoire is up-to-date with its payment obligations
to its domestic creditors. See “Public Debt – Public Debt – Domestic Public Debt”.

Each year, the Government updates its SDMT covering the next five years based on an updated debt sustainability
analysis in order to better control its indebtedness risk in light of the gradual increase of public debt related to the
significant financing mobilized for the implementation of the NDP. See “Public Debt– The SDMT and the DSA”.

However, the IMF considers that Côte d’Ivoire remains vulnerable to economic shocks and stresses the need for continued
control of the level of indebtedness, strong fiscal management and structural reforms. The IMF’s DSA qualifies the Côte
d’Ivoire debt distress risk as moderate. While the IMF’s end of mission press release no. 19/361 published on 1 October
2019 concluded that all performance criteria and all but one indicative targets for the end of June 2019 were met by Côte
d’Ivoire, failure to continue to meet the conditions of the economic and sectorial programs agreed with the IMF and the
World Bank may adversely affect Côte d’Ivoire’s ability to make further drawings under the various facilities offered by
these institutions and ultimately affect the Government’s ability to service the Notes. Furthermore, the SDMT 2017-2021
helps to contain the average cost of the debt portfolio, reduce the risk of refinancing, limit exchange rate risks and improve
the indebtedness rate over the long-term. The weighted average maturity of the total debt portfolio at the end of 2019
was eight years and eight months; that of external debt was ten years and nine months and that of the domestic debt four
years and three months. The Government has identified recourse to Eurobond instruments with longer-term maturities as
an efficient way to improve the weighted average maturity of the debt portfolio, but borrowings on the international
financial markets may increase the exchange risk exposure. If the Government fails to successfully implement its debt
strategy, debt levels could once again rise to an unsustainable level, which may negatively impact Côte d’Ivoire’s
sovereign credit ratings and its ability to service the Notes.

Failure to continue to adequately address Côte d’Ivoire’s infrastructure deficiencies could adversely affect Côte
d’Ivoire’s economy and growth prospects.

A long period of underinvestment (largely caused by the political and military crisis between 2002 and 2011) resulted in
significant deterioration of Côte d’Ivoire’s public infrastructure, and the absence of basic infrastructure to support and
sustain growth and economic development. Problems with power generation, transmission and distribution infrastructure,
drinking and irrigation water infrastructure, health and educational systems, deteriorated tourist infrastructure, lack of
roads and bridges, especially in rural areas, and a deteriorating road network, congested ports and airports and obsolete
rail infrastructure have severely constrained socio-economic development in Côte d’Ivoire. Although significant progress
has been made in many of these sectors and the telecommunications and internet facilities in recent years, the state of
development in those sectors cannot be considered on a par with that in more developed economies. The Government
has identified Côte d’Ivoire’s infrastructure weaknesses as an impediment to economic growth and the 2016-2020 NDP
includes ambitious targets for infrastructure improvements which would require significant investments, including
through FDI inflows and local private sector investments. For instance, the Government increased the production capacity
of the Azito thermal power plant in April 2015 (+140 MW) and commissioned the Soubré dam in May 2017. See “The
Economy – Principal Sectors of the Ivorian Economy – Energy and Mining – Electricity”. On 28 February 2018, the
Government adopted four decrees on projects declared as being in the public interest, three of which are related to
highway modifications and the other is related to the construction of the fourth bridge in Abidjan between the
municipality of Yopougon and Plateau. See “The Economy – Principal Sectors of the Ivorian Economy – Building and
Public Works Sector”. In 2019, the Government also launched reforms in order to enhance maritime transportation and
trade, with the construction of a multipurpose industrial terminal in the Autonomous Port of San Pedro. See “The
Economy – Principal Sectors of the Ivorian Economy – Economic Infrastructure – River, lagoon and Maritime
Transport”. Failure to continue to significantly improve Côte d’Ivoire’s infrastructure or to attract investment and funds
required for such improvements could adversely impact Côte d’Ivoire’s economy, competitive ranking and growth
prospects, including its ability to meet GDP growth targets and, accordingly, its ability to service the Notes.


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Côte d’Ivoire’s growth prospects are vulnerable to the performance of the power sector.

Despite important energy resources and being an exporter of energy to neighbouring countries, the lack of sufficient,
affordable and reliable energy supply remains a serious impediment to Côte d’Ivoire’s economic growth and
development. Insufficient power generation, aging or insufficient infrastructure, inadequate funding, weak distribution
networks and overloaded transformers result in high cost of electricity, frequent power outages, high transmission and
distribution losses and poor voltage output. In addition, the power sector has experienced in the past, especially during
the 2011 post-election crisis, a high level of illicit connections and other fraud which has resulted in losses for the sector.
While the Government has adopted several measures to deal with these fraud issues, such as the development of electronic
electricity meters or toughening of legal penalties, there is no assurance that the sector will not continue to experience
fraud issues.

In the 2016-2020 NDP, the Government identified the improvement of electricity generation, transmission and
distribution infrastructure as a critical element in meeting economic growth and development objectives, and launched
in 2013 a wide-ranging investment program of CFAF 5,300 billion to build new hydraulic and thermal power plants, and
to improve the transmission network to reduce wastage. See “The Economy – Principal Sectors of the Ivorian Economy
– Energy and Mining – Electricity”. The Government adopted a new electricity code in February 2014 allowing various
segments of the electricity sector to open up to the private sector. The Government expects transmission and distribution
lines to be operated by different private companies after calls for tender and the new code establishes a framework for
the development of new and renewable energies, and includes provisions to combat electric power thefts and fraudulent
connections to the grid. In 2012, actions related to the identification, securing and surveillance of customer counting and
a better monitoring of streetlight meters were taken by the concessionaire, the CIE, to combat fraud in the country. These
actions resulted in surplus earnings that reduced financial losses in the electricity sub-sector. However, despite the
implementation of a number of measures since 2012, including the decision to invoice electricity exports to a number of
neighbouring countries at a price close to marginal costs, the financial position of the energy sector is still under strain.
Peaceful protests in April 2016 over increased electricity bills were followed by further demonstrations in July that turned
violent, necessitating the intervention of security forces. A January 2019 Decree reduced the low voltage domestic social
rate by 20%. Further protests related to cost-recovery efforts in the energy sector or concessions in response thereto could
put additional pressure on the budget. The difficulties have been compounded by the fluctuations in international refining
margins for petrol powered plants as well as changes in rainfall which negatively affect low cost hydropower generation.
The Government intends to continue improving electricity generation, transmission and distribution infrastructure
through the 2021-2025 NDP.

Failure to adequately address the deficiencies in Côte d’Ivoire’s power generation, transmission and distribution
infrastructure and adopt and apply a sustainable pricing policy could lead to lower GDP growth and affect Côte d’Ivoire’s
ability to obtain funding and to attract and maintain FDI, thereby hampering the development of its economy and its
ability to service the Notes.

A significant portion of Côte d’Ivoire’s economy is not recorded and the Government may not be able to realize the
full extent of its potential tax revenues.

A significant portion of Côte d’Ivoire’s economy, estimated at more than one third of total nominal GDP, is comprised
of the informal, or shadow, economy. Although following the rebasing of the country’s GDP in 2020 (see "The Economy
— Gross Domestic Product — GDP Rebasing Project) the number of economic activities surveyed and computed as part
of GDP figures increased, the presence of the informal sector in the economy remains substantial. In particular, informal
economic activity is significant in agriculture, a key sector of Côte d’Ivoire’s economy, as well as in the crafts industries.
The informal economy is by definition not recorded and is not or is only partially taxed, resulting in a loss of potential
revenue for the Government, ineffective regulation, unreliability of statistical information (including the understatement
of GDP and the contribution to GDP of various sectors) and inability to monitor or otherwise regulate a large portion of
the economy. Lack of effective regulation and enforcement in this respect also gives rise to other issues, including health
and safety and employment issues. The Government is attempting to address the challenges posed by the informal
economy by streamlining certain laws and regulations, particularly in the area of taxation where it is working to facilitate
compliance with tax payment obligations through the implementation of online reporting and payment means, and by
improving its statistical apparatus with technical assistance from the IMF. However, there can be no assurance that such

                                                              11
reforms will adequately address the issues and bring the informal economy into the formal sector in the short term. The
Government has also initiated important structural reforms to strengthen revenue administration and public financial
management, and to contain the public wage bill, which is currently above the WAEMU convergence criterion. The wage
bill/tax revenue ratio, is thus expected to drop from 42.2% in 2020 to 38.2% in 2021. See “ – Public Finance – Fiscal
Policy and Administrative Reforms” and “ – The Medium-Term Payroll Control Strategy”. While the Government is
committed to further improve public financial management and domestic revenue mobilization, there can be no assurance
that such reforms will successfully address the issues and help free up the fiscal space needed to achieve its development
priorities.

Côte d’Ivoire may face a lack of continued access to foreign direct investment.

Achieving the NDP’s growth objective is conditional upon the levels and pace of foreign direct investment. Côte
d’Ivoire’s total FDI, which comprises equity capital and other capital inflows, increased from CFAF 283.8 billion in 2015
to CFAF 325.5 billion in 2016, and, after decreasing to CFAF 173.6 billion in 2017, started increasing again, to CFAF
264.2 billion in 2018, and to an estimated amount of CFAF 360.0 billion in 2019 due to sustained investments from
European countries, including France, the United Kingdom and the Netherlands. According to the UNCTAD World
Investment Report 2020 (the “2020 Report”), after decreasing between 2015 and 2017, from US$ 57.6 billion in 2015
to US$ 41.5 billion in 2017, FDI inflows to Africa increased between 2017 and 2018, reaching US$ 50.6 billion in 2018.
In 2019, however, FDI inflows to Africa decreased by 10.3% compared to 2018, reaching US$ 45.4 billion. According
to the 2020 Report, FDI inflows to Côte d’Ivoire were US$ 975 million in 2017 and US$ 620 million in 2018 (although
Government data shows an increase in FDI inflows between 2017 and 2018), followed by an increase to US$ 1 billion in
2019. For comparison purposes, in 2018 and 2019, respectively, FDI inflows amounted to almost US$ 3 billion and US$
2.3 billion in Ghana, US$ 6.4 billion and US$ 3.3 billion in Nigeria, US$ 3.3 billion and US$ 2.5 billion in Ethiopia, and
US$ 2.7 billion and US$ 2.2 billion in Mozambique. Following the decrease in 2019, the 2020 Report shows that inflows
to Africa are expected to fall by 25% to 40% on average, such negative trend being exacerbated by low commodity prices.
In the absence of a decrease in the perceived risks associated with investing in Côte d’Ivoire, including those described
in this Prospectus, FDI may continue to remain weak, which could adversely affect Côte d’Ivoire’s economy and limit
sources of funding for infrastructure and other projects which are dependent on significant investment from the private
sector. This could, in particular, have an adverse effect on the implementation of the NDP objectives. If existing levels
of FDI continue to decrease, this would significantly impede the progress of sectors important to Côte d’Ivoire’s
economic growth such as the infrastructure, natural resources, financial and energy sectors.

Côte d’Ivoire suffers from high levels of poverty and health risks.

The combined effect of low economic growth during the past decade and the political and military crisis between 2002
and 2011 resulted in a long period of economic stagnation which had a severe social impact. Real income per capita in
2011 was only about 57% of its peak 1978 level. Côte d’Ivoire’s ranking in the 2019 UNDP HDI, a composite measure
of life expectancy, education, and income, was 165 out of 189. In the view of the IMF, while the socio-political situation
has improved substantially since the end of the post-electoral crisis, serious challenges remain, including in the education
and health sectors and in meeting expectations of improved living standards. For instance, the Ivorian educational system
faces social problems that hinder the schooling of vulnerable students, particularly the incidence of early pregnancy
among young women, child labour and inequalities in access to educational facilities.

According to the IMF Report 18/182, overall unemployment in Côte d’Ivoire was approximately 5.6% in 2017, with
underemployment impacting 27% of the population. However, the quality of information with respect to unemployment
rates is limited by the lack of tools for the collection of statistical data in Côte d’Ivoire. In addition, the public sector, in
particular the health and education sector, having suffered from wage restraints and payment arrears for several years,
already experienced work stoppages. While the Government has increased salaries in the civil service in 2014, which
resulted in a decrease in work stoppages, the country may experience further significant work stoppages in the future, as
in 2018 in the education sector, which may have adverse effects on the Ivorian economy

Côte d’Ivoire faces health risks that are compounded by the high level of poverty among the more vulnerable groups. For
instance, according to the WHO’s World Malaria Report 2018, Côte d’Ivoire is still very exposed to malaria, with 3,133
reported deaths in 2018 caused by malaria (compared to 1,023 in 2010). The Ivorian public health situation is also

                                                               12
characterized by a high HIV/AIDS related mortality rate. AIDS is the leading cause of mortality among adult men (16,000
AIDS-related death in 2018 according to UNAIDS’ estimates, representing a 34% decrease as compared to 2010) and
the second among women (5,300 AIDS-related death in 2018 according to UNAIDS’ estimates), after pregnancy-related
problems and child birth. No assurance can be given that the high incidence rate of malaria, HIV/AIDS or other diseases
in Côte d’Ivoire, will not affect Côte d’Ivoire’s economic performance. In particular, the current Covid-19 pandemic
(which has resulted in, as of the date of this Prospectus, 29,967 confirmed cases of coronavirus, including 28,186 patients
who successfully recovered and 165 deaths as reported by the Government) is expected to increase the level of
unemployment in Côte d’Ivoire. According to preliminary assessments, the Government estimates that more than 20,000
employees in the formal sector and more than 1.3 million employees in the informal sector have been affected by the
Covid-19 pandemic.

In March 2014, an Ebola virus epidemic was confirmed close to the border between Guinea and Liberia. After an alert
launched by the WHO asking to reinforce the monitoring of illnesses akin to a viral haemorrhagic fever, the neighbouring
countries of Guinea and Liberia, including Côte d’Ivoire, implemented safety measures along their land borders and
inside their territories in order to protect people at risk and to prevent virus propagation. The end of the epidemic outbreak
was declared on 29 March 2016 by the WHO and Côte d’Ivoire reopened its borders with Guinea and Liberia in
September 2016. While there has been no reported case of Ebola infection in Côte d’Ivoire to date, the country remains
at risk given its borders with countries with potentially lower public health standards and may have to dedicate significant
resources to protect itself from epidemics. For example, according to a WHO report, one case of dengue fever was
identified in Abidjan in April 2017 and the Government has been taking strong measures to prevent the spread of the
virus. In February 2018, the Government adopted preventive measures against an outbreak of Lassa fever, a haemorrhagic
fever like Ebola, that killed more than 30 people in northern Nigeria in the first quarter of 2018. On 10 March 2020, Côte
d’Ivoire recorded the first case of Covid-19 on its territory. See “The Republic of Côte d’Ivoire – Health”.

The Government of Côte d’Ivoire has implemented a number of measures attempting to reduce poverty and
unemployment which it expects to pursue. Consistent with the objective of the NDP to reduce the level of poverty in
Côte d’Ivoire, the Government decided to increase “pro-poor” spending from approximately 9.0% of nominal GDP in
2015, to approximately 9.3% in 2016 (including multilateral financing in particular by the World Bank and the BOAD).
Such spending reached CFAF 2,361.4 billion in 2018 compared to CFAF 1,080.3 billion in 2012, and covers various
areas of social life. The level of pro-poor spending reached CFAF 2,550.58 billion in 2019, an increase of 6.1% compared
to 2018. For 2020, the Government allocated CFAF 2,754.9 billion to pro-poor expenditure in its initial 2020 budget. For
2021, the Government has allocated CFAF 2,863.8 billion to pro-poor expenditure in its initial 2021 budget, an increase
of 4.0% compared to 2020. However, if the Government fails to successfully implement its reforms and to significantly
reduce poverty and unemployment in the short- to medium-term, this may create a risk of political and social instability
and have adverse effects on the Ivorian economy and on Côte d’Ivoire’s ability to service the Notes.

Côte d’Ivoire’s membership in the BCEAO may affect its ability to react to stresses on its economy and may subject it
to economic policies that are not in its best interests.

As a member of a monetary union, Côte d’Ivoire has no independent monetary and exchange rate policies. The country
must rely on its own budgetary policy (including wage policy) and structural policies to make its economy more
competitive and more resilient to external shocks. The BCEAO sets interest rates and monetary and banking policies for
all of the member states of the WAEMU to protect the union from fluctuations in the global market and pegs the CFAF
to the Euro. As a result, the BCEAO makes interest rate policy decisions on the basis of union-wide considerations and
the best interests of the WAEMU as a whole, and is unable to make jurisdiction-specific decisions other than the
amendment to national reserve requirements, although domestic economic situations might differ. While the weight of
the Ivorian economy, estimated to account for nearly 40% of the GDP of the WAEMU, remains a fact relevant to the
BCEAO’s decision-making, BCEAO membership nevertheless means that Côte d’Ivoire is unable to unilaterally carry
out monetary policy initiatives such as amending its exchange rate, interest rate or the reserve requirement rate, currently
set at 50%, and requires the BCEAO to do so across the union. See “Monetary System – The Franc Zone and the BCEAO”.
In the event that it is in the interests of Côte d’Ivoire to amend the interest rates upwards or downwards in order to
stabilize its economy, for example to combat inflation, then it may be unable to do so in a timely manner, or at all. This
situation may have an adverse effect on Côte d’Ivoire’s economy and on its ability to service the Notes. Côte d’Ivoire’s


                                                             13
membership of the BCEAO also means that it may be adversely affected by events in other member states, more severely
than would otherwise be the case. This exposure to circumstances in other member states that are out of its control may
adversely affect the position of Côte d’Ivoire’s economy and Côte d’Ivoire’s ability to service the Notes.

Any adjustment to, or ending of, the CFAF’s currency peg could negatively affect Côte d’Ivoire.

Côte d’Ivoire shares a common currency with the other WAEMU member States, the CFAF (or XOF), within the scope
of a longstanding monetary cooperation between France and the WAEMU member States. This cooperation provides,
among other things, for a guarantee by the French Treasury of unlimited convertibility of the CFAF and a fixed peg. In
exchange for this convertibility guarantee, the BCEAO has the obligation to deposit at least 50% of its currency reserves
on an operational account with the French Treasury and to have a representative of the Banque de France sitting on the
governing body of the BCEAO. The peg of the XOF to the French franc was replaced by a peg to the Euro as from 1
January 1999 at a fixed exchange rate of: 1 Euro = XOF 655.957.
In response to a longstanding demand by anti-CFAF opponents and activists across the region accusing the CFAF of
being a symbol of the colonial past, French President Emmanuel Macron and President Alassane Ouattara (on behalf of
the WAEMU member States) announced on 21 December 2019 a reform of the monetary cooperation system between
France and the WAEMU, including changing the name of the CFAF to the “ECO” in 2020, the end of the requirement
that the BCEAO keep 50% of its foreign currency reserves in the French Treasury, and the withdrawal of French
representatives from the WAEMU's governing bodies. Nevertheless, under the proposed reform, the guarantee of the
ECO’s convertibility and the fixed exchange rate against the Euro by France will be maintained in order to consolidate
macroeconomic stability and economic growth. The implementation of the CFAF reform has been delayed to a later
unspecified date after being initially scheduled for 2020. In order to fully implement the CFAF Reform, the current
monetary agreements will need to be abrogated and replaced. Moreover, the withdrawal of France from monetary bodies
implies changing the rules governing these monetary bodies. While the French Government adopted a draft law approving
the CFAF reform on 20 May 2020, a clear timeline for the passing of the law and the implementation of the changes has
not yet been made public. See “Monetary System – The ECOWAS Single Currency Project and the CFAF Reform”.

Although there are no current difficulties affecting the monetary cooperation between France and the WAEMU member
States, there is no assurance that the French Treasury and the WAEMU member States will be able or willing to continue
to maintain the peg or France's unlimited guarantee of convertibility under the CFAF reform, especially in the broader
context of the parallel development of the ECOWAS single currency. For example, the French Treasury’s support of the
CFAF peg arrangement could be altered or abandoned due to changing political, economic, financial and/or other
developments in France or in the Euro area or as part of the implementation of the ECOWAS common currency (also to
be called “ECO”). A change or abandonment of France’s commitment to the convertibility of the CFAF or an
abandonment of the Euro by France or possibly a very significant appreciation of the Euro would create uncertainty for
the future of the exchange rate arrangement, its ability to support macroeconomic stability, and its status as a credit
support. If a stable exchange rate or the peg to the Euro cannot be maintained, this could reduce confidence in Côte
d’Ivoire’s economy, reduce foreign direct investment and adversely affect Côte d’Ivoire’s finances and economy.

In addition, because of the peg to the Euro, Côte d’Ivoire does not have any flexibility to devalue the CFAF to stimulate
Côte d’Ivoire’s exports, and the BCEAO’s ability to independently manage interest rates is constrained. Furthermore,
Côte d’Ivoire does not control the BCEAO, which is a common institution that has regard to the interests of the WAEMU
as a whole and not those of any particular member state. See “- Côte d’Ivoire’s membership in the BCEAO may affect its
ability to react to stresses on its economy and may subject it to economic policies that are not in its best interests”. This
lack of flexibility could have an adverse effect on Côte d’Ivoire’s foreign trade and, in turn, on its economy.
Furthermore, the CFAF peg to the Euro could be subject to devaluation risk under certain macroeconomic conditions. A
structural propensity towards a positive inflation differential between the CFAF zone and the euro area could lead to real
exchange rate appreciation for the CFAF. If WAEMU member countries collectively agree that devaluation would be an
appropriate measure to address real effective exchange appreciation in order to enhance competitiveness, boost exports,
and support growth for the region (similar to the 50% devaluation in 1994), then the potential effect could put pressure
on Côte d’Ivoire’s ability to make repayments on foreign-currency denominated debt. Côte d’Ivoire has a significant
amount of debt denominated in foreign currencies, including the US Dollar and the Euro. Any negative variation of the
peg would increase the burden of servicing and repaying this debt, which could also increase Côte d’Ivoire’s risk of debt



                                                             14
distress. See “—Unsustainable levels of indebtedness could have a material adverse effect on Côte d’Ivoire’s economy,
its sovereign credit ratings and its ability to service its debt, including the Notes” above.

Changes to the fixed exchange rate could affect the Notes.

Côte d’Ivoire, along with other countries that currently participate in the BCEAO, maintains a fixed exchange rate of
CFAF 655.957/€1. If domestic or international circumstances were to force Côte d’Ivoire to abandon its fixed exchange
rate policy in the future, the cost of servicing Côte d’Ivoire’s external debt (including the Notes) could escalate sharply,
which could have an adverse effect on Côte d’Ivoire’s economy and its ability to service the Notes. In addition, while it
may increase the competitiveness of Côte d’Ivoire’s exports, a depreciation of the Euro relative to the US dollar may
increase the cost of Côte d’Ivoire’s imports, which may have an adverse effect on Côte d’Ivoire’s economy.

Failure to continue to restructure and enhance the banking and financial sector may constrain Côte d’Ivoire’s
economic growth.

As of 31 December 2019, five credit institutions are under close supervision by the WAEMU Banking Commission, due
to failure to comply with banking and/or prudential regulations. Of these five banks, three are State-controlled, one was
majority-owned by the State and has now been privatized and one is a private bank. In October 2018, the BCEAO
withdrew the license of one bank that had previously been under close supervision for noncompliance with prudential
norms. A restructuring process is underway for the three State-controlled banks under close supervision, the CNCE,
known as Banque Populaire de Côte d’Ivoire (the “BPCI”) since November 2019, the BNI and the Versus Bank. The
privatization process of Banque de l’Habitat de Côte d’Ivoire (the “BHCI”), previously completed in 2018 was
retroactively terminated on 13 November 2019 due to the buyer’s failure to fulfil its commitments. As part of the
implementation of the PDESFI, the Government has defined a strategy to build an attractive and reliable financial sector
capable of responding to the growing financing needs of the economy. See “Monetary System –– Banking System –
Compliance with Prudential Regulations”. If the Government of Côte d’Ivoire fails to effectively carry out this action
plan in a timely manner, it may have a material adverse effect on Côte d’Ivoire’s economy and its ability to service the
Notes.

The review of the performance of the Ivorian banking sector has revealed a number of violations of prudential regulations
in recent years. In 2018, the ratio of non-performing loans to total loans issued by the banking sector decreased to 9.2%,
following the rise recorded between 2016 (9.0%) and 2017 (9.8%), which was the first significant increase in several
years. According to provisional data, this rate was 8.4% in 2019. See “Monetary System – Banking System – Compliance
with Prudential Regulations”. Although the risk of noncompliance with prudential regulations may be enhanced by the
implementation of the Basel II and Basel III standards in the WAEMU region, which has been effective since 1 January
2018, the amount of violations of the prudential regulations continued to decrease (31 as of 31 December 2019, compared
to 36 and 38 at the same date in 2018 and 2017, respectively). However, these revised standards provide for increased
ratio requirements, which may have a negative effect on the banking sector’s lending capacity and result in a reduction
of the supply credit available to the private sector businesses, thus undermining the Government’s objective to strengthen
the private sector’s contribution to the financing of the 2016-2020 NDP.

In addition, according to the IMF, Côte d’Ivoire’s banking sector is shallow, dominated by foreign banks and requires
substantial reforms to provide the level of credit and access to financial services needed for achieving the country’s
growth and poverty reduction objectives. While the ratio of loans to private sector/GDP increased from 19.74% in
December 2014 to 29.4% in December 2018, this ratio decreased to 28.7% at the end of 2019. Besides, according to
BCEAO estimates, an analysis of the structure of loans reported to the BCEAO’s risk department revealed that the tertiary
sector remains the principal beneficiary of bank financing and the primary sector remains the least financed, benefitting
from only 6.2% of bank loans. See “Monetary System – Banking System – Financing of the Economy”. Access to long-
term credit is also very limited. The economic and financial effects of the Covid-19 pandemic are also expected to have
an adverse impact on the WAEMU’s banking system, including an increase in non-performing loans, and further limiting
access to long-term credit. The BCEAO has noted a deterioration in the quality of banks’ loan portfolios due to non-
performing loans as a consequence of the Covid-19 pandemic. According to the BCEAO, as of 30 June 2020, the ratio
of non-performing loans to total loans issued by the banking sector represented 9.1% of the banks’ loan portfolio in Côte
d’Ivoire, compared to 8.4% as of 31 December 2019. The average ratio of non-performing loans in the WAEMU area


                                                             15
was 11.1% as of 30 June 2020. However, the BCEAO expects this situation to gradually improve as a result of the various
measures implemented to support the WAEMU banking system and the member States. See “Monetary System –
Monetary Policy”. If the Government of Côte d’Ivoire fails to implement its strategy vis-à-vis the financial sector, this
may have a material adverse effect on the contribution of the local private sector to Côte d’Ivoire’s economy and Côte
d’Ivoire’s ability to service the Notes.

Côte d’Ivoire’s natural resources are increasingly under pressure and Côte d’Ivoire faces challenges to sustainable
environmental policy.

Côte d’Ivoire has a significant agriculture sector and its large rural population depends on natural resources as a basis for
farming, energy production and housing. These natural resources are being put under increasing pressure due to
deforestation and soil exhaustion resulting from intensive farming and non-sustainable farming practices, as well as
erosion and natural hazards. The effects of climate change on the cocoa and coffee plants could impact the quality and
volume of the production as well as its seasonality. The forest area of the country has decreased by around 70% over the
past 50 years. Environmental degradation in Côte d’Ivoire has been exacerbated by the long military conflict and
population displacement. According to the World Bank, Côte d’Ivoire’s population is expected to grow at an annual rate
of around 2.4% from 2014 onwards (the rate was 2.54% in 2019 according to the latest available data), putting further
pressure on its available natural resources. The expected growth of the mining sector in the coming years may also
increase pressure on acquiring and/or developing agricultural land as well as the risk of environmental hazards as a result
of processes and chemicals used in the extraction and production methods. This risk can also emanate from mining
operations in neighbouring countries, as illustrated by the chemical pollution affecting the Bia river as a result of
clandestine gold washing activities, which is the subject of talks between the Ivorian and the Ghanaian authorities aimed
at finding a solution to this issue. In addition, the environment in Ivoirian cities, including the Abidjan lagoons, has
deteriorated as a result of industrial and domestic effluent wastes without prior treatment. It is further affected by the lack
of an adequate wastewater system, with the poor areas in the cities hardly benefitting from any wastewater equipment.
These issues are compounded by the rapid growth of the urban population, which now represents more than half of the
total population of Côte d’Ivoire, which is expected to continue as the country transforms its economy. See “The Economy
– Principal Sectors of the Ivorian Economy – Environment”.

The Government has made a strong commitment towards “greening the economy” by creating legal frameworks,
bolstering institutional support for the conservation of the environment and participating in international initiatives, but
there can be no guarantee that these policies will be effective and severe environmental pressure will not continue. In
addition, addressing the effects of environmental degradation may entail significant costs for Côte d’Ivoire’s public
finances. If natural resources deteriorate, or if any of the environmental policies are not properly implemented or fail to
meet the population growth rate, this could have an adverse effect on the agricultural sector (including rice production as
a staple diet), food security, public health and the general performance of the economy.

Official statistics published by Côte d’Ivoire may be more limited and less accurate than those produced by developed
countries and, to the extent currently presented as estimates and forecasts, may be materially adjusted in the future
once finalized.

Statistical data appearing in this Prospectus has, unless otherwise stated, been obtained from Government sources and
documents. Different departments of the Government of Côte d’Ivoire prepare statistics relating to various aspects of the
Ivorian economy. Côte d’Ivoire adheres to the IMF’s General Data Dissemination Standards and publishes key official
data and statistics and ultimately intends to adopt the IMF’s Special Data Dissemination Standards. However, Côte
d’Ivoire has not yet completed the infrastructure for generating all the relevant data and the recent civil conflict has meant
that such data are not available for certain parts of the economy. Accordingly, Côte d’Ivoire’s official data and statistics
are not as accurate and are more limited in scope and published less frequently than is the case for more advanced
countries such that adequate monitoring of key fiscal and economic indicators may be difficult. As it is the case for many
emerging economies, the relative size of the informal sector combined with the rapid growth of the economy and the
continuous improvement of the statistical tools of the Government of Côte d’Ivoire may result in figures cited in this
Prospectus becoming outdated relatively quickly. In addition, the statistics prepared by some governmental departments
may not be fully consistent with similar statistics prepared by other departments and the presentation of statistical data
may vary from period to period due to the application of different methodologies and processes for validating and

                                                              16
finalizing such data. See “– Presentation of Economic and Other Information”. Since some of the figures included in this
Prospectus for the years 2019, 2020 and beyond remain in provisional, estimated or forecast form, no assurance can be
given that, upon being validated and finalized in accordance with the relevant methodologies, such figures will not be
subjected to material adjustments. See also “– Worldwide economic effects of the coronavirus (Covid-19) pandemic could
adversely affect Côte d’Ivoire’s economy” above.

Investing in Notes of emerging market issuers such as Côte d’Ivoire involves a higher degree of risk than more
developed markets.

Investing in securities of emerging market issuers, such as Côte d’Ivoire, generally involves a higher degree of risk than
investments in securities of corporate or sovereign issuers from more developed countries. These risks include the
possibility of economic, political or social instability that may be caused by many different factors, including, in the case
of Côte d’Ivoire, declines in the price of primary commodity exports such as cocoa, coffee and gold, failure of the
Government to implement or maintain the pace of political, fiscal, economic and social reforms, changes in governmental
economic, tax or other policies, inflation and financial crises in other emerging market countries that could have an
adverse effect on investor appetite for emerging market debt securities generally. In addition, political, civil or financial
instability in Côte d’Ivoire, its neighbours or elsewhere in West Africa may have an adverse impact on Côte d’Ivoire’s
economy.

Emerging markets may also experience a greater degree of corruption of government officials, misuse of public funds
and administrative errors or delays (in payment or otherwise) than more mature markets. This could affect the ability of
the Government to meet its obligations under the Notes. Any of the factors above, as well as the volatility in the markets
for debt securities similar to the Notes, may adversely affect the liquidity of, and the trading market for, the Notes.

Risk Factors Relating to the Notes and the Trading Market for the Notes

Economic distress in any emerging market country may adversely affect prices of securities and the level of investment
in other emerging market issuers as investors move their money to more stable, developed markets. Financial problems
or an increase in the perceived risks associated with investing in emerging market economies could dampen foreign
investment in Côte d’Ivoire, adversely affect Côte d’Ivoire’s economy or adversely affect the trading price of the Notes.
Even if Côte d’Ivoire’s economy remains relatively stable, economic distress in other emerging market countries could
adversely affect the trading price of the Notes and the availability of foreign funding sources for the Government. Adverse
developments in other countries in sub-Saharan Africa, in particular, may have a negative impact on Côte d’Ivoire if
investors perceive risk that such developments will adversely affect Côte d’Ivoire or that similar adverse developments
may occur in Côte d’Ivoire. Risks associated with sub-Saharan Africa include political uncertainty, civil unrest and
conflict, corruption, the outbreak of diseases and poor infrastructure. Investors’ perceptions of certain risks may be
compounded by incomplete, unreliable or unavailable economic and statistical data on Côte d’Ivoire, including elements
of the information provided in this Prospectus. See “– Official statistics published by Côte d’Ivoire may be more limited
and less accurate than those produced by developed countries and, to the extent currently presented as estimates and
forecasts, may be materially adjusted in the future once finalized.”

An active trading market for the Notes may not develop and any trading market that does develop may be volatile.

Although an application has been made to list the Notes on Euronext Dublin and to admit the Notes to trading on the
regulated market of Euronext Dublin, there is no assurance that such application will be accepted or that, an active trading
market for the Notes will develop or, if one does develop, that events in Côte d’Ivoire, in Africa or elsewhere will not
cause market volatility or that such volatility will not adversely affect the liquidity or the price of the Notes or that
economic and market conditions will not have any other adverse effect. If an active trading market for the Notes does not
develop or is not maintained, the market price and liquidity of the Notes may be adversely affected.

The market for the Notes issued is influenced by economic, political and market conditions in Côte d’Ivoire and, to
varying degrees, interest rates, currency exchange rates and inflation rates in other countries, such as the United States,
European Union (“EU”) member states and elsewhere. If the Notes are traded after their initial issuance, they may trade
at a discount to their offering price, depending upon prevailing interest rates, the market for similar securities, general
economic and political conditions and the financial condition of Côte d’Ivoire. As a result of the above factors, investors

                                                             17
may not be able to sell their Notes easily or at prices that will provide them with a yield comparable to similar investments
that have a developed secondary market.

Change in market value of the Notes which are fixed rate securities.

The Notes pay a fixed rate of interest to Noteholders (see Condition 5 (Interest)). Investors in the Notes are therefore
exposed to the risk that changes in interest rates in the capital markets may adversely affect the market value of the Notes.
Generally, prices of fixed interest rate securities tend to fall when market interest rates rise and accordingly are subject
to volatility. Therefore, the price of the Notes at any particular time may be lower than the purchase price for the Notes
paid by the Noteholder. As a consequence, part of the capital invested by the Noteholder may be lost upon any transfer
of the Notes, so that the Noteholder in such case would not receive the total amount of the capital invested.

The terms and conditions of the Notes contain provisions which may permit their modification without the consent of
all investors.

The terms and conditions of the Notes contain provisions for calling meetings of Noteholders to consider matters affecting
their interests generally. Such provisions are commonly referred to as “collective action clauses”. These provisions permit
defined majorities to bind all Noteholders including Noteholders who did not attend and vote at the relevant meeting and
Noteholders who voted in a manner contrary to the majority.

In addition, the terms and conditions of the Notes permit “cross-series modifications” to be made to more than one series
of debt securities, provided that each affected series of debt securities also contains a cross-series modification provision.
Under certain circumstances, including the satisfaction of the Uniformly Applicable condition (as more particularly
described in the terms and conditions of the Notes), such cross-series modification may be made to more than one series
of debt securities with the approval of the applicable percentage of the aggregate principal amount of the outstanding
debt securities of all affected series and without requiring the approval of a particular percentage of the holders of any
individual affected series of debt securities.

There is therefore a risk that the terms and conditions of the Notes may be modified in circumstances where the holders
of debt securities approving the modification may be holders of different series of debt securities and the majority of
Noteholders would not necessarily have approved such modification. In addition, there is a risk that the provisions
allowing for aggregation across multiple series of debt securities may make the Notes less attractive to purchasers in the
secondary market and adversely affect the market value of the Notes in circumstances where such modification or a
proposal for such modification is expected to be made by the Issuer.

The Notes have amortizing redemption features.

The Notes are amortizing obligations and principal on the Notes is scheduled to be repaid in three instalments on 22
March 2046, 22 March 2047 and 22 March 2048. The Amortization Amounts (as defined in the terms and conditions of
the Notes) are set out in Condition 7 (Redemption and Purchase) of the terms and conditions of the Notes. Holders of
Notes may only be able to reinvest monies they receive upon such amortization in lower-yielding securities than the
Notes.

Fluctuations in exchange rates and interest rates may adversely affect the value of the Notes.

The Issuer will pay principal and interest on the Notes in Euro. This presents certain risks relating to currency conversions
if an investor’s financial activities are denominated principally in a currency or currency unit (the “Investor’s
Currency”) other than Euro. These include the risk that exchange rates may significantly change (including changes due
to devaluation of the Euro or a revaluation of the Investor’s Currency) and the risk that authorities with jurisdiction over
the Investor’s Currency may impose or modify exchange controls. An appreciation in the value of the Investor’s Currency
relative to Euro would decrease the Investor’s Currency-equivalent yield on the Notes, the Investor’s Currency equivalent
value of the principal payable on the Notes and the Investor’s Currency equivalent market value of the Notes.

Government and monetary authorities (including where the investor is domiciled) may impose (as some have done in the
past) exchange controls that could adversely affect an applicable exchange rate. As a result, investors may receive less


                                                             18
interest or principal than expected, or no interest or principal. In addition, investment in the Notes involves the risk that
subsequent changes in market interest rates may adversely affect the value of the Notes.

The Issuer’s credit ratings are subject to revision or withdrawal, either of which could adversely affect the trading
price of the Notes.

The Notes are expected to be rated on issuance B+ by Fitch and Ba3 by Moody’s. None of Fitch or Moody’s is established
in the European Union and has applied for registration under Regulation (EC) No 1060/2009 of the European Parliament
and of the Council of 16 September 2009 on credit rating agencies (the “CRA Regulation”). The rating issued by Fitch
has been endorsed by Fitch Ratings Ireland Limited and the rating issued by Moody’s has been endorsed by Moody's
Deutschland GmbH in each case in accordance with the CRA Regulation. Each of Fitch Ratings Ireland Limited and
Moody's Deutschland GmbH is established in the European Union and registered under the CRA Regulation. As such,
each of Fitch Ratings Ireland Limited and Moody's Deutschland GmbH is included in the list of credit rating agencies
published by the European Securities and Markets Authority (“ESMA”). The ratings may not reflect the potential impact
of all risks related to structure, market, additional factors discussed herein, and other factors that may affect the value of
the Notes. A credit rating is not a recommendation to buy, sell or hold securities and may be subject to revision,
suspension or withdrawal at any time by the assigning rating organization. On 12 June 2020, following official
announcement of Côte d’Ivoire’s participation in the G20 and Paris Club DSSI on 10 June 2020, Moody’s placed Côte
d'Ivoire’s Ba3 rating under review for downgrade, noting that this decision reflects its assessment that the country’s
participation in the DSSI raises the risk that private sector creditors will incur losses. However, the Government expressly
confirmed its commitment to continue to comply with all of its contractual obligations vis-a-vis private sector creditors
and its intention not to extend the DSSI to such private sector creditors. On 7 August 2020, Moody’s concluded its review
and confirmed Côte d'Ivoire's Ba3 rating, with a stable outlook. See “—Unsustainable levels of indebtedness could have
a material adverse effect on Côte d’Ivoire’s economy, its sovereign credit ratings and its ability to service its debt,
including the Notes” and “Public Debt - Reducing the Country’s Credit Risk”.

In general, European regulated investors are restricted under the CRA Regulation from using credit ratings for regulatory
purposes, unless these ratings are issued by a credit rating agency established in the EU and registered under the CRA
Regulation (and such registration has not been withdrawn or suspended). This general restriction will also apply in the
case of credit ratings issued by non-EU credit rating agencies, unless the relevant credit ratings are endorsed by an EU-
registered credit rating agency or the relevant non-EU rating agency is certified in accordance with the CRA Regulation
(and such endorsement or certification, as the case may be, has not been withdrawn or suspended). Other than pursuant
to Article 23 of the EU Prospectus Regulation, the Issuer has no obligation to inform Noteholders of any revision,
downgrade or withdrawal of its current or future sovereign credit ratings. A suspension, downgrade or withdrawal at any
time of a credit rating assigned to the Issuer may adversely affect the market price of the Notes.

An investment in the Notes may not be a suitable investment for all investors.

Generally, investment in emerging markets such as Côte d’Ivoire is only suitable for sophisticated investors who fully
appreciate the significance of the risks involved in, and are familiar with, investing in emerging markets. Investors are
urged to consult their own legal, tax and financial advisers before making an investment. Each potential investor in the
Notes must determine the suitability of that investment in own circumstances. In particular, each potential investor
should:
-       have sufficient knowledge and experience to make a meaningful evaluation of the Notes, the merits and risks of
        investing in the Notes and the information contained in this Prospectus or, any applicable supplement;
-       have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its particular financial
        situation, an investment in the Notes and the impact which the Notes will have on its overall investment portfolio;
-       have sufficient financial resources and liquidity to bear all of the risks of an investment in the Notes, including
        where the currency for principal or interest payments is different from the potential investor’s currency;
-       understand thoroughly the terms of the Notes and be familiar with the behaviour of any relevant financial markets;
        and
-       be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for economic, interest
        rate and other factors that may affect its investment and its ability to bear the applicable risks.



                                                             19
Furthermore, the investment activities of certain investors are subject to legal investment laws and regulations, or review
or regulation by certain authorities. Each potential investor should consult its legal advisers to determine whether and to
what extent (i) the Notes are suitable legal investments for it, (ii) the Notes can be used as collateral for various types of
borrowing and (iii) other restrictions apply to its purchase or pledge of the Notes. Financial institutions should consult
their legal advisers or the appropriate regulators to determine the appropriate treatment of the Notes under any applicable
risk based capital or similar rules.

Côte d’Ivoire is a sovereign State. Consequently, it may be difficult for investors to obtain or realize upon judgments
against Côte d’Ivoire.

Côte d’Ivoire is a sovereign State. In the absence of a treaty between Côte d’Ivoire and a specific country relating to the
enforcement of foreign court judgments and reciprocity arrangements, the courts of Côte d’Ivoire are unlikely to enforce
a judgment of a court established in such specific country. This is the case with the United Kingdom which does not have
any execution of judgment reciprocity arrangements with Côte d’Ivoire. As a result, it may be difficult for investors to
enforce foreign judgments, including judgments predicated upon civil liabilities under the securities laws of the United
States or any state or territory within the United States against Côte d’Ivoire. Although Côte d’Ivoire will consent in the
terms and conditions of the Notes to the giving of any relief or the issue of any process in connection with proceedings
in England arising out of any dispute arising from or connected with the Notes and will agree to waive any immunity it
may have in a suit, execution, attachment or other legal process in respect of any such proceedings, that waiver of
immunity does not extend to any other proceedings and excludes from its scope certain diplomatic, military and other
government properties. The waiver of immunity also does not extend to any actions brought against Côte d’Ivoire in the
United States under any US securities law. Moreover, the enforcement of foreign judgments is subject to the conditions
and limitations described under “Enforcement of Civil Liabilities” and such limitations and conditions may make it
difficult for investors to obtain or realize upon judgments of courts outside Côte d’Ivoire. Furthermore, arbitration is
recognized in Côte d’Ivoire as a method of dispute resolution and is governed by statute under Côte d’Ivoire Law No.
93-671 of August 9, 1993 on Arbitration and Ordonnance No. 2012-158 determining the intervention of national
jurisdictions in the arbitration procedure of 9 February 2012, together with the Treaty on the Harmonization in Africa of
Business Law, signed on 17 October 1993, as revised on 17 October 2008, the Acte Uniforme d’OHADA sur l’Arbitrage
of 11 March 1999 and the rules of arbitration of the Cour Commune de Justice et d’Arbitrage (CCJA) (together,
“Arbitration Law”). Among other things, the Arbitration Law allows for the recognition and enforcement of an arbitral
award upon application in writing to the competent court in the jurisdiction of Côte d’Ivoire, irrespective of the country
in which the award was made. Foreign arbitral awards are therefore recognized and can be enforced upon being registered
following a procedure known as exequatur in Côte d’Ivoire.




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                                       FORWARD-LOOKING STATEMENTS

This Prospectus contains forward-looking statements. These forward-looking statements can be identified by the use of
forward-looking terminology, including the terms “believes”, “estimates”, “projects”, “expects”, “intends”, “may”,
“will”, “seeks” or “should” or, in each case, their negative or other variations or comparable terminology, or by
discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements are statements
that are not historical facts and include statements about the Issuer’s beliefs and expectations. These statements are based
on current plans, estimates and projections and, therefore, undue reliance should not be placed on them. Forward-looking
statements speak only as of the date they are made. Although the Issuer believes that the beliefs and expectations reflected
in such forward- looking statements are reasonable, no assurance can be given that such beliefs and expectations will be
realized.

Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual
results to differ materially from those expressed in any forward-looking statement. The information contained in this
Prospectus identifies important factors that could cause such differences, including, but not limited to, the following
adverse external factors, such as:

•     adverse external factors, such as the impact of the Covid-19 pandemic on national, regional and global economies,
      changes in international commodity prices, particularly cocoa, foreign exchange rates or prevailing interest rates,
      which could adversely affect Côte d’Ivoire’s balance of payments and external reserves;

•     changes in the monetary policy applicable in WAEMU countries which could affect inflation and/or growth rates;

•     recession, political unrest, pandemics or low economic growth in Côte d’Ivoire’s trading partners or, in the event
      that Côte d’Ivoire increases its reliance on external borrowings, changes in the terms on which international
      financial institutions provide financial assistance to Côte d’Ivoire or fund new or existing projects, which could
      decrease exports, adversely affect Côte d’Ivoire’s economy and, indirectly, reduce tax and other public sector
      revenues, thereby adversely affecting Côte d’Ivoire’s budget; or

•     adverse events in other emerging market countries, which could dampen foreign investment or adversely affect
      the trading price of the Notes;

and the following adverse domestic factors, such as:

•     political factors in Côte d’Ivoire and trade and political disputes between Côte d’Ivoire and its trading partners and
      other political factors in Côte d’Ivoire, which could affect the timing, structure and continued pace of economic
      reforms, the climate for foreign direct investment and the pace, scale and timing of privatizations; or

•     adverse domestic factors, such as: the Government’s response to, and the impact on public finances from, the
      Covid-19 pandemic, a decline in, or slowdown in the pace of, foreign direct investment, high domestic interest
      rates, exchange rate volatility or an increase in the level of domestic and external debt, which could lead to lower
      economic growth or a decrease in Côte d’Ivoire’s international reserves.

The sections of this Prospectus entitled “Risk Factors”, “The Republic of Côte d’Ivoire“ and “The Economy” contain a
more complete discussion of the factors that could adversely affect the Issuer. In light of these risks, uncertainties and
assumptions, the forward-looking events described in this Prospectus may not occur.

The Issuer does not undertake any obligation to update or revise any forward-looking statement, whether as a result of
new information, future events or otherwise, except as may be required by law or applicable regulations. All subsequent
written and oral forward-looking statements attributable to the Issuer or to persons acting on its behalf are expressly
qualified in their entirety by the cautionary statements referred to above and contained elsewhere in this Prospectus.




                                                             21
                        PRESENTATION OF ECONOMIC AND OTHER INFORMATION

Annual information presented in this Prospectus is based upon 1 January to 31 December periods (which is the fiscal
year for the Issuer), unless otherwise indicated. Certain figures included in this Prospectus have been subject to rounding
adjustments; accordingly, figures shown for the same category presented in different tables may vary slightly and figures
shown as totals in certain tables may not be the sum of the figures which precede them.

Statistical Information

Statistical information reported herein has been derived from official publications of, and information supplied by, a
number of agencies and ministries of the Issuer and by the Central Bank of West African States (Banque Centrale des
Etats de l’Afrique de l’Ouest, “BCEAO”). Some statistical information has also been derived from information publicly
made available by the IMF, the World Bank, the WAEMU, and other third parties. Where information has been so
sourced, the source is stated where it appears in this Prospectus. The Issuer confirms that such information has been
accurately reproduced and that, so far as it is aware, and is able to ascertain from information published by such third
parties, no facts have been omitted which would render the reproduced information inaccurate or misleading. Similar
statistics may be obtainable from other sources, but the date of publication, underlying assumptions, methodology and,
consequently, the resulting data may vary from source to source. In addition, statistics and data published by one ministry
or agency of the Issuer may differ from similar statistics and data produced by other agencies or ministries due to differing
underlying assumptions or methodology. Certain historical statistical information contained herein is provisional or
otherwise based on estimates that the Issuer and/or its agencies believe to be based on reasonable assumptions. As
described in respect of certain data below, the Issuer’s official financial and economic statistics are subject to internal
review as part of a regular validation process. Accordingly, financial and economic information may be subsequently
adjusted or revised. While the Issuer does not expect revisions to be material, no assurance can be given that material
changes will not be made.

The paragraphs below outline the methodologies and processes for preparing, validating and finalizing data with respect
to macroeconomic, balance of payments, public debt and public finance figures.

Macroeconomic Data

For 2020 and beyond, all GDP and GDP related data disclosed in this Prospectus are based on the most recently available
macroeconomic data, which take into account the impact of the Covid-19 pandemic, unless otherwise specified.
Governmental responses to address or mitigate the impact of the Covid-19 pandemic or its aftermath may require
implementation of new economic or other measures, which may involve additional fiscal incentives and require revisions
to GDP and GDP related data estimates for 2020 and beyond. Similarly, all initial targets set in the 2016-2020 National
Development Plan for the end of 2020 will be impacted by the Covid-19 pandemic although the extent of such impact
on the various sectors of the economy is still being assessed by the Government. Prospective investors should be aware
that all estimated figures for 2020 and beyond disclosed in this Prospectus (including the initial budget for 2021) are
subject to some degree of uncertainty and may be further adjusted, amended or revised, whether as part of a regular
review or otherwise, based on a number of evolving factors, which are uncertain and rapidly changing and cannot be
predicted. The Government has made an initial assessment of the impact of the Covid-19 pandemic on revenues and
expenditures as initially set forth in the Finance Law for 2020 establishing its initial 2020 budget, and this has been
accounted for in the amended Finance Law No. 2020-970 (Loi de Finances Rectificative) for 2020 dated as of 23
December 2020 establishing its initial 2020 budget. The Covid-19 impact has also been taken into account in the initial
2021 budget. See “ – Public Finance”. No assurance can be given that such adjustments, amendments or revisions will
not be material.

Preparation of Estimates

Estimates of macroeconomic data for year N are prepared by the Ministry of Economy and Finance, acting through the
General Directorate of the Economy, based on reference indicators (including the Harmonized Index of Industrial
Production, the Harmonized Index of Consumer Prices and the Revenue Index of Retail Trade) and agricultural and
mining production data (including coffee, cocoa, gold, crude oil) made available by the relevant sectors during January
and February of year N+1. Estimates for year N normally become available in March of year N+1 on the basis of data at

                                                             22
the end of year N. These estimates are provided to the IMF and to the National Institute of Statistics (Institut National de
la Statistique (“INS”)) of Côte d’Ivoire. Until March of year N+1, all figures for year N represent forecasts made by the
Ministry of Economy and Finance.

Preparation of Final National Accounts

The final national accounts are prepared by the INS based on the estimates prepared by the Ministry of Economy and
Finance (as described above) and corporate financial data filed with the tax authorities. The INS data review process may
take place in two stages, with an intermediary provisional accounts stage preceding the final accounts determination. The
final accounts for year N are normally completed by the end of year N+2.

The process for preparing the final national accounts is as follows:

    •    the estimates for year N completed by the Ministry of Economy and Finance in March of year N+1 are provided
         to the INS;
    •    following the filing with the tax authorities of corporate financial data for year N, the tax authorities provide a
         copy of this information to the INS (from June to December of year N+1 for data concerning year N);
    •    the corporate financial data allows the INS to start the process of preparing the final national accounts, which
         will result in the determination of the final figures normally by the end of year N+2 for data concerning year N;
         and
    •    the final macroeconomic data is communicated by the INS to the Ministry of Economy and Finance and the IMF
         and supersedes and replaces previous estimates or provisional data.

Balance of Payments

With respect to balance of payments figures, initial forecasts for year N are normally made by the BCEAO in October
and November of year N-1 and then revised in May and June of year N and again in October and November of year N.
Estimates are prepared in May and June of year N+1 and then revised in October and November of year N+1. The Balance
of Payments Committee (Comité Balance des Paiements) of Côte d’Ivoire then normally reviews and validates the final
balance of payments data for year N in December of year N+1 at the latest.

Public Debt

With respect to public debt figures, estimates for year N are normally published by the Ministry of Economy and Finance,
acting through the Treasury and Public Accounting Department (Direction Générale du Trésor et de la Comptabilité
Publique), during the first 45 days of year N. These estimates are normally finalized in June of year N+1 at the latest.
Estimated figures for the year 2020 are expected to be finalized at the end of June 2021.

Public Finance

With respect to public finance figures, estimates for year N are normally published by the Ministry of Economy and
Finance and the Ministry of Budget during the first quarter of N+1. These estimates are normally finalized by the Ministry
of Economy and Finance in June of year N+1 at the latest. Data for year N+1 corresponds to budgetary allocations.
Estimated figures for the year 2020 are expected to be finalized at the end of June 2021.

IMF’s General Data Dissemination Standards

The Issuer adheres to the IMF’s General Data Dissemination Standards which guide members in the dissemination of
economic and financial data to the public. Côte d’Ivoire participates in the IMF’s General Data Dissemination System
(“GDDS”), which is designed to guide all member countries in the provision of their economic and financial data to the
public. Data covered includes the fiscal, financial and the external sectors as well as socio-demographic data.

By participating in the GDDS, Côte d’Ivoire has undertaken to:

•       use the GDDS as a framework for statistical development;


                                                             23
•     designate a country coordinator; and

•     provide metadata to the IMF describing the current practices and plans for short- and long-term improvements in
      these practices.

A summary of the methodology under which Côte d’Ivoire prepares its metadata is found on the internet under the IMF’s
Dissemination Standards Bulletin Board. Côte d’Ivoire’s metadata may be found on the IMF’s website at
http://dsbb.imf.org/Pages/GDDS/CtyCtgList.aspx?ctycode=CIV.

The BCEAO Website (www.bceao.int) contains information, relevant legislation, press releases, publications, including
statistics, research papers, guidelines and regulations and speeches. Information contained in the above-mentioned
websites is not incorporated by reference in this Prospectus and, therefore, does not form part of this Prospectus.

On 11 March 2020, Côte d’Ivoire officially announced its decision to update the base year for its national accounts from
1996 to 2015. The purpose of the rebasing of the GDP is to migrate the methodology for the compilation of national
accounts to the most recent System of National Accounts adopted by the United Nations (the “2008 SNA”, which
replaced the 1993 SNA , the primary reference for the compilation of national accounts) and provide a better idea of the
economic activity of Côte d'Ivoire, taking into account the structural evolution of economic activity resulting from the
development of new kinds of businesses and products and various source of data covering all sectors of the economy.
The new 2015 base year adopts weights that are more consistent with current conditions of the economy and better reflect
the performance of the most important parts of the economy. The GDP under the 2015 national accounts prepared under
the 2008 SNA was CFAF 27,086 billion, compared to CFAF 19,595 billion under the 1993 SNA, representing an increase
of 38.2%. The Government is currently in the process of preparing a restatement of the national accounts using the 2015
base year. The Government has completed the national accounts for the 2015-2019 period using the 2015 base year and
plans to finalise the preparation of the retropolation of the national accounts prior to 2015 using the 2015 base year by
the end of the first semester of 2021. Unless otherwise indicated, all GDP figures used in this Prospectus are based on
constant 2015 prices and all GDP and GDP-related data are presented on a 2015 reference year basis. See "The Economy
— Gross Domestic Product — GDP Rebasing Project ".

All references in this Prospectus to “CFAF” are to the currency of the member states of WAEMU (of which Côte d’Ivoire
is one), all references in this Prospectus to “US$”, “U.S. dollars” and “USD” are to the currency of the United States of
America and all references in this Prospectus to “EUR”, “euro”, “Euro” and “€” are to the currency introduced at the
start of the third stage of European economic and monetary union pursuant to the Treaty establishing the European
Community, as amended.

The language of this Prospectus is English. Certain legislative references and technical terms have been cited in their
original language in order that the correct technical meaning may be ascribed to them under applicable law.




                                                           24
                                CERTAIN DEFINITIONS AND TERMINOLOGY

“2012-2015 NDP” means the 2012-2015 National Development Plan;

“2024 Eurobonds” means the US$750,000,000 5.375% bonds due 2024 issued by the Issuer on 23 July 2014;

“2025 Eurobonds” means the EUR 625,000,000 5.125% bonds due 2025 issued by the Issuer on 13 June 2017;

“2028 Eurobonds” means the US$1,000,000,000 6.375% amortizing bonds due 2028 issued by the Issuer on 2 March
2015;

“2032 Eurobonds” means the US Dollar denominated step-up bonds due 2032 issued by the Issuer (i) in the amount of
US$2,332,149,000 on 16 April 2010 as part of the restructuring of the London Club-held Brady securities and (ii) in the
amount of US$186,755,000 on 12 November 2012 as part of the restructuring of claims held by the Sphynx creditors
and Standard Bank London;

“2033 Eurobonds” means the US$1,250,000,000 6.125% amortizing bonds due 2033 issued by the Issuer on 13 June
2017;

“ACP” means the African Caribbean and Pacific Group of States;

“ADDR” means the Autorité Nationale pour le Désarmement, la Démobilisation et la Réintégration;

“ADF” means the African Development Fund;

“AFD” means the Agence Française de Développement;

“AfDB” means the African Development Bank;

“AGOA” means the African Growth and Opportunity Act;

“APR” means the Annual Performance Report;

“APUs” means public administrations;

“AU” means the African Union;

“Arbitration Law” means the Côte d’Ivoire Law No. 93-671 of 9 August 1993 on Arbitration, the Acte Uniforme
d’OHADA sur l’Arbitrage of 11 March 1999 and the Ordonnance No. 2012-158 determining the intervention of
national jurisdictions in the arbitration procedure of 9 February 2012;

“ASA-CI” means the Association des Sociétés d’Assurances de Côte d’Ivoire;

“BCEAO” means the Banque Centrale des Etats de l’Afrique de l’Ouest;

“BEAC” means the Banque des Etats d’Afrique Centrale;

“BFA” means the Banque pour le Financement Agricole;

“BNI” means the Banque Nationale d’Investissement;

“BOAD” means the Banque Ouest Africaine de Développement;



                                                          25
“BPW” means building and public works;

“BRVM” means the Bourse Régionale des Valeurs Mobilières;

“C2D” means the Contrats de Désendettement et de Développement;

“CCSR” means the Cellule de Coordination, de Suivi et de Réinsertion;

“CDMT” means the Cadres de Dépenses à Moyen Terme;

“CDVR” means the Dialogue, Truth, and Reconciliation Commission;

“CED” means the Comité des Experts de la Dette;

“CEMAC” means the Communauté Economique et Monétaire de l’Afrique Centrale;

“CEI” means the Commission Electorale Indépendante;

“CET” means the common external tariff scheme agreed on by the member nations of ECOWAS;

“CGECI” means the Conférence des Grandes Entreprises de Côte d’Ivoire;

“CGRAE” means the Caisse Générale de Retraite des Agents de l’Etat;

“CHU” means the Centres Hospitaliers Universitaires;

“CIE” means the Compagnie Ivoirienne d’Electricité;

“CIF” means Cost, Insurance and Freight;

“CIMA” means the Inter-African Conference on Insurance Markets;

“CMU” means the Couverture Maladie Universelle;

“CNDP” means the Comité National de la Dette Publique;

“CNP-PPP” means the National Steering Committee responsible for the promotion and development of PPPs;

“CNPS” means the Caisse Nationale de Prévoyance Sociale;

“CNW” means the Center-North-West zones of Côte d’Ivoire;

“CPIA” means the Country Policy and Institutional Assessment;

“CPMPs” means Cellules de Passation des Marchés Publics;

“CPP” means Contrats de Partage de Production;

“CRDP” means the Cellule de Revue des Dépenses Publiques;

“CUT” means the Compte Unique du Trésor;

“DDPD” means the Direction de la Dette Publique et des Dons;


                                                        26
“DDR” means the Disarmament, Demobilization and Reintegration of ex-combatants;

“DGBF” means the Direction Générale du Budget et des Finances;

“DGI” means the Direction Générale des Impôts;

“DGPE” means the Direction Générale de la Prévision Économique;

“DGSE” means the Direction Générale de la Sécurité Extérieure;

“DGTCP” means the Direction Générale du Trésor et de la Comptabilité Publique;

“DSA” means the Debt Sustainability Analysis;

“DSF” means the IMF’s Debt Sustainability Framework;

“DSSI” means the Debt Service Suspension Initiative;

“DST” means the Direction de la Surveillance du Territoire;

“ECF” means the three-year extended credit facility agreed between Côte d’Ivoire and the IMF;

“ECOWAS” means the Economic Community of West African States;

“EITI” means the Extractive Industries Transparency Initiative;

“EMIs” means the Electronic Money Institutions;

“ENSESI” means the Enquête Nationale sur la Situation de l’Emploi et le Secteur Informel;

“FDI” means Foreign Direct Investment;

“FIPME” means the Fédération ivoirienne des PME;

“FPI” means the Front Populaire Ivoirien;

“FSF” means the Fonds de Stabilité Financière;

“FTP” means Formation Technique et Professionnelle;

“GPHC” means the General Population and Housing Census;

“HDI” means the Human Development Index;

“HIPC” means the Heavily Indebted Poor Countries;

“IBRD” means the International Bank for Reconstruction and Development;

“ICC” means the International Criminal Court;

“IDA” means the International Development Association;

“IDB” means the Islamic Development Bank;


                                                          27
“IFC” means the International Finance Corporation;

“IIAG” means the Ibrahim Index of African Governance;

“ILO” means the International Labor Office;

“IMF” means the International Monetary Fund;

“INS” means the Institut National de la Statistique;

“IPUs” means Informal Production Units;

“LEP” means the Liste Electorale Provisoire;

“MCC” means the Millennium Challenge Corporation;

“MDGs” means the Millennium Development Goals;

“MDRI” means the Multilateral Debt Relief Initiative;

“MEF” means the Ministre en charge de l’Economie et des Finances;

“MFIs” means the microfinance institutions;

“MIGA” means the Multilateral Investment Guarantee Agency;

“NAIP” means the National Agricultural Investment Program;

“NDP” means the National Development Plan;

“NEPAD” means the New Partnership for Africa’s Development;

“NPIs” means the Non-Profit Institutions (institutions à but non lucratif);

“NSC” means the National Security Council;

“ODA” means the Official Development Assistance;

“OHADA” means the Organisation pour l’Harmonisation en Afrique du Droit des Affaires;

“PAM” means Pan African Minerals;

“PARE-PME” means the Projet d’Appui à la Revitalisation et à la gouvernance des Petites et Moyennes Entreprises;

“PDCI” means the Parti Démocratique de Côte d’Ivoire;

“PDESFI” means the Programme de Développement du Secteur Financier;

“PETROCI” means the Société Nationale d’Opérations Pétrolières de Côte d’Ivoire;

“PIP” means the Programme d’Investissements Publics;

“PNDEF” means the Plan National de Développement du Secteur Éducation/Formation;


                                                           28
“PNDS” means the Plan National de Développement Sanitaire;

“PNE” means the Politique Nationale de l’Emploi;

“PNRMN” means the Programme National de Restructuration et de Mise à Niveau des Industries;

“PPPs” means the Public-Private Partnerships;

“PROGEP-CI” means the Projet de gestion des pesticides obsolètes en Côte d’Ivoire;

“PRSC-3” means the World Bank’s Third Poverty Reduction Support Credit;

“PSAC” means the Projet d’appui au secteur agricole;

“RDR” means the Rassemblement des Républicains;

“RHDP” means the Rassemblement des Houphouëtistes pour la Démocratie et la Paix;

“SDGs” means the Sustainable Development Goals;

“SDMT” means the Stratégie de Gestion de la Dette Moyen Terme;

“SDR” means the Special Drawing Rights;

“SIGFiP” means the Système Intégré de Gestion des Finances Publiques;

“SIGMAP” means the Système Intégré de Gestion des Marchés Publics;

“SIR” means the Société Ivoirienne de Raffinage;

“SITARAIL” means the Société Internationale de Transport Africain par Rail;

“SIVAC” means the Société Ivoirienne d’Abattage et de Charcuterie;

“SIVOMAR” means the Société Ivoirienne de Navigation Maritime;

“SMEs” means the Small- and Medium-sized Enterprises;

“SMIG” means the Salaire Minimum Interprofessionnel Garanti;

“SNB” means the State Budget Nomenclature;

“SNM” means the Stratégie Nationale de la Microfinance;

“SODECI” means the Société de Distribution d'Eau de la Côte d'Ivoire;

“SODEMI” means the Société pour le Développement Minier de la Côte d’Ivoire;

“SOLIBRA” means the Société de limonaderies et brasseries d’Afrique;

“SOTRA” means the Société des Transports Abidjanais;

“SRE” means the Stratégie de Relance de l’Emploi;


                                                        29
“STAR” means the Société de Transports Abidjanais sur Rails;

“STL” means the Société de Transport Lagunaire;

“SVT” means Spécialistes en Valeurs du Trésor;

“TBS” means Taux Brut de Scolarisation;

“TNS” means Taux Net de Scolarisation;

“TSA” means the Treasury Single Account (Compte Unique du Trésor);

“UA” means Unit of Account;

“UN” means the United Nations;

“UNAIDS” means the Joint United Nations Programme on HIV and AIDS;

“UNCAC” means the United Nations Convention Against Corruption;

“UNDAF” means the United Nations Development Assistance Framework;

“UNDP” means the United Nations Development Program;

“UNESCO” means the United Nations Educational, Scientific and Cultural Organization;

“UNHCR” means the United Nations High Commissioner for Refugees;

“UNOCI” means the United Nations Operation in Côte d’Ivoire;

“UNTOC” means the United Nations Convention against Transnational Organized Crime;

“VAT” means the Value Added Tax;

“WAMU” means the West African Monetary Union (Union monétaire ouest-africaine);

“WAEMU” means the West African Economic and Monetary Union (Union économique et monétaire ouest-
africaine);

“WB” means the World Bank; and

“WHO” means the World Health Organization.




                                                       30
                                                                                    EXCHANGE RATE

Côte d’Ivoire’s currency is the CFAF franc. The CFAF franc zone operates under a number of key operating principles:

•           a fixed parity against the Euro, adjustable if required for economic reasons after consultation with the French
            government and unanimous decision of all member countries within each monetary area, namely the CEMAC
            zone (XAF), of which the member countries are Cameroon, the Central African Republic, Chad, Republic of
            Congo, Equatorial Guinea and Gabon, and the WAEMU zone (XOF), which consists of Benin, Burkina Faso, Côte
            d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo. The CFAF of the CEMAC zone (XAF) benefits from the
            same conversion rate in euros but is governed by separate agreements;

•           convertibility of the CFAF franc to Euros without any fluctuation margins, at a rate of CFAF 655.957 = €1.00 as
            of 1 January 1999, which is equivalent to the rate of CFAF 100 = 1 French franc prevailing before that;

•           guarantee of convertibility by France through the establishment by each regional central bank of an operations
            account with the French treasury with market-related yields or charges (these accounts can have a positive or
            negative balance thus providing an, in principle, unlimited overdraft facility to each central bank);

•           free movements of capital between the WAEMU and France and the CEMAC and France; and

•           the pooling of the foreign exchange reserves of each regional monetary area.

On 21 December 2019, the eight member States of the WAEMU agreed with France to a number of changes to the CFA
franc currency cooperation, including the adoption of a new common currency name, the “ECO”, to replace the
WAEMU’s CFAF (XOF). It is anticipated that, while the new currency would still remain pegged to the euro, there
would no longer be any obligation for the BCEAO to deposit its foreign exchange reserves with the French Treasury. On
20 May 2020, the French Council of Ministers adopted a draft law approving the CFAF reform. See “Monetary System
– The ECOWAS Single Currency Project and the CFAF Reform”.

Solely for convenience, this Prospectus contains historical conversions of certain Euro amounts into U.S. dollars at
specified rates. These conversions are solely illustrative, and should not be taken as a representation that a Euro amount
actually represents a stated U.S. dollar amount or that it could be converted into U.S. dollars at the rate suggested, or any
other rate. The following table shows the historical period-end, average, high and low noon buying rates in New York
City for cable transfers in foreign currencies as certified by the Federal Reserve Bank of New York for the Euro, expressed
in U.S. dollars per one Euro, for the periods and dates indicated.



                                                                                                       U.S. dollar/Euro
                                                                                        Period      Average
    Year                                                                                 end         rate(1)          High       Low
    2015 ............................................................................    1.0859        1.1096           1.2015    1.0524
    2016 ............................................................................    1.0552        1.1072           1.1516    1.0375
    2017 ...........................................................................     1.2022        1.1301           1.2041    1.0416
    2018 ...........................................................................     1.1456        1.1817           1.2488    1.1281
    2019 ...........................................................................     1.1227        1.1194           1.1524    1.0905
    2020 ..........................................................................      1.2230        1.1811           1.2280    1.1237
    2021 (through 31 January 2021) ................................                      1.2135        1.2178           1.2295    1.2099


                                                                                                       U.S. dollar/Euro
                                                                                        Period      Average
    Month                                                                                end         rate(1)          High       Low
    September 2020 ..........................................................            1.1717        1.1788           1.1949    1.1618
    October 2020 ..............................................................          1.1658        1.1774           1.1844    1.1658
    November 2020 .........................................................              1.1948        1.1826           1.1948    1.1634


                                                                                         31
 December 2020...........................................................      1.2230              1.2168               1.2280               1.2080
 January 2021...............................................................   1.2135              1.2178               1.2295               1.2099

(1)   The average of the Noon Buying Rates on the last business day of each month (or portion thereof) during the relevant period for annual averages; on
      each business day of the month (or portion thereof) for monthly averages.
Source: Federal Reserve Bank of New York




                                                                               32
                                                      OVERVIEW

The following is an overview of certain information contained elsewhere in this Prospectus. It does not purport to be
complete and is qualified in its entirety by the more detailed information appearing elsewhere in this Prospectus.
Prospective investors should also carefully consider the information set forth in “Risk Factors” below prior to making
an investment decision. Capitalized terms not otherwise defined in this overview have the same meaning as elsewhere in
this Prospectus. See “The Republic of Côte d’Ivoire”, “The Economy”, “Foreign Trade and Balance of Payments”,
“Public Finance”, “Public Debt” and “Monetary System”, amongst others, for a more detailed description of the Issuer.

Overview of the Republic

General

Côte d’Ivoire is located in the western part of Africa, in the intertropical zone between the Tropic of Cancer and the
Equator. It spans 322,462 km2 and has over 500 km of coastline. It borders the Atlantic Ocean in the south, Burkina Faso
and Mali in the north, Ghana in the east, and Guinea in the west. While Yamoussoukro was officially designated as the
political and administrative capital of the country in 1983, Abidjan has effectively remained the economic, political and
administrative centre.

Côte d’Ivoire achieved independence from France on 7 August 1960. Pursuant to the Constitution in force, which was
adopted on 30 October 2016, Côte d’Ivoire is a democratic republic based on the separation and balance of the three
powers: executive, legislative and judicial.

Côte d’Ivoire has emerged from the political and military crisis that began in 2002 and culminated in the serious post-
election crisis that followed the announcement of the results of the second round of the presidential election on 28
November 2010. Following this post-election crisis which significantly affected the economy and social cohesion,
Alassane Ouattara was sworn in as President of the Republic in May 2011 and the normal course of the electoral cycle
allowed for legislative elections in December 2011 and regional and municipal elections in April 2013. On 25 October
2015, Alassane Ouattara was re-elected President of the Republic with 83.66% of the vote in the first round for another
five-year term. Following his election, Alassane Ouattara submitted a new draft constitution to a referendum, which was
adopted with 93.42% of the vote on 30 October 2016, marking the start of the Third Republic. Legislative elections were
then organized on 18 December 2016 with the aim of consolidating the country’s democratic institutions. A new
constitutional reform submitted by President Alassane Ouattara was adopted by the two chambers of the Parliament in a
joint session held on 17 March 2020, and the law amending the Constitution was enacted on 19 March 2020. On 31
October 2020, outgoing President Alassane Ouattara was re-elected President of the Republic with 94.27% of the votes
in the first round for another five-year term amid a disputed election process. Part of the political opposition, led by
Pascal Affi N'Guessan (FPI) and Henri Konan Bédié (PDCI), considered President Ouattara’s candidacy for a third term
as illegal and a violation of the Ivoirian Constitution and called for civil disobedience and boycott of the presidential
election of 31 October 2020. The electoral campaign and post-election period were marked by numerous protests and
instances of violence that have resulted in casualties, including 87 deaths and nearly 500 people injured and 225 arrested,
as well as significant property damage in several locations in the country. According to Government and other reports,
4,780 polling stations in opposition strongholds were ransacked on election day and election materials were burned by
supporters of the opposition to prevent the opening of polling stations. This resulted in only 17,601 polling stations being
open out of 22,381.

President Alassane Ouattara has put national reconciliation, security and pro-growth reform at the top of his agenda.
Political stability and the security situation have markedly improved, since May 2011. This is evidenced by the UNESCO
returning to Abidjan in September 2013, the AfDB completing the relocation of its headquarters to Abidjan in late 2014
from Tunis, Tunisia, after a 10-year absence, the International Cocoa Organization moving its headquarters to Abidjan
in April 2017 after 44 years in London, and the end of the ONUCI peacekeeping mission in June 2017. National
reconciliation and political dialogue, particularly through the CDVR and the Permanent Framework for Dialogue, have
made significant progress with the continued return of refugees and political exiles to the country. In March 2015, the
CDVR was replaced by the CONARIV. In April 2016, the CONARIV submitted its final report and the consolidated
single list of victims to President Ouattara. The end of the Commission’s work paved the way for financial compensation


                                                            33
of victims. The implementation of the Commission’s final report has been delegated to the Minister in charge of solidarity
and social cohesion. In August 2013 and November 2018, Côte d’Ivoire adopted laws on civil status, nationality and rural
property to clarify the conditions and procedures for the declaration of births and establishment of birth certificates, the
granting of Ivorian nationality and property rights with the aim of reducing sources of tension among population groups.

Economy

Côte d’Ivoire is the leading economy in the WAEMU in terms of GDP, according to the BCEAO, and according to the
WAEMU demographic statistics, the country with the largest population of the WAEMU, with an estimated population
of 25.8 million inhabitants in 2019 according to INS. Real GDP estimates published by the IMF (Regional Economic
Outlook: Sub-Saharan Africa, October 2020, (the “2020 IMF Outlook”)) positioned Côte d’Ivoire as the sixth most
dynamic economy of the Sub-Saharan Africa countries (after Rwanda, Ethiopia, Tanzania, Benin and Uganda) in 2019.

According to the IMF and the Government, Côte d’Ivoire was on a strong growth trend prior to the Covid-19 pandemic.
Real GDP growth averaged 7.1% over the 2016 –2018 period and high-frequency indicators have pointed to continued
robust growth of an estimated 6.2% in 2019, supported by dynamic manufacturing and services, and abundant harvests
while showcasing the resilience the country built in recent years (see IMF Country Report No. 20/132 of April 2020).
Before the Covid-19 pandemic, Côte d’Ivoire’s real GDP growth for 2020 was projected at 6.7% by the IMF (Regional
Economic Outlook: Sub-Saharan Africa, October 2019, (the “2019 IMF Outlook”)) and at 7.2% by the Government.
However, the Covid-19 pandemic and related containment measures implemented to fight the spread of the coronavirus
have adversely impacted the global economic outlook and growth momentum in Côte d’Ivoire. According to the 2020
IMF Outlook, real GDP growth in Côte d’Ivoire is, as a result of the Covid-19 pandemic, projected at only 1.8% for
2020. The IMF currently expects that the previous growth momentum will resume in Côte d’Ivoire in 2021, with real
GDP growth projected at 6.2% by the IMF (2020 IMF Outlook) and 6.5% by the Government. The 2020 IMF Outlook
also projects an annual real GDP growth of 6.5% for Côte d’Ivoire between 2022 and 2025. The results in recent years
have been promising, with an increase in public and private investment leading to an average annual rate of real GDP
growth of nearly 6.9% over the 2015-2019 period, renewed access to international financial markets, some improvements
in health and education indicators, and gains in terms of state legitimacy and governance. In 2017, Côte d’Ivoire was the
world’s leading producer and exporter of cocoa, accounting for more than one-third of the world’s cocoa production, and
the fourth cashew nut exporter in the world, according to the statistics of Côte d’Ivoire’s Ministry of Agriculture and the
FAO. In 2019, Côte d’Ivoire consolidated its position as leading producer and exporter of cocoa, and first cashew nut
producer in the world according to the statistics of Côte d’Ivoire’s Ministry of Agriculture.

In March 2012, the Government adopted the NDP for the 2012-2015 period. The implementation of this plan was a
success in many respects, as demonstrated by Côte d’Ivoire’s entry and stable position within the group of countries with
the highest growth rates in the world, with an average annual real GDP growth rate of 9.2% over the 2012-2015 period.

Following a thorough assessment of the 2012-2015 NDP’s implementation and results, a new NDP for the 2016-2020
period was adopted in December 2015, maintaining the objective of turning Côte d’Ivoire into an emerging economy by
the end of 2020 and reducing poverty by half. This plan aimed to establish industry as one of the major pillars of the
economy’s structural transformation and has been focused on the following strategies:

    •   strengthening the quality of the country’s institutions and proper governance;
    •   accelerating the development of human capital and social well-being;
    •   accelerating the structural transformation of the economy through industrialization;
    •   developing infrastructure that is equitably spread throughout the country while at the same time protecting the
        environment; and
    •   strengthening both regional integration and international cooperation.

The implementation of the 2016-2020 NDP was designed to achieve the following results:




                                                            34
    •   an average real GDP growth rate of 8.7% between 2016 and 2020. This performance was expected to be driven
        by the primary, secondary and tertiary sectors, which were expected to record respective average annual growth
        rates of approximately 5.8%, 11.5% and 9.2% during this period;
    •   a rise of the investment rate from 19.5% of GDP in 2015 to 24.5% in 2020. The private investment rate was
        expected to progress from 12.8% in 2015 to 15.2% by the end of 2020. This significant contribution expected
        from private investments reflects the Government’s reliance on the private sector as an important pillar of
        emerging economies;
    •   an inflation rate maintained under the convergence threshold of +3.0% for WAEMU countries;
    •   an increase of total revenues and donations from CFAF 3,916.8 billion in 2015 to CFAF 6,492.3 billion in 2020,
        representing an average growth rate of 10.6%. These resources will remain dominated by fiscal revenues, which
        are projected to rise from CFAF 2,954.9 billion in 2015 to CFAF 5,317.4 billion in 2020. Fiscal pressure should
        grow from 15.1% in 2015 to 16.9% in 2020; and
    •   an improvement of the budget deficit, as a percentage of GDP, from 2.8% of GDP in 2015 to 1.9% of GDP in
        2020.
By the end of the fourth year of implementation of the 2016-2020 NDP, Côte d’Ivoire had recorded overall satisfactory
macroeconomic performance, despite less favourable international conditions, low rainfall and a fall in international
cocoa prices, which mitigated initial forecasts to a certain extent. Economic growth remained strong and sustained at
7.2% in 2016, 7.4% in 2017, 6.9% in 2018 and an estimated 6.2% in 2019. Before the Covid-19 pandemic, Côte d’Ivoire’s
economic growth was projected at 7.2% in 2020 by the Government. However, as a result of the Covid-19 pandemic,
global economic growth is expected to contract. The 2020 IMF Outlook projects Côte d’Ivoire’s economic growth at
only 1.8% for 2020. In 2021, Côte d’Ivoire’s economic growth is projected at 6.2% by the IMF and at 6.5% by the
Government. In 2019, the growth rate is estimated to be driven mainly by the secondary sector (+11.5%) and the primary
sector (+5.3%). Côte d’Ivoire’s public finance management efforts have continued since 2017, despite domestic (social
movements) and external disruptions (drop in cocoa prices and rise in oil prices) that adversely affected the mobilization
of income and placed significant pressure on expenses. Despite these challenges, measures taken by the Government
limited the deficit in 2017 to 3.6% of GDP (compared to an initial forecast of 3.5%). In 2018 the deficit was 2.9% of
GDP, an improvement compared to 2017. In 2019, the deficit amounted to 2.3% of GDP, in line with the objectives of
the Government’s economic and financial programme established with the IMF. For 2020, in order to meet major
challenges and fund additional expenditures related to the Covid-19 pandemic, including the funding of the National
Health Response Plan (Plan National de Riposte Sanitaire) and the Economic, Social and Humanitarian Support Plan
(Plan de Soutien Economique, Social et Humanitaire), the Government and the IMF have agreed on a budget deficit of
5.9% of GDP. The budget deficit is expected at 4.6% of GDP for 2021; and is expected to converge towards the WAEMU
community convergence criteria of 3% of GDP in 2023. On 27 April 2020, the WAEMU Conference of Heads of States
and Governments declared a temporary suspension of the WAEMU growth and stability Pact, which sets six convergence
criteria, including the 3% of GDP fiscal deficit rule, to help member countries cope with the fallout of the Covid-19
pandemic. The Government continues to monitor and assess the impact of the Covid-19 pandemic on the economy.
Inflation remained stable at 0.7% in 2016, 0.4% in 2017, 0.6% in 2018, 0.8% in 2019 and 1.0% in 2020, well under the
WAEMU community threshold of 3.0%.

The 2021-2025 NDP currently under preparation will focus on supporting the Government’s medium-term development
strategy between 2021 and 2025. The implementation of the 2021-2025 NDP is expected to further consolidate the
Government’s achievements under the 2012-2015 NDP and the 2016-2020 NDP and foster inclusive and sustainable
economic growth with the overall objective of making Côte d’Ivoire an upper middle-income economy by the end of
2025. Like the prior NDPs, the 2021-2025 NDP will be structured around several major pillars, including (i) the
strengthening of productive transformation, development of industrial clusters and digitalization of the economy; (ii) the
development of human capital and improvement of productivity; (iii) the strengthening of financial inclusion, national
solidarity and social action; (iv) regional development through the creation of competitive economic zones and continued
development of infrastructure to support growth in compliance with social and environmental requirements and the
SDGs; and (v) the improvement of governance and further modernization of State institutions.



                                                            35
This steady creation of wealth has enabled the Government to increase spending in favour of the most disadvantaged
sections of the population, leading these pro-poor expenditures to more than double between 2012 and 2019, rising from
CFAF 1,080.3 billion to CFAF 2,550.58 billion. They were budgeted at CFAF 2,754.9 billion in 2020 in the initial
Finance Law for 2020. For 2021, the Government allocated CFAF 2,863.8 billion to pro-poor expenditure in its initial
2021 budget. Moreover, GDP per capita has been steadily increasing since 2012 to reach CFAF 1.261 million in 2018,
and is estimated at CFAF 1.309 million in 2019.

This performance has been largely supported by significant investments, both private and public, which have
continuously increased since 2011. Investments increased from CFAF 6,408 billion in 2015 to CFAF 7,157 billion in
2018. The investment rate increased from 23.7% of nominal GDP in 2015 (based upon the old GDP reference year 1996)
to 22.3% in 2018, is estimated at 22.9% in 2019 and projected at 23.4% in 2020.

In an effort to strengthen its economy’s resilience, Côte d’Ivoire has engaged in a series of further reforms to transform
agricultural products, improve the business climate, boost its competitiveness and strengthen governance. These far-
reaching structural measures have been designed with the help of its international partners, in particular the IMF and the
World Bank. Côte d’Ivoire has thus been ranked one of the best performing countries in Africa in the World Bank’s
“Doing Business” reports for the past few years. From 139th in 2018, the country’s ranking improved by 29 places and
reached the 110th place out of 190 in the “Doing Business 2020” report. Côte d’Ivoire is thus among the top reforming
countries in the world, including in the categories of collecting taxes and enforcing contracts. It intends to continue to
build on this progress with the aim of being ranked among the top 50 in the world. In the “Africa CEOs Survey: Scale
up the Momentum” report published by Deloitte Touche Tohmatsu Limited in 2019, Côte d'Ivoire was named by business
leaders in Africa as one of the most attractive investment destinations on the continent.

The country’s competitiveness has been strengthened by improved governance standards. The 2020 Mo Ibrahim Index
of African Governance Report, which is based on data collected in the decade through to the end of 2019, showed that
Côte d’Ivoire’s ranking improved from 46th in 2010 to 18th in 2019, being one of only eight countries to progress in each
of the four categories of the Index over the decade. Furthermore, Côte d’Ivoire was granted in February 2019 the African
Union Award for Fighting against Corruption.

In the last quarter of 2015, Moody’s and Fitch rating agencies raised Côte d’Ivoire’s rating from B1 to Ba3 (Moody’s)
with a stable outlook and from B to B+ (Fitch) with a stable outlook, due to the country’s enhanced stability after the
smooth presidential elections, sound management of public finances and improvements in institutional governance and
stability. Côte d’Ivoire’s rating were confirmed in 2016, 2017 and 2018 by Moody’s. Following Fitch’s ninth review in
November 2019, Côte d’Ivoire’s sovereign rating outlook improved from B+ with a stable outlook to B+ with a positive
outlook. On 3 June 2020 and 17 December 2020, despite the current Covid-19 pandemic, Fitch confirmed Côte d’Ivoire’s
B+ rating with a positive outlook. On 12 June 2020, following official announcement of Côte d’Ivoire’s participation in
the G20 and Paris Club DSSI on 10 June 2020, Moody’s placed Côte d'Ivoire’s Ba3 rating under review for downgrade,
noting that this decision reflects its assessment that the country’s participation in the DSSI raises the risk that private
sector creditors will incur losses. However, the Government expressly confirmed its commitment to comply with all of
its contractual obligations vis-a-vis private sector creditors and its intention not to extend the DSSI to such private sector
creditors. On 7 August 2020, Moody’s concluded its review and confirmed Côte d'Ivoire's Ba3 rating, with a stable
outlook. See “Unsustainable levels of indebtedness could have a material adverse effect on Côte d’Ivoire’s economy, its
sovereign credit ratings and its ability to service its debt, including the Notes” and “Public Debt - Reducing the Country’s
Credit Risk”.

As part of the 2016-2019 EFF-ECF Programme entered into with the IMF on 12 December 2016, Côte d’Ivoire
committed to implement additional reforms in all of the sectors of its economy, in order to promote productivity and
competitiveness. Following its sixth review of the EFF-ECF Programme from 17 September to 1 October 2019, the IMF
confirmed that Côte d’Ivoire’s performance was satisfactory in the first half of 2019. All performance criteria and all
indicative targets for end-June 2019 were met. All but one of the structural benchmarks on public finance management,
public enterprise monitoring, and tax policy and administration were also met. The seventh and eighth programme
reviews were combined and held remotely between 15 September and 4 October 2020. The seventh review of the
programme initially scheduled for March 2020 was delayed because of the outbreak of the Covid-19 pandemic and was


                                                             36
overtaken by discussions that led to emergency assistance being provided under the Fund’s Rapid Credit Facility (RCF)
and Rapid Financing Instrument (RFI) in April 2020.

Statistical Data

The following selected economic and financial information is qualified in its entirety by, and should be read in
conjunction with, the detailed information appearing elsewhere in this Prospectus.

                                                                     2015        2016          2017        2018         2019 (Est.)     2020 (For.)
  Domestic Economy
  Nominal GDP (CFAF billion) ..........................              27,086.2    28,423.9    29,955.0    32,222.3 (1)   34,298.9         35,124.6
  Real GDP (growth rate) (%) .............................                 -          7.2         7.4         6.9(1)         6.2              1.8
  Balance of Payments (CFAF billion)
  Exports of Goods (FOB) ..................................            6,938.0     6,449.3    6,899.7     6,619.6         7,399.2         7,871.9
  Imports of Goods (FOB) ..................................          (5,064.0)   (4,631.5)   (4,940.3)   (5,255.9)       (5,552.8)       (5,621.5)
  Overall Balance ................................................       248.5      (53.1)       (3.6)      284.6           477.7            95.4
  Public Finance (CFAF billion)
  Total Revenues and Grants ...............................           3,916.8     4,176.6     4,523.4     4,764.1         5,158.4(2)      5,089.6
  Total Expenditure .............................................     4,469.8     5,014.6     5,521.7     5,708.3         5,943.9(2)      7,174.1
  Global Balance. ................................................    (551.4)     (759.1)    (1,074.2)     (997.3)         (679.3)(2)    (2,109.5)
  Public Debt
  Domestic Public Debt (CFAF billion) .............                   3,425.7     4,049.1     4,275.1     3,994.4         4,432.7         5,099.8(2)(3)
  External Public Debt (CFAF billion) ...............                 4,489.1     4,974.2     5,770.0     7,613.4         8,867.5        10,065.6(2)(3)
  Gross Public Debt (% of GDP) ........................                  29.2        31.7        33.5        36.0            38.8            43.2(2)(3)
Source: MEF
(1) data from the provisional accounts awaiting final validation.
(2) real.
(3) as of 30 June 2020.




                                                                                        37
                                Overview of the Terms and Conditions of the Notes

The following is an overview of certain information contained elsewhere in this Prospectus. It does not purport to be
complete and is qualified in its entirety by the more detailed information appearing elsewhere in this Prospectus.
Prospective investors should also carefully consider the information set forth in “Risk Factors” below prior to making
an investment decision. Capitalized terms not otherwise defined in this overview have the same meaning as in the terms
and conditions (for the purposes of this section, the “Conditions”) of the Notes. See “Terms and Conditions of the Notes”
for a more detailed description of the Notes.

 Issuer                                          The Republic of Côte d’Ivoire.

 Notes Offered                                   €250,000,000 6.625% Amortizing Notes due 2048 (the “New Notes”).
                                                 From the Issue Date (as set out below), the New Notes will be
                                                 consolidated and form a single series with the Issuer’s €850,000,000
                                                 6.625% Amortizing Notes due 2048 (the “Original Notes” and
                                                 together with the New Notes, the “Notes”).

 Currency                                        Euro.

 Issue Date                                      15 February 2021.

 Maturity Date                                   22 March 2048.

 Interest                                        6.625% per annum.

                                                 See “Terms and Conditions of the Notes—5. Interest”

 Interest Payment Dates                          The Issuer will pay interest annually in arrear on 22 March of each
                                                 year. The first payment of interest in relation to the New Notes will be
                                                 made on 22 March 2021 for the period from and including 22 March
                                                 2020 to but excluding 22 March 2021.

                                                 See “Terms and Conditions of the Notes—5. Interest”

 Issue Price                                     111.660% of the principal amount of the New Notes plus an amount
                                                 corresponding to accrued interest from and including 22 March 2020
                                                 to but excluding 15 February 2021.

 Yield to Maturity                               Based on their issue price, the yield to maturity of the Notes is 5.750%.

 Redemption                                      The Issuer will redeem the Notes in three instalments on 22 March
                                                 2046, 22 March 2047 and 22 March 2048.

                                                 The Amortization Amounts (as defined therein) are set out in “Terms
                                                 and Conditions of the Notes—7. Redemption and Purchase”.

 Denominations                                   The New Notes will be offered and sold, and may only be transferred,
                                                 in minimum principal amounts of €100,000 and integral multiples of
                                                 €1,000 in excess thereof.

                                                 See “Terms and Conditions of the Notes—1.1 Form and
                                                 Denomination”.

 Status                                          The Notes constitute direct, unconditional and (subject to the
                                                 provisions of the negative pledge covenant described below)
                                                 unsecured obligations of the Issuer and (subject as provided above)


                                                           38
                                  rank and will rank pari passu, without any preference among
                                  themselves, and with all other unsecured and unsubordinated External
                                  Indebtedness of the Issuer outstanding from time to time, save only for
                                  such obligations as may be preferred by mandatory provisions of
                                  applicable law, provided, however, that the Issuer shall have no
                                  obligation to effect equal or rateable payment(s) at any time with
                                  respect to any other External Indebtedness and, in particular, shall have
                                  no obligation to pay other External Indebtedness at the same time or
                                  as a condition of paying sums due on the Notes and vice versa. The
                                  full faith and credit of the Issuer is pledged to the due and punctual
                                  payment of the Notes.

                                  See “Terms and Conditions of the Notes—3. Status”.

Negative Pledge                   So long as any Note remains outstanding the Issuer will not, save for
                                  the exceptions set forth herein, create, incur, assume or permit to
                                  subsist any Security upon the whole or any part of its present or future
                                  assets, undertakings or revenues to secure (i) any of its Public External
                                  Indebtedness; (ii) any Guarantees in respect of Public External
                                  Indebtedness; or (iii) the Public External Indebtedness of any other
                                  person; without at the same time or prior thereto securing the Notes
                                  equally and rateably therewith or providing such other arrangement
                                  (whether or not comprising Security) as shall be approved by an
                                  Extraordinary Resolution of Noteholders or by a Written Resolution
                                  (each as defined in the Conditions). For the avoidance of doubt, any
                                  such approval shall not constitute a Reserved Matter (for the purposes
                                  of and as defined in the Conditions).

                                  See “Terms and Conditions of the Notes—4. Negative Pledge”.

Events of Default                 The terms and conditions of the Notes will permit the Noteholders to
                                  declare the Notes immediately due and payable following the
                                  occurrence of certain events of default, as further described in “Terms
                                  and Conditions of the Notes—10. Events of Default”.

Form of Notes                     The Original Notes are issued and the New Notes will be issued in
                                  registered form only, without coupons.

                                  The New Notes sold in offshore transactions in reliance on Regulation
                                  S will be represented on issue by the Unrestricted Global Note
                                  Certificate and the New Notes sold to qualified institutional buyers in
                                  reliance on Rule 144A will be represented on issue by the Restricted
                                  Global Note Certificate. Each Global Note Certificate will be
                                  deposited with a common depositary for Euroclear and Clearstream
                                  and registered in the name of a nominee for such common depositary.

Taxation and Additional Amounts   All payments in respect of the Notes by or on behalf of the Issuer shall
                                  be made without withholding or deduction for, or on account of, any
                                  present or future taxes, duties, assessments or governmental charges
                                  of whatever nature imposed or levied by or on behalf of the Relevant
                                  Jurisdiction (as defined in the Conditions), unless the withholding or
                                  deduction is required by law. In that event, the Issuer will pay such
                                  additional amounts as may be necessary in order that the net amounts
                                  received by the Noteholders after the withholding or deduction shall


                                            39
                                     equal the respective amounts which would have been receivable in
                                     respect of the Notes in the absence of the withholding or deduction,
                                     subject to certain exceptions set forth under “Terms and Conditions of
                                     the Notes—8. Taxation”, and “Taxation”.

Meetings of Noteholders and          The terms and conditions of the Notes contain a “collective action”
Amendments                           clause, which permits defined majorities to bind all Noteholders of the
                                     Notes. The Notes would be capable of aggregation for voting purposes
                                     with any other debt securities issued by the Issuer that contain
                                     collective action clauses in substantially the same form as the
                                     collective action clause in the terms and conditions of the Notes,
                                     thereby allowing “cross-series” modifications to the terms and
                                     conditions of the Notes (even, in some circumstances, where majorities
                                     in respect of the Notes did not vote in favour of the modifications being
                                     voted on). A summary of the provisions for convening meetings of
                                     Noteholders and making amendments to the Notes is set forth under

                                     “Terms and Conditions of the Notes—13. Meetings of Noteholders,
                                     Modifications and Waivers”.

Concurrent new issue of securities   Concurrently with the offering of the New Notes, the Issuer is offering
                                     €600,000,000 4.875 per cent. Amortizing Notes due 2032 (the “New
                                     2032 Notes”) to be consolidated and form a single series with the
                                     €1,000,000,000 4.875 per cent. Amortizing Notes due 2032 issued on
                                     1 December 2020 (the “Original 2032 Notes”) (the “Concurrent
                                     Offer”). The Concurrent Offer is not being made pursuant to this
                                     Prospectus and is the subject of a separate prospectus which has been
                                     approved by the CBI as competent authority under the EU Prospectus
                                     Regulation as of the date of this Prospectus. The New 2032 Notes are
                                     expected to be issued on the Issue Date and will be admitted to trading
                                     on the official list of Euronext Dublin and to listing on the regulated
                                     market of Euronext Dublin. The Concurrent Offer of the Issuer
                                     involves the same Joint Lead Managers.

Use of Proceeds                      The net proceeds of the issue of the New Notes are expected to amount
                                     to approximately €293,890,000 after deduction of certain fees and
                                     expenses payable by the Issuer in connection with the offer and sale of
                                     the New Notes.

                                     The net proceeds of the issue of the New Notes will be used to finance
                                     investments under the State’s budget, including the NDP’s priority
                                     structural projects with respect to an increase in agricultural output,
                                     promotion of the manufacturing sector, and improvement in the
                                     standard of living, particularly through investments in the sectors of
                                     education, health, infrastructures, trade and culture.

Ratings                              The New Notes are expected to be rated B+ by Fitch and Ba3 by
                                     Moody’s. Credit ratings assigned to the Notes do not necessarily mean
                                     that they are a suitable investment. A rating is not a recommendation
                                     to buy, sell or hold securities and may be subject to revision,
                                     suspension or withdrawal at any time by the assigning rating
                                     organization.




                                               40
                                      None of Fitch or Moody’s is established in the European Union and
                                      has applied for registration under the CRA Regulation. The rating
                                      issued by Fitch has been endorsed by Fitch Ratings Ireland Limited
                                      and the rating issued by Moody’s has been endorsed by Moody's
                                      Deutschland GmbH in each case in accordance with the CRA
                                      Regulation. Each of Fitch Ratings Ireland Limited and Moody's
                                      Deutschland GmbH is established in the European Union and
                                      registered under the CRA Regulation. As such, each of Fitch Ratings
                                      Ireland Limited and Moody's Deutschland GmbH is included in the list
                                      of credit rating agencies published by the ESMA.

Listing and Admission to Trading      Application has been made to Euronext Dublin for the Notes to be
                                      admitted to Euronext Dublin’s Official List and trading on Euronext
                                      Dublin’s Regulated Market. Application has also been made to the
                                      Luxembourg Stock Exchange for the New Notes to be admitted to the
                                      Luxembourg Stock Exchange’s Official List and to trading on the
                                      Luxembourg Stock Exchange’s Regulated Market. The Original Notes
                                      are already admitted to the Luxembourg Stock Exchange’s Official
                                      List and to trading on the Luxembourg Stock Exchange’s Regulated
                                      Market.

Further Issues                        The Issuer may from time to time without the consent of the
                                      Noteholders issue additional Notes that will form a single series with
                                      the Notes subject to certain conditions set out under “Terms and
                                      Conditions of the Notes—15. Further Issues”.

Governing Law                         English law.

Transfer Restrictions                 The Notes will not be registered under the Securities Act or any US
                                      state securities law. Consequently, the Notes may not be offered or
                                      sold in the United States except pursuant to an exemption from or in a
                                      transaction not subject to the registration requirements of the Securities
                                      Act and applicable state securities laws.

                                      See “United States Transfer Restrictions”.

                                      Neither this Prospectus nor the Notes will be registered or cleared
                                      under the regulations of the WAEMU. Consequently, the Notes may
                                      not be offered or sold in the WAEMU, including in Côte d’Ivoire.

Fiscal Agent and Paying Agent         Deutsche Bank AG, London Branch

Registrar, Transfer Agent             Deutsche Bank Luxembourg S.A.

Notes sold pursuant to Regulation S   ISIN: XS1796266754

                                      Common Code: 179626675

                                      The New Notes have the same Common Code and ISIN as the Original
                                      Notes.




                                                41
Notes sold pursuant to Rule 144A   ISIN: XS1796266838

                                   Common Code: 179626683

                                   The New Notes have the same Common Code and ISIN as the Original
                                   Notes.




                                            42
                                      ENFORCEMENT OF CIVIL LIABILITIES

The Issuer is a sovereign state. Consequently, it may be difficult for investors to obtain or realize upon judgments of
courts in jurisdictions outside Côte d’Ivoire (including judgments predicated upon civil liability provisions of the
securities laws of the United States or any state or territory within the United States) against the Issuer without compliance
with the enforcement procedure for foreign judgments in Côte d’Ivoire. The Issuer has agreed that unless a Noteholder
elects by notice in writing to resolve a dispute in the courts of England any claims or disputes arising in respect of the
Notes shall be referred to and finally settled by arbitration in accordance with the rules of the International Chamber of
Commerce. Côte d’Ivoire is a party to the United Nations (New York) Convention on the Recognition and Enforcement
of Foreign Arbitral Awards (the “New York Convention”).

To the extent that the Issuer may in any jurisdiction, claim or acquire for itself or its assets immunity from suit, execution,
attachment (whether in aid of execution, before judgment or otherwise) or other legal process and to the extent that such
immunity (whether or not claimed) may be attributed in any such jurisdiction to the Issuer or its assets or revenues, the
Issuer irrevocably agrees for the benefit of the holders of Notes not to claim, and irrevocably waives, such immunity, to
the fullest extent permitted by the laws of such jurisdiction. The waiver of immunity will have the fullest scope permitted
under the State Immunity Act 1978 of the United Kingdom and is intended to be irrevocable for purposes of such acts,
but shall otherwise constitute a limited and specific waiver for the purpose of the Agency Agreement (as defined herein)
and the Notes. The Issuer does not hereby waive such immunity from execution or attachment in respect of (a) property,
including any bank account, used by a diplomatic or consular mission of the Issuer or its special missions or delegations
to international organizations, (b) property of a military character and under the control of a military authority or defence
agency of the Issuer, (c) property located in Côte d’Ivoire and dedicated to a public or governmental use by the Issuer (as
distinct from property which is for the time being in use or intended for use for commercial purposes within the meaning
of the State Immunity Act 1978). The Issuer reserves the right to plead sovereign immunity under the US Foreign
Sovereign Immunities Act of 1976 with respect to any actions brought against it in any court or in the United States of
America under any United States federal or state securities law.

Subject to international conventions, enforcement of foreign court judgments in Côte d’Ivoire is subject to the following
conditions:

•     the foreign courts rendering the relevant judgment must offer reciprocal treatment to judgments obtained in the
      courts of Côte d’Ivoire; if such reciprocal treatment is not offered by the foreign court where the judgment is
      obtained, Côte d’Ivoire’s courts will re-examine the merits of the case;

•     Côte d’Ivoire’s courts are not exclusively competent to hear the dispute, and the foreign courts are shown to have
      been competent to hear the dispute in accordance with their own respective laws;

•     the foreign procedures were fully respected and the parties to the dispute were duly notified and properly
      represented in the proceedings;

•     the dispute was properly resolved according to proper facts which were raised in the dispute;

•     the foreign judgment is final, non-appealable and conclusive in accordance with relevant law; and

•     the foreign judgment does not conflict with a prior Côte d’Ivoire judgment on the same subject matter and is not
      contrary to public order in and public law principles in Côte d’Ivoire.

There is no treaty between Côte d’Ivoire and the United Kingdom relating to the enforcement of foreign court judgments
that would satisfy the first criterion above. However, Côte d’Ivoire is a contracting State (since February 1991) to the
New York Convention, under which the Republic is bound to recognize arbitral awards as binding and enforce them in
accordance with the rules and procedures of the territory in which the award is relied upon, under the conditions set out
in the New York Convention.




                                                              43
                                                  USE OF PROCEEDS

The net proceeds of the issue of the New Notes are expected to amount to approximately €293,890,000, after deduction
of certain fees and expenses payable by the Issuer in connection with the offer and sale of the New Notes.

The net proceeds of the issue will be used to finance investments under the State’s budget, including the NDP’s priority
structural projects with respect to an increase in agricultural output, promotion of the manufacturing sector, and
improvement in the standard of living, particularly through investments in the sectors of education, health, infrastructures,
trade and culture.




                                                             44
                                         THE REPUBLIC OF CÔTE D’IVOIRE

Geography

Ivory Coast, or the Republic of Côte d’Ivoire, is located in the western part of Africa, in the intertropical zone between
the Tropic of Cancer and the Equator. It spans 322,462 km2 and has over 500 km of coastline. It borders the Gulf of
Guinea (Atlantic Ocean) in the south, Ghana in the east, Burkina Faso and Mali in the north, Guinea and Liberia in the
west. While Yamoussoukro was officially designated as the political and administrative capital of the country in 1983,
Abidjan has effectively remained the economic, political and administrative centre.

The country’s climate is generally warm and humid and the territory has three main climatic zones characterized by
rainfall volumes: the south (2 meters of rain per year), the west (1.5 meters of rain per year), and the north (1.2 meters of
rain per year). The country is irrigated in the north and south by four rivers, namely the Bandama, the Comoé, the
Sassandra and the Cavally.

The vegetation of the country is varied. The original landscape, consisting of dense forest, once occupied a third of the
territory to the south and west. Open forests and wooded savannah also covered the rest of the country’s territory from
the centre to the north, with the exception of several dense and dry forest zones. However, since the colonial period, the
areas of dense forest have been significantly diminished. According to the Government, the forest cover has decreased
from 12 million ha in 1960 to 3.4 million ha in 2016 (representing 10.6% of the national area in 2019), representing a
71.4% loss over the past 50 years. This plant cover shelters several animal species, including mammals, such as the
elephant, the most well-known animal, given that their tusks are at the origin of the country’s name. Once abundant in
the forest and savannah, elephants have been extensively hunted and poached and remain only in reserves and parks, as
well as certain forest areas.

The country’s topography consists mainly of coastal plains, bordered by lagoons which transition into plateaux and
mountain ranges in the north west of the country. The country’s highest summit, Mount Nimba, reaches 1,752 meters
and is located in the western part of the country close to the Guinea and Liberia borders.




                             Source: http://geography.about.com/




                                                                   45
Political History

Portuguese explorers were the first Europeans to reach the coast of the country in the 15th century. At the end of the 16th
century, the Portuguese were joined by the Dutch, followed by the French and the English in the 17th century. These
Europeans maintained commercial relations with the populations on the coast. The abundance of ivory gave this part of
the African territory its name, Côte d’Ivoire. Trade involved various tropical products, but was dominated by the slave
trade.

The abolition of slavery in 1815 at the Congress of Vienna, reaffirmed in 1885 at the Congress of Berlin, opened the door
to new commercial relations between the populations of Côte d’Ivoire and new European actors. Despite fierce
competition from the English and hostility from the local population, the French established several trading posts in the
country and founded the colony of Côte d’Ivoire in 1893. From 1904 to 1958, the colony was part of French West Africa
(Afrique Occidentale Française).

Independence and the “Economic Miracle”

In 1945, the population began to fight for political emancipation from French colonization, as was the case in many other
countries in Africa at the time. In December 1958, Côte d’Ivoire became an autonomous republic within the French
Community (Communauté française) instituted between France and its former colonies. Félix Houphouët-Boigny, who
was appointed Prime Minister in 1959, led Côte d’Ivoire to international sovereignty on 7 August 1960 and became the
first President of the Republic of Côte d’Ivoire. Côte d’Ivoire has, nevertheless, since remained closely tied to the French
currency due to its integration into the Franc Zone monetary system and the numerous French investments in the country.

Upon independence, the State’s institutions were defined by a Constitution, which organized the country as a republic
and stipulated the separation of executive, legislative and judicial powers. President Félix Houphouët-Boigny ruled the
country, backed by the Parti Démocratique de Côte d’Ivoire (“PDCI”) through a single-party system.

Between 1960 and 1980, the political stability of the country, built in large part upon the single-party regime, led to
strong economic growth. The country’s economic transformation was spectacular in all areas: agriculture, industry,
commerce and finance, to such a point that it became known as the “Ivorian economic miracle”. This was the result of
policies which favoured a strong role for the State, private investment and foreign capital. Côte d’Ivoire experienced
profound social changes during the first 20 years of its independence, which resulted in an increased standard of living
and improved sanitary, educational and social facilities. The population increased from 3.7 million in 1960 to 12.2 million
in 1988, representing an average annual growth rate of 3.8%, drawing both from the natural birth rate and immigration
from other francophone West African countries. The population now numbers approximately 25.8 million as of 2019
according to INS estimates. See “– Population, Education and Health – Population”. According to the 2018
World Population Data Sheet published by the Population Reference Bureau, the population of Côte d’Ivoire is projected
to grow to around 33.3 million by the mid-2030s and 51.4 million by the mid-2050s.

However, from the mid-1980s, the economy began to stagnate as a result of a sharp deterioration in the terms of trade,
high levels of sovereign debt and governance problems, including exorbitant expenses in relation to a series of large-
scale projects. This led to discontent among the population which contributed to the establishment of a multiparty system.
The first multiparty elections took place in 1990, with the main opposition party being Laurent Gbagbo’s Front Populaire
Ivoirien (“FPI”). In that year, President Houphouët-Boigny appointed Alassane Ouattara as Prime Minister with the
mission of coordinating the stabilization and economic recovery program of Côte d’Ivoire under the Structural
Adjustment Program implemented with the IMF.

When President Félix Houphouët-Boigny died on 7 December 1993, Henri Konan Bédié, then President of the National
Assembly, became President of the Republic. In October 1995, he won the presidential elections but these elections were
marked by a boycott on the part of most of the opposition (including the FPI). The new administration in power rapidly
obtained an improvement of economic perspectives, a decrease of inflation and undertook actions in order to obtain
external debt relief, in the context of the CFAF devaluation of 1994. See “Public Debt–Relationship with Creditors–
Multilateral Debt”.



                                                            46
Military and Political Crisis

The intensification of political and social tensions and the imprisonment of several opposition leaders led to a coup d’Etat
in December 1999 and President Henri Konan Bédié was overthrown by the armed forces. The army placed General
Robert Guéï at the head of the State in December 1999.

The military power invited political parties and civil society to draft a new constitution, which was adopted on 1 August
2000. Presidential elections took place in October 2000. General Robert Guéï claimed to be the winner of this election
but was met with street protests. The Supreme Court announced the results and declared Laurent Gbagbo the winner.
Laurent Gbagbo initiated a national reconciliation forum, and then appointed a government of national unity.

However, the debate on the question of nationality and citizenship, known as the crisis of ivoirité, and the crises it caused,
including a crisis over land ownership, led to an attempted coup on 19 September 2002. The attempted coup failed but
rebel forces called Forces Nouvelles emerged in the north of the country and occupied 60% of the territory.

The ECOWAS intervened to secure a cease-fire between the Government and the rebels in 2003, as did later, France,
through a military operation called “Opération Licorne,” to help stabilize the situation and allow a peace process. Several
peace agreements were signed to end the conflict between the Forces Nouvelles and the Government of President Laurent
Gbagbo, and resolutions were adopted by the United Nations Security Council, authorizing the deployment between the
belligerents of 10,000 peacekeepers of the United Nations Operation in Côte d'Ivoire (“UNOCI”), including 4,600 French
soldiers of the Force Licorne. However, these agreements and resolutions did not end the crisis and the presidential
elections were postponed several times.

Slow Exit from Crisis

The peace talks between the Government of President Laurent Gbagbo and the Forces Nouvelles led to the Ouagadougou
Political Agreement signed on 4 March 2007 and to a further postponement of the presidential elections to February
2008. This agreement was subsequently ratified by all of the political forces of Côte d’Ivoire, which represented a decisive
turn to the exit of the crisis. A government of national reconciliation was put in place in March 2007, with Guillaume
Soro, leader of the Forces Nouvelles, as Prime Minister. This Government began the reunification of the country and the
redeployment of the administration over the whole territory. With the support of UNOCI forces, the Government also
launched a disarmament, demobilization and reintegration program to unify the army, ensure security and enable the
political process to resume with a view to organizing free, democratic and transparent presidential and legislative
elections as soon as possible.

With the gradual return of confidence, Côte d’Ivoire’s relations with the development partners were restored, with the
signing of a Post-Conflict Assistance Project with the World Bank in July 2007 and an Emergency Post-Conflict
Assistance Program with the IMF in August 2007. In addition, Côte d’Ivoire signed with the AfDB a Post-Crisis
Multisector Institutional Support Project in February 2008 in addition to a Development Assistance Framework with the
United Nations in July 2008.

In parallel, the structural reforms undertaken by the authorities made Côte d’Ivoire eligible for the reinforced initiative
of the IMF and of the World Bank in favour of Heavily Indebted Poor Countries (“HIPC”). Côte d’Ivoire reached the
“decision point” of the HIPC program in March 2009 and obtained interim debt relief on the part of certain creditors such
as the Paris Club. The country entered into an additional reform program to reach the “completion point”, intended to
secure final debt relief and debt sustainability. This required the Government to establish a credible track record in the
implementation of key structural and social reforms, notably in the management of public funds, debt and governance.

2010 Presidential Election and the Post-Election Crisis

In the first round of the presidential election on 31 October 2010, President Laurent Gbagbo, the FPI candidate, obtained
38% of the votes, former Prime Minister Alassane Ouattara, the Rassemblement des Républicains (“RDR”) candidate,
obtained 31% of the votes and former President Henri Konan Bédié, the PDCI candidate, obtained 25% of the votes. In
the second round on 28 November 2010, Alassane Ouattara won the presidential election with 54% of the votes according
to the Independent Electoral Commission (“IEC”) and the United Nations observers. However, following accusations of


                                                             47
electoral fraud in the pro-Ouattara northern regions, and notwithstanding that international observers had indicated no
serious problem in the electoral process in this area, the Constitutional Court invalidated the results of the election in the
northern regions and awarded victory to President Laurent Gbagbo, leading to an open conflict between supporters of the
two sides. President Laurent Gbagbo clung to power until the pro-Ouattara military forces took control of the country
and defeated the pro-Gbagbo forces in Abidjan in early April 2011, with the support of United Nations forces and French
forces acting under resolution 1975 of the United Nations Security Council. Alassane Ouattara was then officially
accorded the presidency of Côte d’Ivoire in April 2011. He appointed a cabinet composed of 12 members with Guillaume
Soro, the former leader of the Forces Nouvelles, as Prime Minister and Minister of Defence.

Following his capture by the pro-Ouattara military forces in April 2011, the ICC formally issued an arrest warrant for
former President Laurent Gbagbo. Former President Laurent Gbagbo was charged with crimes against humanity and
incarcerated in The Hague in November 2011. On 12 June 2014, the ICC Pre-Trial Chamber I confirmed the charges
against him of crimes against humanity committed between December 2010 and April 2011.

On 22 March 2014, the Government transferred Charles Blé Goudé, former leader of the Young Patriots (Jeunes
Patriotes) and supporter of former President Laurent Gbagbo, to the ICC. Hearings for the confirmation of charges
against him were held between 29 September and 2 October 2014. Mr. Blé Goudé faced four counts of crimes against
humanity allegedly committed during the 2011 post-elections crisis. On November 2014, the ICC rejected a request from
his defence that victim testimonies be excluded from the case record, as well as a challenge to the admissibility of the
case.

The cases against Laurent Gbagbo and Charles Blé Goudé were joined on 11 March 2015. Their trial opened in January
2016. They both pleaded not guilty. The first stage of this proceeding was completed on 19 January 2018 with the last
witness for the prosecution. In January 2018, following a trial in abstentia, Laurent Gbagbo was sentenced to a 20-year
sentence by the criminal court of Abidjan for embezzlement. On 15 January 2019, the ICC pronounced the acquittal of
Laurent Gbagbo and Charles Blé Goudé. However, they remain on parole under the supervision of the ICC and are not
allowed to enter Côte d’Ivoire. On 16 September 2019, the prosecutor of the ICC filed an appeal against the acquittal of
Laurent Gbagbo and Charles Blé Goudé. On 6 February 2020, the appellate proceedings commenced in The Hague and
have been ongoing.

With respect to the former first lady, former President Laurent Gbagbo’s wife, Mrs. Simone Gbagbo, in 2012 the ICC
requested that she be transferred to The Hague to stand trial. On 11 December 2014, the ICC Pre-Trial Chamber I rejected
the Government’s challenge to the admissibility of the case and requested her immediate extradition to The Hague. On
17 December 2014, the Government submitted an appeal against the ICC decision and requested that its appeal have
suspensive effect. On 20 January 2015, the ICC rejected the Government’s request for suspensive effect. ICC proceedings
concerning the government’s appeal and the ICC’s extradition request are pending. Mrs. Simone Gbagbo’s trial in Côte
d’Ivoire was held before the criminal court in Abidjan on 26 December 2014, resulting in her sentencing in 2015 to 20
years imprisonment for undermining the State’s security. Following another trial before the criminal court of Abidjan
which started on May 2016, Simone Gbagbo was acquitted of the other charges of crime against humanity and war crimes
against her on 28 March 2017. Mrs. Simone Gbagbo was later pardoned by President Alassane Ouattara by Presidential
Order No. 2018-669 of 6 August 2018, which granted amnesty to 800 prisoners of the post-election crisis. The release of
Mrs. Simone Gbagbo has been effective since 8 August 2018 and was welcomed by all political stakeholders.

The economy of the country suffered severely from the post-election political and military conflict in the first half of
2011. The effects of the conflict were notably aggravated by the impact of the sanctions imposed by the European Union
against former President Laurent Gbagbo’s disputed post-election Government, the suspension of all activities in the
ports of the country starting in January 2011, the closing of the agencies of the BCEAO and the closing of the private
banking system in February 2011. Since April 2011, the Government formed by President Alassane Ouattara has achieved
significant and internationally recognized progress in reconstructing the country and in reviving economic activity.

The UNOCI’s mandate was formally completed on 30 June 2017 after 13 years, illustrating the progress made by Côte
d’Ivoire on the path of long-term peace, stability and economic prosperity. On 26 June 2017, the Special Representative
of the UN’s Secretary-General to Côte d’Ivoire, the Head of the UNOCI, Ms. Aïchatou Mindaoudou, congratulated the



                                                             48
Ivorian authorities and people on their unwavering commitment and determination, which helped to commence the
process of national reconciliation and social cohesion.

From the end of the post-electoral crisis to the 2015 elections

Since coming to power, President Alassane Ouattara and his Government have continued to take measures to defuse
political tensions, combat insecurity and accelerate economic recovery.

The year 2013 was marked by a constructive impetus in political dialogue, particularly in the context of the permanent
framework for dialogue. The political dialogue took place between the Government and the FPI and between the
opposition political parties. These efforts have focused on the implementation of new mechanisms to promote dialogue
and negotiations with the Government.

Following direct talks with the Government on 15 January 2014, the FPI was asked to encourage its partisans living in
exile to return to the country and to submit a list of its members still in prison or whose assets were frozen during the
post-electoral crisis. The Government had previously announced its intention to proceed with unfreezing bank accounts
of persons associated with the former regime who had been provisionally released and re-integrating them, where
relevant, into public service. Between 27 January and 7 February 2014, 124 partisans of former President Laurent
Gbagbo, who had been charged with undermining the State’s security, were released on bail. Between 22 May and 21
July 2014, 275 other individuals, who had been arrested in the context of the post-electoral crisis, were released on bail.
According to the 35th report on the UNOCI, at least 191 bank accounts belonging to such individuals have been unfrozen
since July 2014.

President Alassane Ouattara continues to invite Ivoirians living in exile to return to Côte d’Ivoire. In January 2014, the
former Managing Director of the Abidjan Port Authority returned to the country, as well as the former Minister of
Defence and the former Minister of Mining and Energy of the former Government under Laurent Gbagbo. In the same
month, the then Minister of Defence reintegrated 1,443 members of the former Ivorian defence and security forces, who
had fled the country during the post-election crisis.

In February 2014, President Alassane Ouattara renewed the mandate of the Dialogue, Truth, and Reconciliation
Commission (Commission Dialogue Vérité et Réconciliation (“CDVR”)), whose initial two-year term had expired in
September 2013, until September 2014. The CDVR’s mission was: (i) uncover the truth, (ii) hold public hearings for
victims, perpetrators and witnesses, and (iii) make recommendations to the Government concerning reparations and other
means of reconciliation. Between 27 February and 12 March 2014, the CDVR led a truth-seeking process in eight cities,
recording the testimony of 2,106 victims concerning massacres, kidnappings, disappearances, severe injuries, acts of
torture, rape, as well as looting and destruction of property. The CDVR then decided to extend this process to the entire
country. Between April and August 2014, more than 64,000 victims of the Ivorian crisis testified during victims’ hearings
before local commissions. In September 2014, 80 cases emblematic of the Ivorian crisis that occurred between 1990 and
2011 were heard during public hearings before the CDVR. The CDVR’s final report, including its recommendations for
reparations and other political, judicial and non-judicial measures, was submitted to the Government in December 2014.
In February 2015, approximately 3,000 individuals were granted a presidential pardon as a statement of the reconciliation
process. In March 2015, the CDVR was replaced by the National Commission for the Reconciliation and Indemnification
of Victims (Commission Nationale de Réconciliation et d’Indemnisation des Victimes - CONARIV). CONARIV was
responsible for preparing a consolidated single file of victims and proposing financial compensation for victims. In April
2016, the CONARIV submitted its final report and the consolidated single list of victims to President Ouattara. The end
of the Commission’s work paved the way for financial compensation of victims. The implementation of the
Commission’s final report was delegated to the Minister in charge of solidarity and social cohesion and is still being
implemented.

On 26 March 2014, 12 opposition parties including the FPI announced the creation of a new coalition, the Alliance des
Forces Démocratiques de Côte d’Ivoire. On 3 April 2014, the Alliance des Forces Démocratiques de Côte d’Ivoire
recommended establishing a new discussion framework with the Government, by proposing the nomination of a neutral
mediator, the establishment of a detailed timetable and the implementation of a monitoring mechanism. The FPI also



                                                            49
announced that talks would not resume until a mediator was named to ensure the monitoring of agreements concluded
by the two parties.

Nevertheless, progress was made with respect to reforms in view of the 2015 presidential elections. On 8 January 2014,
the President of the IEC announced that all political parties and other willing parties would be consulted on reforming
the IEC and revising the electoral list. On 18 June 2014, President Alassane Ouattara signed into law a bill on the
composition, organization and powers of the IEC. The governing body of the IEC is composed of 17 commissioners,
including one representing the President of the Republic, and four for each of the ruling party, the opposition, civil society
and the administration. The President of the IEC is elected from among the commissioners.

Political actors continued to prepare for the October 2015 presidential elections and several opposition leaders announced
their candidacy. On 17 September 2014, Henri Konan Bédié, the President of the PDCI, announced he would support
President Alassane Ouattara’s presidential candidacy under the Rassemblement des Houphouëtistes pour la Démocratie
et la Paix (“RHDP”), a coalition of five Ivorian political parties (RDR, PDCI, MFA, UPDCI and UPCI), primarily
representing right-wing Ivorian Houphouëtists, founded on 18 May 2005, which allowed Alassane Ouattara to win the
2010 presidential elections. The update of the electoral list, which was expected to take place over one month, began on
1 June 2015. The IEC extended the deadline to 15 July 2015 due to low levels of participation and to allow latecomers
to register. On 28 July 2015, the IEC delivered the Provisional Electoral List (Liste Electorale Provisoire (“LEP”)) to
political parties and groups. Each among them received a memory card from the President of the IEC that contained the
6,300,504 voters registered on the LEP. Out of 33 individuals who filed with the IEC for the presidential elections to be
held on 25 October 2015, 23 candidates were rejected on 9 September 2015 by the Constitutional Council for not
satisfying applicable requirements (e.g., the delivery of evidence of being up-to-date on their income tax payments).

Candidates whose applications were accepted included the outgoing President, Alassane Ouattara, leading the RHDP,
Pascal Affi N’Guessan, President and candidate of the FPI, and certain dissidents of the PDCI, namely Charles Konan
Banny and Amara Essy, which applied as independent candidates.

The Government granted CFAF 100 million to each candidate to cover electoral expenses. However, three candidates
(Amara Essy, Mamadou Koulibaly and Charles Konan Banny) withdrew their application due to an alleged lack of
transparency in the electoral process.

Recent Political Developments

The most recent presidential election took place on 31 October 2020. Part of the political opposition, led by Pascal Affi
N'Guessan (FPI) and Henri Konan Bédié (PDCI), considered President Ouattara’s candidacy for a third term as illegal
and a violation of the Ivoirian Constitution and called for civil disobedience and boycott of the presidential election. The
electoral campaign and post-election period were marked by several protests and instances of violence that have resulted
in casualties, including 87 deaths, nearly 500 people injured and 225 arrested, as well as significant property damage in
several localities of the country. According to Government and other reports, 4,780 polling stations in opposition
strongholds were ransacked on election day and election materials were burned by supporters of the opposition to prevent
the opening of polling stations. This resulted in only 17,601 polling stations being open out of 22,381. The results
announced by the IEC on 3 November 2020 and confirmed by the Constitutional Council on 9 November 2020 were that
outgoing President Alassane Ouattara won the first round with 94.27% of the votes, followed by the independent
candidate Mr. Konan Bertin Kouadio with 1.99%. While Pascal Affi N'Guessan and Henri Konan Bédié refused to
participate in the election, they did not withdraw their candidacies and received 0.99% and 1.66% of the votes
respectively. The participation rate stood at 53.90%, as compared to 55.86% for the 2015 presidential elections. President
Alassane Ouattara was thus re-elected for a third five-year term ending in 2025.

In order to strengthen the nation-building process and reinforce the social contract, President Ouattara had, prior to the
recent presidential elections, submitted a new draft constitution to a vote by referendum, which was adopted by a 93.42%
majority vote. The law instituting the constitution was promulgated on 8 November 2016, marking the Third Republic’s
entry into force. This new constitution included the creation of the office of Vice-President of the Republic, a second
chamber of the Parliament (the Senate) and the Court of Auditors. More recently, on 5 March 2020, President Ouattara
announced various additional amendments to the 2016 Constitution in order to reinforce the rule of law and bring the


                                                             50
institutions closer to the citizens. The reform is built around three main focuses in respect of the executive, the legislative
and the judiciary as follows:

    -    The executive branch and the status of the Vice-President of the Republic: in lieu of a presidential ticket, the
         reform allows for the Vice-President of the Republic to be appointed by the President of the Republic with the
         consent of the Parliament. As a result, the Vice-President of the Republic is no longer elected at the same time
         as the President. This aims at perpetuating the current successful experience of harmonious collaboration within
         the executive branch.

    -    The legislative branch and parliamentary continuity: in the event of impossibility of organising parliamentary
         elections within the timeframe provided for in the Constitution, the reform allows for the Parliament to remain
         in office until the next elections are held. The reform provides for the continuity of Parliament that transcends
         the end of the term of office of members of Parliament and the organization of elections concerning them. It
         amends article the 2016 Constitution on the expiry of the powers of the two chambers of Parliament and the
         election of the members of Parliament.

    -    The organization of the judiciary: the reform established the Court of Cassation (Cour de Cassation) and the
         Council of State (Conseil d’Etat) as the highest jurisdictional institutions alongside the Court of Auditors (Cour
         des Comptes). The effective implementation of this reform, which resulted in the disappearance of the Supreme
         Court, intends to respond to the need for institutional rationalization with a view to improving the operation of
         judicial institutions.

In addition to these major institutional reforms, other amendments relate to the adjustment, rectification of omissions and
clarification or redrafting of certain provisions.

The draft constitutional reform was adopted by the two chambers of Parliament meeting in joint session on 17 March
2020. On 19 March 2020, President Alassane Ouattara promulgated the law amending the Constitution and the
amendments became effective on the same day. On 24 June 2020, the Council of Ministers adopted a draft law on the
powers, composition, organisation and functioning of the Court of Cassation and a draft law on the powers, composition,
organisation and functioning of the Council of State. As of the date of this Prospectus, both the Court of Cassation and
the Council of State are fully operational.

From 10 January 2017 to 13 July 2020, the Vice-President was Daniel Kablan Duncan, a member of the PDCI which
forms a coalition with the RDR, the party of President Ouattara. A new Vice-President is still to be appointed by President
Ouattara.

The Senate has been fully operational since 5 April 2018 with 99 members. Two-thirds of senators (66 senators) were
elected by indirect universal suffrage during senatorial elections held on 24 March 2018 and one-third (33 senators) were
appointed by the President of the Republic on 3 April 2019. The Senate sits in Yamoussoukro, the country’s political and
administrative capital. The president of the Senate is Jeannot Ahoussou-Kouadio, a member of the RHDP.

The last legislative elections took place in December 2016. They saw the victory of the alliance between the RDR and
the PDCI. On the opposition side, the FPI, led by Pascal Affi N'Guessan, won three seats in the National Assembly. Mr.
Amadou Soumahoro was elected as the new president of the National Assembly on 7 March 2019, following the
resignation of Mr. Guillaume Soro. In addition, the National Assembly has seen the birth of two new parliamentary
groups: the RHDP and Rassemblement. The RHDP parliamentary group is the result of the merger between various
political groups, namely RDR, part of the PDCI-RDA and of the UDPCI, and other independent members of parliament.
The Rassemblement parliamentary group is formed by officials close to the former president of the National Assembly,
Mr. Guillaume Soro.

The next legislative elections are scheduled for 6 March 2021.

The Ivoirian political landscape is going through a reorganisation phase which has been induced by the presidential
elections of 31 October 2020. However, the RHDP, in coalition with the PDCI, the FPI and (until 3 July 2020) the
UDCPI, ultimately remain the dominant players of the political arena and are still structured around their historical


                                                              51
leaders. The RHDP coalition whose hegemonic position allowed the re-election of President Alassane Ouattara in 2015
has faced internal challenges in 2018 due to disagreements upon the interpretation of the mode of alternation between
the PDCI and the RDR on the one hand, and upon the creation of a unified RHDP party on the other hand. Thus, after
notifying its withdrawal from the unified party, the PDCI officially announced its withdrawal from the RHDP coalition.
This situation has created a split within the PDCI between proponents of a break from the RHDP and other members who
support the alliance. The RHDP coalition was further affected by the withdrawal of the UDCPI on 3 July 2020.

On 30 July 2019, the National Assembly adopted a reform of the IEC, reducing the number of commissioners to 15
(instead of 17), and changing the composition, including three representatives for each of the Presidential party and of
the opposition, six for the civil society, and one for each of the Superior Council of Magistracy, the President of the
Republic and the Ministry of Interior. The list of new members of the IEC was announced on 25 September 2019, and
the new members were sworn in before the President of the Supreme Court on 27 September 2019.

The acquittal of former President Laurent Gbagbo and Mr. Charles Blé Goudé by the ICC on 15 January 2019, less than
two years before the presidential elections which were held on 31 October 2020, has accelerated the reorganisation of the
Ivoirian political landscape. Former President Bédié called for the establishment of a new political coalition with former
President Laurent Gbagbo and their parties were reported to be working towards this objective. On 28 November 2019,
at the headquarters of the PDCI in Abidjan, a manifesto of the Ivorian political opposition, entitled Dix-sept partis
politiques membres de la Coalition pour la démocratie, la réconciliation et la paix (CDRP), was signed by seventeen
parties, among which the PDCI and the Young Patriots (Jeunes Patriotes). The GPS and the FPI have not signed the
CDRP.

In October 2019, Guillaume Soro, former prime minister and former president of the National Assembly, officially parted
with the RHDP and announced his candidacy for the October 2020 presidential election with the support of his new
political movement, Générations et Peuples solidaires (“GPS”). In December 2019, Guillaume Soro was accused of,
amongst others, attempting to undermine the authority of the State, embezzlement of public funds and money laundering
and an international arrest warrant was issued against him by the Ivorian authorities. While Mr. Soro was (and still is)
residing in France and having cancelled a previously planned return to Côte d'Ivoire in December 2019, several members
of the GPS movement were arrested in Côte d'Ivoire, including five MPs and close allies. These people were charged
with undermining the authority of the State, disturbing public order and spreading false rumours to discredit the proper
functioning of the public institutions. The office of the National Assembly, the only body with the authority to waive the
immunity of MPs, was notified of the case. On 23 September 2020, after spending several months in prison, 15 members
of the GPS movement (including three of the five MPs) were released on parole. On 28 April 2020, Guillaume Soro was
found guilty of embezzlement of public funds and money laundering, following a trial in abstentia. He was sentenced to
20 years’ imprisonment, ordered to pay a CFAF 4.5 billion fine and disqualified from standing for election or holding
public office for five years. On 7 May 2020, in a complaint filed with the French courts in Paris by a group of unidentified
plaintiffs, Guillaume Soro was accused of torture, murder and war crimes dating back to the years 2004 and 2011. Judicial
proceedings are currently underway. On 18 November 2020, the Ivoirian Government issued, and transmitted to the
French authorities, international arrest warrants for Mr Soro and three of his close aides, who are believed to be residing
in France, including his director of communication and his aide-de-camp.

On 5 March 2020, President Alassane Ouattara officially announced that he would not run for the October 2020
presidential election. On 12 March 2020, Mr. Amadou Gon Coulibaly, then Prime Minister of Côte d'Ivoire, was
nominated as the RHDP candidate for the October 2020 presidential election. Following the death, on 8 July 2020, of
Mr. Amadou Gon Coulibaly, President Alassane Ouattara decided to enter the presidential race as the RHDP candidate
for a third term. This decision attracted strong protests from the political opposition, which considered that President
Ouattara’s candidacy for a third term violated the two-term limit set out in the Constitution. In addition to President
Alassane Ouattara, 43 leaders of various political parties and affiliations announced their decision to run for the October
2020 presidential election, including Mr. Henri Konan Bédié, Mr. Pascal Affi N'guessan, Mr. Konan Bertin Kouadio,
Mr. Laurent Gbagbo and Mr. Guillaume Soro.

On 14 September 2020, the Constitutional Council confirmed four candidates out of the 44 registered: President Alassane
Ouattara, Mr. Henri Konan Bédié, Mr. Pascal Affi N'guessan and Mr. Konan Bertin Kouadio. Among the 40 candidacies


                                                            52
rejected were those of Mr. Laurent Gbagbo, Mr. Mamadou Koulibaly and Mr. Guillaume Soro. Following the publication
of the list of officially confirmed candidates, the political opposition, while contesting and denouncing the candidacy of
President Alassane Ouattara as illegal and in violation of the Ivoirian Constitution, withdrew from the electoral process
and called for a boycott of the presidential election and civil disobedience. The political opposition also suspended its
participation in the proceedings of the IEC, which had been reformed following the recommendations of the African
Court of Human and Peoples' Rights, as well as in the local electoral commissions. The electoral campaign for the October
presidential election opened on 15 October 2020 for a period of 15 days. During the campaign, and on and after election
day, a number of instances of violence were reported in certain localities, including Bonoua, Elibou, Bongouanou,
Daoukro, Sikensi and Dabou, resulting in, according to Government estimates, 87 deaths and nearly 500 injured and 225
arrested as of the date of this Prospectus according to the Government, and significant property damage (including
destruction of public transportation vehicles and other public property) estimated by the Ministry of Transport at more
than CFAF 2 billion.

The presidential election took place on 31 October 2020. The Government deployed 35,000 security forces throughout
the country to ensure peaceful voting. Several incidents and difficulties were reported in several regions as a result of the
opposition's boycott and civil disobedience calls. Some of the independent observer missions expressed reservations in
their assessment of the election. The Electoral Institute for Sustainable Democracy in Africa (EISA) and the Carter
Foundation noted that “the political and security context did not allow for a competitive and credible election” and
considered that the election left “a fractured country”. An Ivorian non-governmental organisation, Indigo, which had
deployed nearly 1,000 observers in 750 polling stations throughout the country, added that “the election was marred by
violence and did not favor the massive and serene expression of the population”. However, the IEC concluded that the
vote was conducted in a generally satisfactory manner. In regions other than those strongly affected by the boycott
(mainly in the opposition’s strongholds), the vote was held in relatively peaceful and satisfactory conditions. The National
Council for Human Rights (Conseil national des droits de l’homme – CNDH) of Côte d’Ivoire noted that, “except for a
few incidents reported in certain localities, the voting took place in an honest manner under acceptable conditions and in
serenity thanks to the involvement of the security forces deployed for the security of the elections”.

On 2 November 2020, before the announcement of the results of the election by the IEC, the political opposition led by
Mr. Henri Konan Bédié and Mr. Pascal Affi N'guessan announced that they did not recognize the election and would not
recognize the results. They also claimed that there is an executive power vacuum as the second term of President Ouattara
officially ended on 31 October 2020 and announced the creation of a so-called national transition council (Conseil
national de transition), chaired by Mr. Henri Konan Bédié, responsible for forming a transitional government. As a result,
on 3 November 2020, the Minister of Justice announced that the opposition's statement might constitute an act of sedition
and referred the matter to the public prosecutor for the Abidjan tribunal of first instance (tribunal de première instance
d'Abidjan) and that the perpetrators the acts of violence committed during the presidential election and their accomplices
were liable to be brought to justice. Also on 3 November, 2020, in a joint statement, ECOWAS, the African Union and
the United Nations called upon the Ivorian opposition and all political stakeholders to respect the constitutional order of
the country and to favour dialogue for a peaceful resolution of their disputes, and urged all parties to refrain from actions
and declarations that could cause violence and unrest, while reaffirming their readiness to support Côte d'Ivoire in the
peaceful resolution of the current post-election crisis.

On 6 November 2020, the public prosecutor of Abidjan referred the matter to the senior investigating judge (juge
d’instruction) who opened a criminal investigation against the leaders of the opposition, including Pascal Affi N'Guessan
and Henri Konan Bédié, for alleged acts of terrorism, attacks and conspiracies against the authority of the State, murder,
wilful destruction of property, organization and participation in an insurrectional movement and other similar allegations.
Henri Konan Bédié was put in house arrest on 6 November 2020 due to his age and physical condition. He was released
on 11 November 2020. On 7 November 2020, Pascal Affi N'Guessan was arrested near the border between Côte d’Ivoire
and Ghana. However, on 9 November 2020, following confirmation of the results of the elections by the Constitutional
Court, President Ouattara called for a political dialogue with the leaders of the opposition.

On 11 November 2020, President Alassane Ouattara and Mr. Henri Konan Bédié met in Abidjan for the first time since
the presidential election. The purpose of the meeting was to calm post-election tensions, put an end to the violence in the
country and find a peaceful solution to the crisis. At the end of the meeting President Ouattara declared that the meeting


                                                             53
was a first step in order “to restore confidence” between the parties. Mr. Bédié added that the meeting with President
Ouattara helped “break the wall of silence” between the Government and the political opposition. During the brief joint
press briefing after the meeting, President Ouattara and Mr. Bédié promised to hold more meetings and reaffirmed their
commitment to find a peaceful solution to the crisis. On 16 November 2020, Mr Bédié, speaking on behalf of the
opposition, demanded, as condition to a continued dialogue with the Government, the presence of a facilitator in any
future meetings between the opposition and President Ouattara, the lifting of blockades around the residences of
opposition leaders, and the unconditional release and cessation of all legal proceedings against all opposition leaders,
including Mr Pascal Affi N’Guessan. Several opposition leaders who had been arrested and detained were released,
including Pascal Affi N'Guessan on 30 December 2020, and Maurice Kakou Guikahue on 19 January 2021.

The various initiatives taken by the Government have helped ease political tensions and improve dialogue with the leaders
of the opposition. The opposition has thus decided to participate in the legislative elections scheduled for 6 March 2021.
The preparation of these elections is underway and the Government expects the vote to take place peacefully. Out of a
total of 255 MP seats to be filled, the IEC has certified the lists of candidates submitted by the main political parties,
including the RHDP (255 candidates), the PDCI (136 candidates), the EDS (Ensemble pour la souveraineté et la
démocratie) (103 candidates), the FPI (66 candidates), and the Lider (8 candidates). The candidates and political parties
represented suggest active participation of all major stakeholders of the Ivorian political landscape in the legislative
elections. Moreover, representatives of the opposition have decided to participate in the proceedings of the IEC, which
had been reformed following the recommendations of the African Court of Human and Peoples' Rights, as well as in the
local electoral commissions. This will further ensure pluralism and allow for more inclusive legislative elections.

Governance

The Ibrahim Index of African Governance (“IIAG”) examines the governance status in each of the 54 African countries.
According to the 2020 IIAG published on 16 November 2020, which is based on data collected during the decade through
to the end of 2019, Côte d’Ivoire is among the five most improved countries between 2010 and 2019 in terms of Overall
Governance, climbing from the 46th (2011 IIAG) to 18th spot, an overall improvement of +9.0 points. The 2020 IIAG
report ranks Côte d’Ivoire 18th out of 54 with a score of 53.9 out of 100. The African average is 48.8. Côte d’Ivoire is
one of only eight countries to have increased their score in all four categories of the IIAG over the decade. It also features
among the five most improved countries over the 2010-2019 period.

Côte d’Ivoire registered notable progress between 2010 and 2019 in category Security & Rule of Law (+8.8) (its highest
score at 58.2 out of 100) and in sub-category Transparency & Accountability (+14.2), Anti-corruption (+9.2) and Rule
of Law & Justice (+7.0) to become the one of the most improved countries on the continent in these measures over the
last decade. In this same period, it has improved across various categories, registering gains in category Participation &
Human Rights (+3.6) (its second highest score at 54.2 out of 100) with positive progress in sub-categories Participation
(+8.5) and Rights (+6.1), and in category Human Development (+12.1) (with a score of 52.4 out of 100) with significant
progress in sub-categories Health (+13.4), Education (+9.6), Social Protection (+13.2) and Sustainable Environment
(+12.3), and in category Foundations for Economic Opportunity (+11.6), Côte d’Ivoire shows positive trends registering
strong progress in sub-categories Public Administration (+16.1), Infrastructure (+18.2), and in Business Environment
(+11.7).

In February 2019, in recognition of the Government’s fight against corruption, Côte d'Ivoire was the recipient of the
African Union Anti-Corruption Award at the 32nd Ordinary Session of the Assembly of Heads of State and Government.

In addition, in 2019 the Government initiated the development of a National Governance Plan (NGP) through a
participatory process involving civil society and coordinated by the main structures in charge of promoting governance
(HABG (Haute Autorité pour la Bonne Gouvernance), IGE (Inspection Générale d’Etat), National Commission of the
African Peer Review Mechanism). The NGP, which is expected to be adopted in 2021, will constitute the single reference
framework for the improvement of governance. The NGP is intended to ensure synergy between the actions of the various
stakeholders and will enable the production of an annual global report on the improvement of governance in accordance
with international standards.




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National and International Justice

The efforts to bring to justice the alleged perpetrators of the crimes committed during the post-election crisis are ongoing.
The mandate of the special investigative unit created in 2011 to investigate crimes perpetrated during that period was
extended by Presidential decree on 30 December 2013, and this unit has been restructured to become a permanent Special
Investigative and Analytical Unit (Cellule Spéciale d’Enquête et d’Investigation) with enhanced resources and means.

The proceedings against former President Laurent Gbagbo, Mr. Charles Blé Goudé and former president Laurent
Gbagbo’s wife, Simone Gbagbo, are described above in “2010 Presidential Election and the Post-Election Crisis”.

On 3 February 2014, the military prosecutor exonerated 10 high-ranking police officers who had been accused of
insubordination during the post-election crisis. On 12 February 2014, the military tribunal declared that the former head
of the National Police School (Ecole Nationale de Police) was guilty of misappropriating funds and sentenced her, as
well as four of the six other police officers charged with the same offence, to two years’ imprisonment.

A trial, known as the “Novotel captives” was held before the Ivorian Courts between February 2017 and April 2017. The
accused, including General Dogbo Blé, former commander of the Republican Guard, were under prosecution before the
Criminal Court for allegations of kidnapping, confining, torturing and murdering four individuals, including one manager
and three guests staying at the Novotel hotel on 4 April 2011. At the end of the proceedings, the jury sentenced General
Dogbo Blé to a prison sentence of 18 years and the others accused to varying prison sentences ranging from 10 to 20
years.

Disarmament, Demobilization and Reintegration of Ex-Combatants

The Disarmament, Demobilization and Reintegration of ex-combatants (“DDR”) was the process by which ex-
combatants were required to lay down their arms and return to civilian life or rejoin the country's restructured armed
forces.

With the UNOCI’s support, the implementation of the DDR process in Côte d’Ivoire was the responsibility of the
Government through the National Authority for Disarmament, Demobilization and Reintegration (Autorité Nationale
pour le Désarmement, la Démobilisation et la Réintégration (“ADDR”)), an institution created by Decree No. 2012-787
of 8 August 2012 under the auspices of the National Security Council (“NSC”). The ADDR established a program
framework which was presented to international partners in February 2014. It also established partnerships with national
institutions within the fields of finance, training and employment as well as with international donors. The European
Union and the AfDB provided €14 million and US$30 million, respectively, to finance the ADDR’s activities.

According to the UNOCI, the DDR process was divided into three phases: (i) disarmament, (ii) demobilization and (iii)
reintegration. Disarmament consisted of the collection of weapons, ammunition and other military equipment in the
possession of ex-combatants. During this operation, the ex-combatants handed in their weapons to the ADDR in presence
of the UNOCI experts. These were then sorted, stored and secured with the help of the United Nations. Malfunctioning
weapons were destroyed by the United Nations, the others marked using the ECOWAS Convention on Small Arms and
Small Caliber Ammunition, were aimed at ensuring proper registration and identification.

Demobilization represented the passage of the ex-combatant into civilian life. It consisted in profiling the ex-combatants,
conducting a medical examination and providing a civilian package such as clothes and shoes. The ex-combatants then
attended sessions on reintegration opportunities. At the end of the demobilization process, a demobilization card was
given to the ex-combatant to allow him to start his rehabilitation. In Côte d'Ivoire, the ADDR introduced an innovative
“resocialization” approach to facilitate the social reintegration of the ex-combatants, reconciliation and social cohesion.

“Reinsertion” was a transitional phase between the demobilization of ex-combatants and their final reintegration into
social and economic life. The ex-combatant began his rehabilitation by receiving financial assistance upon presentation
of his demobilization card. It also involved facilitating the reintegration of ex-combatants through economic opportunities
offered as a social safety net. Reintegration opportunities for ex-combatants included income-generating activities, micro-
projects, professional training and scholarships.



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On 4-6 November 2014, the ADDR held an international knowledge-sharing workshop to discuss the achievements and
challenges in the national program. Experts from several partner countries were impressed with achievements of the DDR
process in Côte d’Ivoire, and commended Côte d’Ivoire’s initiatives for the implementation of the re-socialization
program, a unique tool to ensure adequate socio-economic reintegration of the ex-combatants.

On 31 December 2014, the ADDR announced that some 46,000 ex-combatants, including 3,538 women, had been
disarmed and reintegrated representing 62% of the 74,000 ex-combatants registered in the database. Around 25,000
weapons were collected over the same period. The number of ex-combatants affiliated with the former regime and
entering the DDR process increased over time to reach 25%, reflecting the improvement in the socio-political
environment, social cohesion and reconciliation in the country. A thorough review of the database suggested that more
than 10,000 ex-combatants were either dead, no longer interested in participating in the process or had permanently
relocated abroad. The UNOCI assisted the Government with its reinsertion efforts through the implementation of 79
community-based, countrywide reinsertion projects aimed at the enhancement of community safety and social cohesion,
the reinforcement of the weapons collection program and the payment of transitional safety allowances to approximately
24,000 former combatants.

With regard to civilian disarmament, the National Commission on Small Arms and Light Weapons (the “NCSALW”),
with the support of the United Nations Mine Action Service (the “UNMAS”), conducted 27 weapons collection
operations, collecting 376 weapons, 149 ammunition and 5,918 small arms ammunition. On 10 October 2014, the
UNOCI, the ADDR and the NCSALW launched a tripartite community disarmament plan. The UNMAS supported nine
operations in Bloléquin, Dieuzon, Duékoué, Guiglo, Toulepleu and Zagné. A total of 176 weapons, 851 small arms
ammunition and 66 items of explosive devices were collected.

According to the UNOCI’s final report of 30 January 2017, a total of 43,510 armaments, including 14,121 weapons, were
collected throughout the disarmament, demobilization and reintegration period from 2012 to 2015. The low number of
weapons and explosive ordnance that was collected was due to the significant number of weapons still hidden within
local communities. The national commission for the fight against the proliferation and illegal distribution of light
weapons and small arms continued community weapons collections, offering benefits to civilians in exchange for
weapons and ammunition, and involving local and traditional authorities in raising the awareness of target groups.

On 24 June 2015, the Council of Ministers adopted two decrees: (i) a decree ending the activities of the ADDR and (ii)
a decree creating the Coordination, Monitoring and Reintegration Cell (Cellule de Coordination, de Suivi et de
Réinsertion (“CCSR”)). These decrees aim to consolidate the ADDR’s success and, as a transitional measure, transfer
the activities of reinserting ex-combatants demobilized by the ADDR to the CCSR, created specifically for this purpose
and placed under the authority of the NSC. The CCSR is responsible for organizing and coordinating the resocialization
activities carried out by the Ministry of Solidarity, Family, Women and Children, the Gendarmerie Nationale, the
National Institute of Public Health, the Blue Cross or any other national or international organization. It also manages
the database and referencing of specialized structures for the implementation of activities to reinsert ex-combatants, as
well as the implementation of agreements concluded by the ADDR.

The ADDR’s reinsertion and reintegration records as of 1 September 2015 show that out of the 69,506 ex-combatants
that were identified, 63,639 cases have been treated, a success rate of 92%. This high achievement rate enabled the
Government to terminate the ADDR’s operations without creating undue high security risk.

The table below shows the record of the ADDR’s activities as of 1 September 2015:
 Category                                                                                                    Number
 Individuals being resocialized .............................................................                          1,974
 Individuals undergoing professional training ......................................                                   2,723
 Individuals in training .........................................................................                     1,448
 Individuals reintegrated .......................................................................                     57,514
 Total ...................................................................................................            63,639
 Success rate, out of 69,506 ex-combatants ......................................                                      92%
 Total weapons collected ....................................................................                         39,279
 Source: CCSR




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Defence and Security

Since the end of the 2011 post-election crisis, the Government has made peace and security key priorities and, to this
effect, has endeavoured to eliminate the roots of violence in Ivorian society by promoting national reconciliation,
combating poverty among the population and putting inclusive economic growth at the top of its agenda. Political stability
and security have thus markedly improved. The safety index (a measure tracked by the Interior and Security Ministry)
improved continuously, decreasing from 3.2 in 2011 to 1.1 in September 2017. The Government considers that the State’s
authority is effective throughout the national territory and the security forces carry out their task of protecting people,
property and the territory effectively. The UNOCI mission ended on 30 June 2017. This mission had been authorized by
the UN’s Security Council in February 2004 and had succeeded the ECOWAS force.

This has led several international organizations to move their headquarters to Abidjan. For example, the UNESCO
returned to Abidjan in September 2013, the AfDB completed the relocation of its headquarters to Abidjan in late 2014
after a 10-year absence and the International Cocoa Organization moved its headquarters to Abidjan in April 2017 after
44 years in London. In addition, several elections were organized in the country in 2015 and 2016 without giving rise to
any major political incident.

Some occasional instances of violence in the country have recently highlighted the necessity for the Government to
continue its efforts of consolidating a climate of peace and social cohesion. On 6 January 2017, armed soldiers started a
protest in Bouaké, the second city in the country, which spread to several big cities in the country the next day. The
soldiers involved in these armed protests were the so-called “8,400”, former members of the Forces Nouvelles, who were
integrated into the regular Ivorian army after the 2007 Ouagadougou agreements. According to the Government, the army
mutineers were demanding the payment of a bonus, salary increases and faster promotion.

Following negotiations between the Government and the leaders of the mutinous soldiers, President Ouattara announced
an agreement on the settlement of their demands. This agreement, which was signed in Bouaké on 13 January 2017,
provided for the payment of CFAF 12 million to each of the mutinous soldiers, of which CFAF 5 million was paid in
January 2017, with the balance to be paid through monthly payments of CFAF 1 million as from and including May
2017. Thus, the total amount of CFAF 100.8 billion agreed to be paid in connection with the settlement agreement was
paid. The final payments were made at the end of June 2017.

On 11 May 2017, a representative of the mutinous soldiers announced in a public statement before President Ouattara
and the military hierarchy that all mutinous soldiers had consented to renounce all remaining payments under the January
2017 settlement agreement. However, on the morning of 12 May 2017, armed protests broke out again among other
mutinous soldiers in all military barracks in the country to denounce the statement purportedly made on their behalf the
previous day before President Ouattara and to reaffirm their demand for full payment of the amounts agreed in the January
2017 settlement agreement. The protests continued until 15 May 2017 with soldiers blocking roads and sporadic gun fire
being heard in Abidjan and Bouaké, sparking security concerns. The Government later reported four dead and nine
injured as a result of the protests. In the evening of 15 May 2017, the Government reached an agreement with the mutinous
soldiers as a result of which the armed protests ended and the Government paid CFAF 5 million to each mutinous soldier
on 16 May 2017. The outstanding amount of CFAF 2 million per person was paid in June 2017. Some of the soldiers,
who were entitled to promotion in view of their seniority and experience, and whose promotion had been unduly delayed,
were promoted.

Furthermore, on 23 May 2017, former Forces Nouvelles combatants who were demobilized following the 2011 post-
election crisis organized protests reportedly to demand the payment of a CFAF 18 million bonus per demobilized ex-
combatant. According to the Interior Ministry, five demobilized ex-combatants were killed and 14 others were injured as
a result of a confrontation with policemen in Bouaké. The spokesman for the protesters, who was arrested following the
incidents, was released on 26 May 2017. Demobilized ex-combatants are estimated to number about 6,000, according to
media reports. The Government does not recognize this group or their claims, and believes that the situation of
demobilized combatants was adequately addressed through the DDR programme.

As part of the implementation of the army’s voluntary retirement plan, and out of a total of 1,067 retirement requests,
991 requests were granted by the review commission as of 31 October 2017, the deadline for applications. These include


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three officers, 634 non-commissioned officers and 354 of enlisted rank. The soldiers concerned were subject to an early
retirement plan as of 31 December 2017. The Ivorian army comprises approximately 23,000 soldiers. The 2016 military
plan law provides for the institution’s modernization through an increased focus on professionalism and a reduction of
staff. Investments are also regularly made in order to improve soldiers’ quality of life (which includes housing and
clothing).
Population, Education and Health

Population

Côte d’Ivoire’s total population in 2014 stood at 22.7 million, according to the last GPHC (2014), and is estimated at
25.8 million in 2019 (INS). According to the 2014 GPHC, Côte d’Ivoire’s population is composed of 11.7 million men
(51.6%) and 10.9 million women (48.4%). Children (ages 0-14) represented 41.8% of the total population and young
people (ages 15-34) represented 35.5% of the total population. As a result, Côte d’Ivoire’s population is relatively young,
with 77.3% of the population being under 35. Côte d’Ivoire is a country of immigration at the regional level for the
surrounding countries of West Africa.

According to the INS, the average annual population growth rate was 2.6% between 1998 and 2017 and 3.3% between
1988 and 1998.

With 17.1 million of the country’s inhabitants (75.5%) occupying 48% of the country’s territory, population density
stands at 70.3 inhabitants per km². The 2014 GPHC shows that half of the population (11,370,347 inhabitants, or 50.2%)
is urban, primarily concentrated in Abidjan which, with a population of 4,395,243 inhabitants, accounts for nearly four
out of ten urban residents (38.7%).

The population remains unevenly distributed across the country’s territory. The district of Abidjan (Abidjan, Bingerville,
Anyama and Songon), with a population of 4,707,404 inhabitants, accounts for one-fifth of the total population (20.8%
according to available estimates). The least-populated regions are located in the district of Denguélé (Kabadougou and
Folon), which has a population of 288,779 (0.4%), of which a population of 96,415 is in the Folon region.

Twelve cities have more than 100,000 residents. Following the 2014 GPHC, the cities of Divo, Soubré, Abengourou and
Anyama reached this milestone. Each of these cities is a provincial capital, with the exception of Anyama.

Côte d’Ivoire’s population consists predominantly of five main ethnic groups: the Mandé group (the Dan, the Yacouba,
the Toura, the Gouro, the Malinké and the Dioula) in the north-west and the west, the Voltaic group (Sénoufo, Koulango
and Lobi) in the north, the Krou group (Wê, Bété, Bakwé, Godié and Dida) in the south-west and mid-west, and the Akan
group, which is divided into the “Lagunaires,” in the south, and the Agni-Baoulé in the center, the south-east and the
east.

French is the official language of the country. About 60 vernacular languages are also spoken, baoulé and dioula being
the most widely spoken.

Côte d’Ivoire is a secular country where a variety of religions are practiced, namely Islam (39% of the population),
Christianity (about 30% of the population) and Animism (about 12% of the population).

Côte d’Ivoire’s ranking in the 2019 United Nations Development Programme (“UNDP”) Human Development Index
(“HDI”) was 165 out of 189 with an HDI of 0.516, compared to 169 in 2016 with an IDH of 0.508. Côte d’Ivoire’s HDI
in 2018, 0.516, is above the average of the group of countries with low human development (0.507), but below the
average of the group of countries of sub-Saharan Africa (0.541). Between 2010 and 2018, Côte d’Ivoire’s HDI value
increased from 0.454 to 0.516, an increase of approximately 13.66%. The HDI is developed by the UNDP and provides
a summary measure for assessing long-term progress in three basic dimensions of human development: a long and healthy
life, access to education and a decent standard of living.

The table below sets out selected comparative macroeconomic statistics regarding certain socio-economic indicators for
2018 (unless otherwise indicated) for Côte d’Ivoire and for certain other African countries:


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                                                        Côte d’Ivoire Ghana     Zambia    Nigeria   South Africa      Kenya
 GDP Growth (annual %) .................                     7.4       6.3         3.8      1.9         0.8            6.3
 Population Growth (annual %) ........                       2.6       2.2        2.9       2.6         1.4            2.3
 Life Expectancy at Birth (years)
 (male/female) ...................................         56/59      63/65      61/66    53/55         60/67         64/69
 Primary School Enrolment (%
 gross)................................................     100       105(3)      99(2)    85(1)        101(2)        103(1)
 Mortality Rate, under 5
 (per 1,000)........................................         81        48          58      120           34             41
Source: World Bank, World Development Indicators database, 2018 unless noted otherwise
(1)
      Figures for 2016.
(2)
      Figures for 2017.
(3)
      Figures for 2019.

New Nationality Law

Nationality is one of the issues from which the military and political Ivorian crisis between 2002 and the Ouagadougou
Political Agreement on 4 March 2007 originated. In this respect, and after a first nationality law in 2004 providing for a
simplied process of acquisition of Ivorian nationality for long-standing immigrants and their descendents, a second
nationality law, whose effects were limited to a two-year period, was adopted by the National Assembly in August 2013.
This law instituted a special regime with regard to the acquisition of Ivorian nationality by a mere declaration for persons
in the following categories:

      •    persons born in Côte d’Ivoire of foreign parents and under 21 as at 20 December 1961;
      •    persons whose usual and uninterrupted residence was in Côte d’Ivoire before 7 August 1960 and whose children
           were born in Côte d’Ivoire;
      •    persons of foreign parents born in Côte d’Ivoire between 20 December 1961 and 25 January 1973.

In addition, the implementing decree stipulated that the scope of this law extended to children born in Côte d’Ivoire of
persons that fall within the three categories above.

These beneficiaries could claim Ivorian nationality by following a declaration procedure with one of the nine Public
Prosecutors, or one of (i) the 27 resident substitute prosecutors, (ii) the 19 departmental préfets or (iii) the 436 sub-préfets
located throughout the country. In the event a request was deemed acceptable, a certificate attesting to the acquisition of
Ivorian nationality through the declaration procedure, signed by the Ministry of Justice, would be delivered to the
applicant.

At the end of the application period on 24 January 2016, 123,810 requests had been submitted. The processing of such
requests, which is still ongoing, led to the delivery of 16,180 certificates of nationality as of 31 October 2020. The
difference between the number of requests filed and that of certificates of nationality delivered is mainly the result of the
large number of applications rejected due to forged birth certificates. The Government found it necessary to implement
a number of measures to regularise the situation of persons without civil status and who consequently use forged or stolen
administrative documents to perform civil acts.

The Ministry of Justice and Human Rights, in coordination with other ministries, has made significant progress in the
area of civil status reforms, including in particular:

      •    the implementation of a specific procedure of civil status declaration for primary school pupils without birth
           certificates who could eventually be declared stateless, which resulted in the delivery of 630,748 birth certificates
           as at the end of March 2019;

      •    the launch of an ambitious project of civil status modernization with, as first steps, the enactment of Law No.
           2018-862 reforming and amending current regulations relating to civil status and the creation of the National
           Registry of Individuals (Registre National des Personnes Physiques) assigning a unique identifier to each person
           with a civil status;


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    •    the enactment of Law No. 2018-863 establishing a simplified procedure for the declaration of birth, restoration
         of identity and transcription of birth certificates and of two related implementing decrees, Decree No. 2019-805
         of 2 October 2019 and Decree No. 2019-976 of 27 November 2019. As at 31 October 2020, 170 requests of
         restoration of identity, 3,714 requests of transcription of birth certificates and 188,913 requests of declaration of
         birth have been granted. The operation has been completed but the processing of requests continues to progress
         in the various jurisdictions. These laws aim to increase the rate of civil status declarations, to make civil status
         records more secure and to produce more reliable statistics, in particular through the action of civil registrars in
         health centers and villages, the opening of civil registry offices in health centers and the computerization of the
         civil registry system. This law also provides for the granting of amnesty to persons born in Côte d'Ivoire who
         used either forged birth certificates or birth certificates belonging to others;

    •    the creation of a central office of naturalizations by Decree No. 2019-1099 which is intended to accelerate the
         handling of naturalisation requests in order to process them in a timely manner;

    •    the adoption by the Government Council held on 8 January 2020 of the Côte d’Ivoire Action Plan for the
         Eradication of statelessness on its sovereign territory;

    •    the adoption by the Minister of Justice and Human Rights of a ministerial circular which is intended to overcome
         a legal impediment relating to the attribution of the Ivorian nationality to children with unknown parents found
         in the national territory. This rule is based on the supra-legislative effect of international conventions ratified by
         Côte d’Ivoire, including the 1961 convention on the reduction of statelessness.

These laws contain various provisions aimed at raising the declaration rate for events relating to civil status, improving
the reliability of civil status certificates and allowing for the production of reliable statistics.

Education

The educational system is made up of two types of education: general education and technical education and vocational
training. General education comprises three levels: (i) pre-school and primary education, (ii) secondary general education,
and (iii) higher education. Technical education and vocational training begin in secondary school.

In 1997, Côte d’Ivoire prepared a 1998-2010 National Plan for the Development of Education/Vocational Training (Plan
National de Développement du Secteur Éducation/Formation (“PNDEF”)). However, the results obtained were
insufficient and fell short of the objectives of the PNDEF according to the State Report on the National Educational
System (Rapport d’Etat sur le Système Educatif National) issued in 2007. This report revealed that the educational system
continued to face difficulties of different magnitude, particularly related to (i) limited accessibility and supervision, (ii)
mismanagement of resources, (iii) budgetary constraints, (iv) inadequacy of teaching materials and infrastructures, and
(v) obsolescence of equipment. The Ivorian educational system is also faced with social problems that hinder the
schooling of vulnerable students, particularly young women, early pregnancy, the HIV/AIDS pandemic, school violence,
politicisation of schools and lack of birth certificates.

Subsequently, the institutional capacities of Ministries in charge of the education and vocational training sector were
improved with support from the World Bank through the Education–Vocational Training Sector Assistance Program
(Programme d’Appui au Secteur Education–Formation (“PASEF”)). This program has allowed the implementation of a
series of measures, including starting the implementation of the Education-Vocational Training Information and
Management System (Système d’Informations et de Gestion de l’Education-Formation), defining sectorial policy with
the adoption of the Letter on Education Policy, drafting a medium-term action plan (Plan d’Actions à Moyen Terme) to
make the Educational Policy operational, and drafting the Medium-Term Expenditure Frameworks (Cadres de Dépenses
à Moyen Terme (“CDMT”)) for the sector and the equipment of the central and deconcentrated structures.

Outside of the traditional educational system, there is an alternative education system put in place by state institutions
and civil society organizations. These alternative options include notably community educational centres and
confessional denominational schools. Approximately 500,000 students attend these schools. In the interest of moving
this alternative educational system closer to current norms, a framework for coordination and support was implemented


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in order to offer alternative education options to children not attending school. Following an appraisal organized by the
Ministry of National Education and Vocational Training in 2019, 343 Koranic schools, which enrolled a total of 101,890
students, of which 46,600 are girls, were integrated into the official Ivorian educational system.

Between February and May 2019, a number of teachers in the primary and secondary education sectors supported by
their unions went on strike demanding, among other things, a revaluation of their wages, an increase in their housing
allowances, and that Wednesday be a day off in primary schools. None of these claims were accepted in the Government.
However, the Government reassured the unions that their demands were duly taken into account and further discussions
will be held with all stakeholders. No date has yet been confirmed for such discussions. The impact of the strikes was
felt by a fall in the success rates of the end-of-year examinations in primary education (57.3% in 2019, compared to
60.1% in 2018) and secondary education (41.2% in 2019, compared to 46.1% in 2018).

The Government had recognized in the 2016-2020 NDP the urgent need to strengthen the quality of the education system
to meet its economic growth targets, in particular in the area of vocational training, and has developed an ambitious
agenda aimed at achieving better outcomes in the education sector by committing to an education program for all 6 to 16
year olds. The development targets in the primary and secondary education system seek to improve the gender parity
index, enrolment rate, achievement rate, transition rate from primary to secondary, and literacy rate, in relation with the
Government’s Education for All agenda, including by providing free access to books for pupils.

The following table shows the Government’s expenses in the education sector from 2015 to 2020:

                                            2015          2016           2017            2018          2019      2020 (Est.)
 Education (CFAF billions)                  926.8        1,179.3        1,085.5         1,246.7       1,262.8      1,437
 Education (% of nominal GDP)                3.4           4.1            3.6             3.8           3.6          4.1
Source: MPMBPE/DGBF


Pre-school and Primary Education

Primary education is free and mandatory in Côte d’Ivoire. However, in pre-school (children between 3 and 5 years old)
and primary school, participation and accessibility rates, although increasing, remain low. The Gross Education Rate
(Taux Brut de Scolarisation (“TBS”)) for pre-school, which corresponds to the number of students enrolled as compared
to the school-age population, expressed as a percentage, went from 7.4% in 2014/2015 to 9.4% in 2018/2019. For pre-
school, the low rate is primarily due to the ignorance of certain sections of the population regarding the importance of
pre-school education and the weak pre-school infrastructure coverage across the national territory. In 2018/2019, pre-
school education represented 3,151 schools, 7,042 classrooms, 9,533 teachers and 188,147 pupils.

In primary schools, this rate is 100.5% in 2018-2019, with a rate of 100.5% for boys and 100.4% for girls. Although this
rate is high, it conceals certain regional disparities. Furthermore, it reflects the necessity of continued efforts to attain
universal education. To reach this goal, the number of children enrolled in school before or after the normal schooling
age must be reduced and the Net Education Rate (Taux Net de Scolarisation (“TNS”)) (which corresponds to the quotient
of the population enrolled at the official school-age as compared to the school-age population, expressed as a percentage)
must reach 100%. The TNS, which currently stands at 91.3%, shows that 8.7% of children aged 6 to 11 are not enrolled
in primary school. For girls, the TBS recorded a strong increase, from 77.5% in 2010-2011 to 100.4% in 2018-2019. The
continuing increase in the education rate for girls is due to awareness campaigns promoting their schooling and efforts
made in recent years to stimulate demand for education, in particular via the creation and expansion of school canteens,
the construction of new classrooms and the distribution of free school kits.

In terms of capacity, the number of primary school classes increased from 64,315 in 2010-2011 for 2,730,305 students,
to 95,866 in 2018-2019 (of which 16.66% were private) for 4,003,884 students. The number of students per class
decreased from 43 to 42 on average for the same period, with unequal distribution across the country. The number of
primary school teachers increased from 58,121 in 2010-2011, 32% of which were women, to 96,255 in 2018-2019,
32.10% of which are women.



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Secondary Education

Secondary education capacity increased from 1,084 schools, of which 786 were private, in 2010-2011, to 2,019 of which
1,495 are private, in 2018-2019. The number of students in secondary schools increased from 999,707, of which 39%
were girls, in 2010-2011, to 2,110,499, of which 43.99% are girls, in 2018-2019, or a total increase of 111.11%. Over
the same period, infrastructure increased by an average of 11.81% per year. Furthermore, public infrastructure recorded
an average growth of 9.4% per year. This is due to the construction of local middle schools carried out by the State with
the support of various development partners, which also resulted in significant increases in the number of classrooms (an
average of 23.8% per year). At the end of the secondary education, students can sit the baccalauréat examination.

The number of teachers in secondary schools has also increased, from 21,793 in 2010-2011, of which 16% were women,
to 61,338 in 2018-2019, of which 14.0% are women. These numbers remain inadequate to face expansion needs,
especially in the sciences and French. During the 2013-2014 school year, 1,783 teaching positions remained vacant. In
addition, spatial distribution of teachers, especially in primary schools, shows much disparity, with a strong concentration
in urban centres.

Higher Education

Higher education in Côte d’Ivoire comprises 176,504 students and is provided through 217 institutions, including 7 public
universities (one of which is dedicated to computer and digital science), 27 private universities, 32 selective public
institutes (grandes écoles publiques), and 153 selective private institutes (grandes écoles privées). With regard to the
scientific research component, the statistical yearbook lists 73 institutions, 208 researchers and 3,482 faculty members.

Four-fifths of the higher education institutions are concentrated in the Abidjan district. In addition, three universities and
schools (UFHB, INP-HB and ENSEA) were identified as part of a World Bank supported program to create regional
centres of excellence in Africa and the INP-HB has been identified as the regional centre for the training of pilots for
civil aviation.

In an effort to respond to the strong demand for access to higher education, the State pays for a number of students to
enrol at private universities where tuition fees are based on students’ financial capabilities.

Technical Education and Vocational Training

In 2018-2019, secondary technical education comprises 288 institutions, three of which are public, with 46,153 students
for 6,475 teachers. The number of teachers grew annually at an average rate of 33% from 2011 to 2014. The rate of
students repeating a year is 8.57% in 2018, of which 7.08% were girls and 9.97% were boys.
In 2018-2019, there were 60 vocational training institutions, ten mobile training units (unités mobiles de formation –
UMFs), three Application and Production Workshops (Ateliers d’Application et de Production – (“AAP”)) and 245
private institutions and state-approved private training centres. For the 2018-2019 school year, there were 60,829
vocational trainees.

An inventory of the Technical Education and Vocational Training system, drawn up in 2016, led the Government to
adopt, on 28 December 2016, the 2016–2020 Strategic Plan for the Reform of Technical Education and Vocational
Training (Enseignement Technique et de la Formation Professionnelle – (“ETFP”)), the aim of which is to set up a fully-
fledged system for the development of vocational skills, accessible to all and adapted to the development needs of the
national economy. Through this reform, mechanisms have been implemented to better identify skills required by the
production sector and thus enable the vocational and technical training system to offer training courses that address the
needs expressed by the private sector and are adapted to all target populations, in particular: the unschooled, individuals
no longer attending school, graduates and non-graduates of national education, higher education and the working
population.

This reform is structured around seven areas of focus, including (i) strengthening partnerships between schools and
companies, (ii) developing, and improving access to, ETFP structures, (iii) diversifying and targeting training offerings,


                                                             62
(iv) establishing a national certification framework, (v) implementing a new legal framework of system governance
adapted to the training context, (vi) improving management of private institutions and (vii) optimising and diversifying
the ETFP financing system.

To implement the reform, two major projects have been launched for the 2016 – 2020 period:

    •   the implementation of eleven major structural reforms covering the above seven areas of focus of the 2016–2020
        Strategic Plan for the Reform of ETFP. Such implementation yielded significant results including (i) the adoption
        of decrees establishing new governance bodies (such as the Joint Steering Committee of the Vocational Training
        Partnership (Comité Paritaire de Pilotage – CPP) and the establishment of a Joint Management Committee in
        each ETPF institution), (ii) the opening of new courses and new curriculums in various fields in order to take
        into account the specific needs of companies and the professional world, (iii) the development of apprenticeship
        (including by the recruitment of 6,000 apprentices and the establishment of the Apprenticeship Technical
        Committee), (iv) the adoption by the Vocational Training Development Fund (Fonds de Développement de la
        Formation Professionnelle – FDFP) of a strategic and operational plan to better address the issue of continuing
        education and to identify measures that can help broaden the tax base for the purpose of increasing funding, (v)
        measures aimed at adapting ETFP to the business environment through companies immersion experiences for
        trainers, introduction of gateway classes and establishment of a system for monitoring trainees and (vi)
        organizational reforms such as the redesign of the ETFP examination environment, the reform of the
        management of vocational training scholarships, the revision of the institutional frameworks of the supervised
        institutions and the ongoing drafting of the preliminary bill on the line of strategy for ETFP; and

    •   the rehabilitation of the vocational training system, through the rehabilitation, construction and equipment of
        vocational training structures with the support of several partners in the framework of bilateral and multilateral
        cooperation. This programme led to the rehabilitation and equipment of eleven facilities, and the rehabilitation
        work is currently ongoing for nine additional facilities. As for constructions and acquisitions, the aim is to build
        and equip 28 new establishments over the 2016 - 2020 period and to bring vocational training offerings closer
        to the population, by acquiring 15 new mobile vocational training units intended for rural areas. As part of this
        programme, the Government has mobilized funding for the construction and equipment of nineteen technical
        education and vocational training establishments and an agricultural training department at the National
        Pedagogical Institute of Technical and Vocational Education (Institut Pédagogique National de l’Enseignement
        Technique Professionnel – IPNETP). The Mohamed VI Multisectoral Vocational Training Centre, which trains
        professionals in various sectors of activity, including construction and public works, hospitality and tourism,
        opened at the beginning of the 2017-2018 school year. Three establishments are expected to be operational in
        2021 and fifteen institutions and a department of agricultural training are currently under construction.

Quality of Education

Côte d’Ivoire’s illiteracy rate was 45.0% in 2015, according to the latest survey of living standards (2015). On the 51st
International Literacy Day in October 2017, the Government announced the continued reduction of the illiteracy rate
from 51% to 43.8%, representing a decrease of 7.2%. The Government’s objective had been to decrease the illiteracy
rate to 20% by the end of 2020, although this may take some years to achieve. The Government expects to achieve this
objective as part of the 2021-2025 NDP.

Primary and secondary educational performance is limited by difficult practical conditions, lack of teaching materials,
lack of infrastructure, as well as insufficient educational staff. The output of the educational system is still low, with
increased levels of school dropouts. The education system is also characterized by substantial inequalities in access and
educational performance. The chance of attending school is not equal for all children based on sex and geographic
location. Over the past two decades, the Government has initiated a program for school cafeterias in public schools, free
distribution of school kits including a book bag and school supplies (books and notebooks), as well as an intensive
awareness program seeking to eliminate discriminatory behaviour towards young women. The implementation of these
projects has helped improve school access, increase primary school completion rate and decrease disparities. Between



                                                            63
2011 and 2019, as a result of the Government’s sustained efforts to improve the quality of education, 71,544 teaching
and supervisory staff have been recruited, including 10,300 teachers, and 186,000 desk benches have been distributed.

The high rate of students repeating a year (11.5% in primary and 13% in general secondary school in 2016-2017) creates
further pressure on already limited educational infrastructure. It negatively affects the internal efficiency and the
performance of the educational system, and increases the costs of education for the State and for families. For 2018-2019,
the repetition rate in primary schools was 12.2% and 14.4% in secondary schools. Studies are under way to understand
the phenomenon and provide appropriate solutions.

Health

Côte d’Ivoire has a dual healthcare system, with the private sector and the public health sector practicing modern medicine
on the one hand, and a traditional healthcare system practicing traditional medicine on the other.

The public sector is divided into three levels and comprised in 2018: (i) a primary or peripheral level including 2,479
First-Contact Health Facilities (Etablissements Sanitaires de Premiers Contacts - ESPC) of which 65.1% are located in
rural areas, (ii) a secondary level comprising healthcare establishments supporting the first level, composed of 84 General
Hospitals and 17 Regional Hospital Centers and (iii) a tertiary level including healthcare establishments supporting the
second level, essentially composed of National Public Establishments with five University Hospitals (Centres
Hospitaliers Universitaires - CHU), five Specialized National Institutes: the National Institute of Public Health (Institut
National de Santé Publique), the National Institute of Public Hygiene (Institut National d'Hygiène Publique), the Raoul
Follereau Institute (Institut Raoul Follereau), the Pierre Richet Institute (Institut Pierre Richet) and the Heart Institute of
Abidjan (Institut de Cardiologie d’Abidjan). There are also four other supporting National Public Institutions: (a) the
National Center for Blood Transfusion (Centre National de Transfusion Sanguine), (b) the National Laboratory of Public
Health (Laboratoire National de Santé Publique), (c) the New Pharmacy for Public Health (Nouvelle Pharmacie de la
Santé Publique) and (d) the Urgent Medical Care Service (Service d'Aide Médicale d'Urgence). Other Ministries,
including the Ministry of Defence, Ministry of Economy and Finance, Ministry of Public Service, Ministry of Interior
and ministries in charge of administrative reform, solidarity, family, women and children and national education also
participate in providing healthcare through their health facilities.

The private healthcare sector has evolved in recent years with the emergence of private healthcare facilities of all classes
and categories such as polyclinics, clinics, medical centres and practices, pharmacies and private infirmaries, which have
been well integrated into the various levels of the healthcare pyramid. Private healthcare is found primarily in large cities
and economic centres.

Faith-based private sector organisations also participate in providing healthcare, particularly at the primary level, with
127 First-Contact Health Facilities (Etablissements Sanitaires de Premiers Contacts - ESPC) and 17 General Hospitals
in 2018.

Despite this large healthcare system, there are still some zones with limited access to healthcare. According to the 2018
Annual Report on the Sanitary System (Rapport Annuel sur le Système Sanitaire 2018 (“RASS”)), approximately 69.0%
of the population was living less than 5 km away from a healthcare facility (compared to 66.9% in 2017), while 22.0%
was between 5 and 15 km away and approximately 9.0% was more than 15 km away. The national ratio of one First-
Contact Health Facility (Etablissement Sanitaire de Premiers Contacts - ESPC) for 10,164 inhabitants remains below
the WHO standard of one First-Contact Health Facility (Etablissement Sanitaire de Premiers Contacts - ESPC) for
10,000 inhabitants, with 213,522 inhabitants per reference hospital.

In 2018, the pharmaceutical sector comprised one purchasing centre, the New Pharmacy for Public Health, 4 wholesalers-
distributors, 726 private pharmacies and 557 public pharmacies. The local production segment of the pharmaceutical
market represented less than 10% of total drug production and the rest, more than 90%, was imported. The main
production units were Cipharm, Lpci, Lic Pharma, OLEA and Pharmivoire Nouvelle.

With regard to traditional medicine, the Ministry of Health and Public Hygiene has implemented the recommendations
of the WHO, integrating traditional medicine as an alternative option to serve the healthcare needs of the population, in


                                                              64
order to improve healthcare coverage and reduce inequality and disparities in the population’s access to quality
healthcare.

The practice and organization of traditional medicine and pharmacopoeia are regulated by law no. 2015-536 of 20 July
2015 and Decree no. 2016-24 of 27 January 2016 establishing the Ethics and Deontology Code for practitioners of
traditional medicine and pharmacopoeia. This sector comprises more than 8,500 Traditional Medicine Practitioners,
organized into national associations and federations, who have received additional training, in particular in anatomy,
conventional hygiene, techniques for the collection and sustainable conservation of medicinal plants, disease and
programs. Several research and development activities have been carried out and have resulted, for example, in the
authorization to market Improved Traditional Medicines (Dartran®, Dimitana® and ALAFIA® Balm). In addition, a
Traditional Medicine Unit was opened in September 2014 at the University Hospital (CHU) of Treichville, as part of a
pilot project.

As part of the implementation of its Social Program (“PSGouv” 2019-2020), the Government has allocated CFAF 833
billion for the rehabilitation, construction and equipment of health centers in order to improve access to healthcare. This
includes the construction of a University Hospital in Abobo, six Regional Hospital Centres, three military hospitals in
Bouaké, Daloa and Korhogo, nine General Hospitals, and 200 First-Contact Health Facilities. With the regular
recruitment of health workers and the improvement in health personnel salaries, available human resources indicators at
the national level have improved in recent years. In 2017, these indicators were as follows: one doctor for 7,390
inhabitants, one nurse for 2,335 inhabitants and one midwife for 1,333 women of childbearing age. In 2018, the
proportion of medical practitioners in the public service was 1.4 doctor for 10,000 inhabitants, 2.3 nurses for 5,000
inhabitants and 2.7 midwives for 3,000 women of childbearing age, thus reaching the WHO international
recommendations (one doctor for 10,000 inhabitants, one nurse for 5,000 inhabitants, one midwife for 3,000 women of
childbearing age). However, significant disparities persist, particularly in the ratio of doctors to the population in the
various health regions. 8 sanitary regions, i.e. 40%, reached the WHO international recommendation of one doctor for
10,000 inhabitants in 2018. The sanitary regions of Abidjan 2 (2.1 doctors for 10,000 inhabitants), Sud Comoé (1.8 doctor
for 10,000 inhabitants) and Bélier (1.6 doctor for 10,000 inhabitants) had the best ratios in both 2017 and 2018. The
sanitary regions of Cavally-Guémon, Gboklè-Nawa San-Pédro (0.5 doctor for 10,000 inhabitants) and Poro-Tchologo-
Bagoue (0.6 doctor for 10,000 inhabitants) have the lowest ratios.

In addition, over the 2015-2017 period, 10,000 health workers were recruited in the public healthcare sector. By 2015,
exceptional recruitment initiatives had already increased the total number of health workers to 23,999, compared to
19,993 in 2012. To incentivize them, the Government undertook salary increases of 400 points for managers and 150
points for other categories. According to the Government, this policy has helped improve the health personnel/population
ratio: the nurse/population ratio has thus improved from one per 3,069 inhabitants in 2011 to one per 1,932 in 2016. In
2018, with a ratio of 2.3 nurses for 5,000 inhabitants, Côte d’Ivoire largely reached the WHO recommendation of one
nurse for 5,000 inhabitants. As for the midwives/women of childbearing age ratio, it was of 2.7 midwives for 3,000
women of childbearing age, i.e. 1 midwife for 1,104 women of childbearing age, thus reaching the WHO recommendation
of 1 midwife for 3,000 women of childbearing age.

In 2017, life expectancy in Côte d’Ivoire reached 56.4 years, according to the INS, compared to 54.3 years in 2015 (50
in 2012). Life expectancy at birth, taking into account the impact of HIV/AIDS on the mortality rate, was estimated by
SPECTRUM (analytic tool for decision-making developed by the NGO Avenir Health) to be 54.3 years in 2015 for Côte
d’Ivoire, 53.4 years for men and 55.2 years for women.

According to the Government’s official data, the child mortality rate has significantly decreased in recent years,
decreasing from 68 deaths per 1,000 live births in 2012 to 27 deaths per 1,000 live births in 2016 (2016 MICS). The
neonatal mortality rate was 33 deaths per 1,000 live births in 2016 compared to 38 deaths per 1,000 live births in 2012.

Malaria remains a major public health concern and caused 43% of morbidity in Côte d’Ivoire in 2014. The Government’s
objective is to reduce the occurrence of malaria by 40% by 2020. The average rate of new cases of malaria in the general
population was 164.1 per 1,000 inhabitants in 2017 compared to 155 cases per 1,000 inhabitants in 2015. Malaria rates
are influenced by a variety of factors, including education levels, geography and the availability of protective measures


                                                            65
such as insecticide-treated mosquito nets. In addition, malaria is the primary cause of infant mortality. For pregnant
women and children under five, malaria represented nearly 42% of reasons for medical consultation as well as 36.1%
and 62.4% of causes for hospitalization, respectively. Faced with this severe problem, the Government’s response is
based on therapeutic programs and prevention strategies under the National Fight Against Malaria Program (Programme
National de Lutte contre le Paludisme).

Malaria remains the primary reason for medical consultation in the country, although the results of situational analysis
surveys show a decrease from 50% in 2010 to 43% in 2012, and then to 33% in 2014. For children under 5 years of age,
the number of malaria cases dropped from 389 per 1,000 in 2011 to 281.8 per 1,000 in 2017. The rate of malaria cases in
the general population increased from 164.1‰ in 2017 to 189.9‰ in 2018. Such increase is explained in particular by (i)
a deterioration in the population's living environment due to flooding in several localities in the country and (ii) a
neglected use of long-lasting insecticidal nets.
 Indicators                                                                                  2012        2013     2014     2015     2016     2017     2018

 Malaria cases in children under 5 years of age (out of 1,000),
 i.e., the number of new malaria cases in children under 5
                                                                                             352         302.61   445.89   291.79   286.87   281.8    492.9
 years of age compared to the population of children under 5
 years of age ............................................................................
 Malaria cases in the general population (out of 1,000), i.e.,
 the number of new malaria cases compared to the general                                     120          106      164     155.49   154.58   164.11   189.9
 population over 12 months ....................................................
Source: Ministry of Health and Public Hygiene

The Ivorian public health situation is also characterized by a high HIV/AIDS-related mortality rate. AIDS is the leading
cause of mortality among adult men and the second among women, after pregnancy-related problems and child birth. In
2016, the prevalence rate for HIV was 2.8% compared to 3.4% in 2015. This rate has been in constant decline since 2010
when the rate was 3.96%. According to the 2017-2018 CIPHIA (Côte d’Ivoire Population-based HIV Impact Assessment)
of the Ministry of Health and Public Hygiene, the HIV infection rate is more concentrated among adults aged between
15 and 64 years and stands at 2.9%. The HIV infection rate is 4.1% for women, compared to 1.7% for men. This represents
approximately 390,000 people living with HIV aged between 15 and 64 in Côte d'Ivoire. The Government believes that
HIV disproportionately affects women and adolescent girls because of their unequal cultural, social and economic status
in society. Mountain (3.2%) and lake (3.3%) regions, and the city of Abidjan (6.1%) continue to be the most affected
areas. Urban areas like Abidjan are particularly affected because of the large size of the populations at risk due to
significant migratory flows. The mountain regions are affected as a result of population inflows from neighbouring
countries due to socio-political crises in the affected regions.

To address this threat, the Ivorian authorities have placed the fight against HIV infection and sexually-transmitted
diseases at the centre of their concerns. Following a 2011-2015 strategic plan, the Government has been pursuing a 2016-
2020 strategic plan to continue the fight against the HIV pandemic and aiming to reverse the HIV propagation trend and
alleviate the impact of AIDS on the Ivorian population, in particular for highly vulnerable groups. With the
implementation of these reforms, the HIV prevalence rate decreased to 2.7% in 2018. The Government has taken several
measures to accelerate the fight against AIDS with a view to eliminating the AIDS epidemic by 2030. These measures
include the increase of the financing for the purchase of drugs, the strengthening of the capacity of key players involved
and the training of healthcare personnel. Since 2007, HIV treatment has been free to all in Côte d’Ivoire. Such treatment
includes free medical and biological consultations, free screenings and free antiretroviral drugs. This gratuity of HIV
treatment was reaffirmed by the Government through a ministerial circular in March 2019. According to the Government,
the cost of this programme of acquisition of antiretroviral drugs was CFAF 5.2 billion in each of 2017 and 2018. In each
of 2019 and 2020 CFAF 5.3 billion were allocated to this programme.

Côte d'Ivoire faces significant public health issues related to undernutrition (acute and chronic malnutrition), including
invisible hunger resulting from deficiencies in essential vitamins and micronutrients, and over-nutrition (excess weight
and obesity) leading to chronic nutrition-related non-transmissible diseases. Malnutrition can result in stunted growth for
children under five years of age, the prevalence of which has decreased over the years from 29.8% in 2012 to 21.6% in
2016 (2016 Multiple Indicator Cluster Survey (“MICS 2016”)). The prevalence of malnutrition at the national level
underscores significant disparities between rural areas (27.4%) and urban areas (12.5%) and is higher in the northern

                                                                                                    66
(29.6%), centre-western (28.7%), north-western (27.7%), north-eastern (25.8%) and western (25.6%) regions. This
situation is strongly linked to households’ living conditions (30.1% are in the poorest quintile and 8.7% in the richest
quintile), a correlation which includes access to dietary supplements, zinc deficiency, incidence of diarrhoea, and intra-
uterine growth retardation related in particular to the diet and nutritional profile of mothers. The prevalence of acute
malnutrition at the national level decreased from 7.5% in 2012 to 6.0% in 2016, as well as the prevalence of severe acute
malnutrition which decreased from 1.7% in 2012 to 1.2% in 2016 (MICS 2016). Acute malnutrition reached 7.2% in the
centre-northern region and 6.7% in the centre-western region, according to the survey. The number of children suffering
from severe acute malnutrition for a period over one year decreased from 161,000 in 2012 to 119,000 in 2016, according
to the MICS 2016 results. However, the quality and coverage of the treatment of severe acute malnutrition within the
health system is still low and the detection of severe acute malnutrition is not yet regular and active across all health
structures and all communities.

On 22 March 2014, an Ebola virus epidemic was confirmed in the region of Forest Guinea, close to the border between
Guinea and Liberia, and subsequently in Conakry. After an alert launched by the WHO asking to reinforce the monitoring
of illnesses akin to a viral haemorrhagic fever, the neighbouring countries of Guinea, including Côte d’Ivoire,
implemented safety measures along their terrestrial borders and inside their territories in order to protect people at risk
and to prevent virus propagation. On 10 August 2014, the Government of Côte d’Ivoire raised the risk of Ebola to
“extremely high” and announced a series of prevention measures, including the suspension of all flights from affected
areas and additional screening at entry points. On 22 August 2014, the Government closed the country’s borders with
Guinea and Liberia.

On 1 September 2014, the NSC announced the opening of humanitarian corridors for relief purposes, the
operationalization of which remains a challenge. The Ivorian national carrier resumed flights to the affected countries on
20 October 2014. In 2014, the Government initially funded a CFAF 3 billion plan focused on general prevention
measures. The Government subsequently put in place a CFAF 13.5 billion plan, fully financed by commitments from the
EU, the World Bank, and AfDB, focused on prevention measures in the districts close to Liberia and Guinea. This plan,
which was partially implemented in 2015 by continuing initiatives that had already been carried out, is part of a broader
plan of a sub-regional fight against the epidemic via a synergy of efforts of the countries concerned. In this respect, Côte
d’Ivoire participated in high-level African summits, namely the summit on strengthening sanitation systems and financing
the fight against Ebola, which was held in Malabo, Equatorial Guinea from 20 to 21 July 2015. On 8 September 2016,
the country re-opened its border with Guinea and Liberia following the end of the Ebola crisis.

In addition, a third CFAF 50 billion plan, financed through the IMF extended credit facility, will extend similar prevention
measures to the whole territory. The United Nations Children’s Fund and UNOCI helped to increase temporary treatment
facilities, while the UNDP supported the mobilization of funds to equip and train up to 300 national and international
health agents, as well as Ivorian border police, customs officers and other law enforcement officials in border areas. The
UN also supported the development of a communications strategy and an outreach program, as well as the mapping of
illegal border crossing points, while the Office for the Coordination of Humanitarian Affairs supported the Government’s
efforts to streamline clearance procedures and facilitate the operationalization of humanitarian corridors. To date, there
has been no reported case of Ebola infection in Côte d’Ivoire. Furthermore, to show its support for affected countries and
help them control the epidemic, Côte d’Ivoire provided a financial contribution of CFAF 500 million and sent a support
team of eight doctors, four nurses and three hygienists to these countries.

According to the National Institute of Public Hygiene (Institut National de l’Hygiène Publique (“INHP”)), in the first
five months of 2019, 78 cases of dengue fever were confirmed. In order to prevent the spread of the virus, the Government
has organized public awareness campaigns for the destruction of breeding sites and carried out several mosquito control
operations.

Moreover, the Government took preventative measures to prevent the arrival of the Lassa fever epidemic into the country,
which was recently declared in certain West African countries, namely Nigeria, Benin and Guinea. To date, the country
has not recorded any cases of Lassa fever.

Côte d’Ivoire has also been affected by the Covid-19 pandemic. On 10 March 2020, Côte d’Ivoire recorded its first case
of coronavirus on its territory. On 23 March 2020, the President declared a state of emergency in Côte d’Ivoire which


                                                             67
was further extended until 30 July 2020 and the Government immediately implemented various measures in order to
combat the spread of the virus within the country. Those measures included closure of land, sea and air borders, travel
restrictions (with an exception for humanitarian aid missions) and mandatory quarantine, closure of schools and
universities, closure of all cafes, bars, restaurants, nightclubs and theatres, implementation of a curfew between 9:00 p.m.
and 5:00 a.m., prohibition of public gatherings of more than 50 people, launch of a vast disinfection operation in Abidjan,
creation of a toll-free emergency number, restriction of public transportation, and prohibition of all unauthorized travel
between Abidjan and the interior of the country. On 15 May 2020, the Government started to ease certain containment
measures in the interior of the country to allow for a resumption of economic activity. On 15 July 2020, the Government
also started to ease certain containment measures in the greater Abidjan area which constitutes the epicentre of the
pandemic in Côte d’Ivoire.

In addition to the above measures, on 23 March 2020, President Alassane Ouattara announced the adoption of a National
Health Response Plan (Plan de Riposte Sanitaire) amounting to CFAF 95.8 billion. The main objective of the Plan is to
break the chain of transmission of the coronavirus by providing adequate medical care to infected people, isolating,
tracking and monitoring people who have been in contact with infected patients, while continuing efforts to keep the
population safe from contamination. The implementation of the National Health Response Plan consists of the following:
(i) strengthening the capacity for collecting and analysing data on suspected cases, (ii) extending sites exclusively
dedicated to the treatment of infected patients (currently underway in Abidjan and in the interior of the country), (iii)
placing urgent orders for all necessary healthcare equipment in order to protect medical personal (including personal
protective equipment) and improve data collection, analysis and testing processes, (iv) reinforcing the health care system,
and (v) reinforcing available stocks of medicines to meet actual and future needs. Moreover, the Government has been
adapting the health care system to the current health crisis, in particular with the installation of 45 health centres, including
13 in Abidjan and of 16 treatment centers, including five in Abidjan. Treatment capacity has been increased to 566 beds
in Abidjan (including 502 in inpatient care and 64 in intensive care) and to 418 in the interior of the country. These ad
hoc facilities are exclusively dedicated to Covid-19 sampling and screening. The Government also built three Covid-19
containment centres and acquired equipment for the treatment of severe cases. As part of the Plan, a total of 111 million
face masks were ordered and delivered to Côte d’Ivoire as of 29 June 2020.

With regard to the current Covid-19 crisis, as of the date of this Prospectus, a total of 29,967 confirmed Covid-19 cases
have been reported, including 28,186 persons who successfully recovered, and 165 deaths.

On 13 July 2020, the National Security Council (NSC) met to report on the status of the Covid-19 pandemic. President
Ouattara, who chaired the meeting, and the Committee of Experts of the Ministry of Health and Public Hygiene (Comité
des Experts du Ministère de la Santé et de l’Hygiène Publique) noted the main developments and announced additional
measures following the NSC’s review of the evolution of the pandemic.

The NSC at the time highlighted the following developments of the Covid-19 pandemic in Côte d’Ivoire:

        more than three months following the appearance of the first Covid-19 case, the implementation of the
         Government’s strategy and measures had helped to contain the evolution of the pandemic and the number of
         confirmed Covid-19 cases are in line with Government projections;

        as of 13 July 2020, the lethality of the disease, between 0.7% and 1% of Covid-19 patients in Côte d’Ivoire,
         remained contained well below initial forecasts of 5%, despite a slight increase in the contamination rate,
         particularly in the greater Abidjan area which remains the epicentre of the pandemic Côte d’Ivoire, with 96% of
         cases as of 13 July 2020;

        the patient recovery rate in Côte d’Ivoire was approximately 52% as at the end of June 2020 and the number of
         severe cases was less than 100, well below initial forecasts of 800, as of the end of June 2020;

        the capacity of the public health system to cope with the disease had been increased to 700 beds in Abidjan and
         the availability of drugs for treatment and inputs for sampling and testing continues to be assured, and the average
         occupancy rate of hospital beds was less than 30% as at the end of June 2020;



                                                               68
       the advanced screening strategy included operation of six reception centres in the greater Abidjan area out of the
        thirteen planned, while in the interior of the country, the health regions and districts continued to be strengthened
        through a system of diagnosis and integrated management (primarily in the cities of Bouaké, Korhogo,
        Abengourou, San Pedro, Man and Daloa);

       the increase in testing capacity reached 2,219 tests per day in early July 2020 and the free distribution of 22
        million face masks to the general public, which started on 5 May 2020 and is continuing at the city and town
        level under the authority of the mayors;

       the activities of the Covid-19 Special Solidarity and Emergency Humanitarian Support Fund (Fonds Spécial de
        Solidarité et de Soutien d’Urgence Humanitaire Covid-19) have been accelerated; and

       the easing of certain containment measures and restrictions inside the country was followed by gradual
        resumption of economic activities.

With regard to the easing of the various containment measures implemented by the Government, following the
recommendations of the Committee of Experts of the Ministry of Health and Public Hygiene (Comité des Experts du
Ministère de la Santé et de l’Hygiène Publique), the NSC in light of the situation at that time took the following decisions
at its 14 May 2020 and subsequent meetings:

       the lifting of the curfew with effect from 15 May 2020;

       the extension of the state of emergency throughout the national territory until 30 July 2020;

       the extension of the closure of sea and land borders (with an exception for humanitarian aid missions);

       the resumption of domestic air transportation as of 26 June 2020, in strict compliance with health measures;

       the reopening of air borders and resumption of international air transportation from 1 July 2020 in strict
        compliance with health measures with all passengers arriving on international flights being subject to health
        checks and systematic monitoring during their stay in Côte d'Ivoire;

       the reopening of cafes and restaurants on 15 May 2020, subject to strict compliance with recommended barrier
        measures against Covid-19, including regular hand washing with soap or a hydro-alcoholic solution, the wearing
        of face masks and physical distancing of at least one meter between customers. Hotels remained open for
        business;

       the reopening of bars, nightclubs, cinemas and other entertainment venues as from 31 July 2020 subject to barrier
        and social distancing measures being scrupulously respected;

       population gatherings of more than 200 people are authorized again as from 31 July 2020 subject to authorization
        from the préfets and health authorities and to barrier and social distancing measures being scrupulously
        respected;

       the reopening of pre-school, primary, secondary and higher education institutions as of 25 May 2020 according
        to modalities and recommendations communicated by each of the relevant Ministries;

       the end of the lockdown of greater Abidjan as of 15 July 2020;

       the strengthening of the sampling and testing system to provide results within a maximum of 48 hours and the
        mandatory isolation of any person tested while awaiting test results;

       the continuation of the mandatory quarantine and systematic health monitoring of all persons coming from
        outside the country for a period of two weeks; and




                                                             69
       the systematic control by the security forces of the measures relating to the wearing of face masks, subject to a
        fine for breach, in public transportation, shopping centres, enclosed spaces, markets and any public place.

The containment measures helped limit the spread of the coronavirus in Côte d’Ivoire. On 26 October 2020, during its
weekly press conference, the Government noted a continued decrease of the Covid-19 positivity rate and Covid-19-
related deaths, as well a constant increase of the number of patients recovering from the disease.

In addition, in order to support healthcare personnel facing the risks of the pandemic, an incentive bonus was introduced.
As of the date of this Prospectus, a total envelope of CFAF 28.9 billion have been allocated and disbursed to 33,200
healthcare employees since April 2020.

Since the beginning of 2021, there has been a slight increase in the number of confirmed Covid-19 cases. However, the
Government’s alert thresholds have not been reached as of the date of this Prospectus. The management of confirmed
Covid-19 cases continues in dedicated health facilities. To prevent a second wave of contaminations and control the
resurgence in the number of new confirmed Covid-19 cases, the NSC announced the following measures on 21 January
2021:

       intensified control of the measures relating to the wearing of face masks, particularly in public transportation, in
        public and private services, and in all public spaces and strict application of repressive measures in the event of
        non-compliance with barrier and social distancing measures;

       reduction of the validity period of the Covid-19 test for entering and leaving Côte d’Ivoire, from 7 to 5 days; and

       declaration of a new state of health emergency, from 21 January to 28 February 2021.

The Government plans to accelerate the acquisition and rollout of the Covid-19 vaccines. To this end, the Ivorian Agency
for Pharmaceutical Regulation (l’Agence Ivoirienne de Régulation Pharmaceutique) has authorized the emergency use
of the Covid-19 vaccines manufactured by Pfizer-BioNTech and Moderna. The approval process for other Covid-19
vaccines manufactured by AstraZeneca, Sinopharm, and the Russian Sputnik V is underway as of the date of this
Prospectus.

Moreover, the Government is participating in the COVAX initiative, which is co-led by Gavi, the Coalition for Epidemic
Preparedness Innovations (CEPI) and the WHO. The COVAX initiative aims to accelerate the development and
manufacture of Covid-19 vaccines, and to guarantee fair and equitable access to such Covid-19 vaccines for every country
in the world. As part of this initiative, the Government is expecting to receive 100,000 doses of the various approved
Covid-19 vaccines by the end of February 2021 for the first phase of its vaccination campaign. This first phase of the
vaccination campaign will be targeted at specific sections of the population, which the Government considers to be most
exposed to the coronavirus, including health care personnel, teachers and law enforcement personnel. According to the
Government, the COVAX initiative will enable Côte d’Ivoire to ultimately acquire up to 10 million doses for the
vaccination of 5 million people, representing 20% of the Ivoirian population.

The Government will also benefit from the “Revolving Fund” (Fonds Renouvelable) launched by the Conference of the
ECOWAS Heads of States and Governments on 23 January 2021. The main purpose of this Fund is to secure the
availability of up to 240 million doses of Covid-19 vaccines for its member countries through a common supply chain in
the short term and regional manufacturing in the medium term. The Conference of the ECOWAS Heads of States and
Governments also decided to harmonize the price of Covid-19 tests (capped at US$50 or (approximately CFAF 27,000))
in the ECOWAS area in order to facilitate the movements of persons within the bloc.

From 2020 to 2025, the Government’s priorities will further focus on the specific targets of SDG 3 (Good Health and
Well-Being), including maternal and child health, communicable and non-communicable diseases, sexual and
reproductive health services, the health impact of pollution and contamination and tobacco control. In line with the targets
of SDG 3 regarding universal health coverage, equitable and affordable access to quality vaccines and medicines, and
sustainable financing, the Government will pay particular attention to the axes that constitute important pillars for the
achievement of this objective, such as strengthening the implementation of primary health care, the health workforce-
and the health information system.


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For various measures adopted by the Government to address the economic and social impact of the coronavirus pandemic,
see “The Economy – Measures in Support of the Economy During the Coronavirus (Covid-19) Pandemic”.

In an effort to allow access to healthcare for the entire population, and in particular for more vulnerable people as well
as the poorest Ivorian residents, the Parliament passed law no. 2014-131 of 24 March 2014 establishing Universal Health
Coverage (Couverture Maladie Universelle (“CMU”)). This law provides for collective coverage of health care costs as
well as a contribution of CFAF 1,000 per person. On 27 May 2019, the 11 implementing decrees of this law were adopted
in the Council of Ministers. These decrees relate to: (i) the creation of the Social Welfare Institution - National Sickness
Insurance Fund (Institution de Prévoyance Sociale – Caisse Nationale d’Assurance Maladie (“IPS-CNAM”)), (ii)
protection of personal data, (iii) covering population groups under the CMU, (iv) the conditions for accessing healthcare,
(v) collecting contributions, (vi) agreements for healthcare service providers, (vii) procedures for medical examinations,
(viii) the list of diseases covered as well as medical and biological acts, (ix) the list of covered medicines and (x) the
implementation of an additional regime to the CMU managed by the General Mutual of Civil Servants (Mutuelle
Générale des Fonctionnaires (“MUGEFCI”)), and (xi) the affiliation of low-income and indigent individuals to the
CMU medical assistance regime.

The Government covered the launching costs of the CMU, which amounted to CFAF 10.5 billion in 2015, CFAF 11.6
billion in 2016, and CFAF 11.7 billion in 2017. The Government estimates the costs of the CMU at around CFAF 8.5
billion in 2018 and CFAF 4.5 billion in 2019 and projects such costs at CFAF 3.0 billion in 2020. In the medium-term,
the CMU is expected to be self-financing from contributions, except for the cost of insuring the poorest households which
will be publicly financed and covered by the budget.

The enrolment process for future insureds is underway, and the database of National Sickness Insurance Fund (Caisse
Nationale d'Assurance Maladie (“CNAM”)) insureds includes 2,421,338 people as of the end of June 2020. 781,494
cards were produced and 102,231 people have benefited from CMU services. The number of health care institutions that
have started providing CMU benefits has risen to 611 spread over the national territory. The rate of availability of
medicines was 85% at the end of June 2020, with 90% availability for the most used drugs The collection of contributions
in the framework of the CMU started on 1 July 2019. As of 31 December 2019, contributions from the insureds amounted
in CFAF 7.3 billion. The process is being extended through the identification of economically weak or destitute sections
of the population and aims to cover the entire territory. To date, 117 sub-districts, 25 departments and 2,427 localities
have been surveyed. To date, 585,616 persons have been identified and are in the process of being enrolled to benefit
from the CMU's Medical Assistance Scheme (Régime d’Assistance Médicale (“RAM”)).

Populations in the informal sector, who are enrolled in the CMU as the other target populations, are invited to pay their
contributions through electronic payment channels and offices open in financial and banking establishments. However,
the CNAM gradually implemented studies among the various socio-professional categories of the informal and
agricultural sectors in order to retain and ensure sustainability of contributions. To this end, discussions are under way
with relevant informal sector stakeholders (workers and ministries) in order to define mutually agreed modalities for
systematic deduction at source. To date, only producers of cotton, cashew nut, oil palm, rubber, artisanal sugar cane
producers, artisans and retailers are subject to the combined tax. The process continues and will gradually include all
stakeholders from the informal sector (including the agriculture subsector).

The pilot phase of the implementation of the CMU, which was targeted at the university student population of 150,000,
was launched on 25 April 2017 by the Prime Minister and began with the Nagui Abrogoua University. With a duration
of six months, this phase was intended to test the system in order to identify obstacles. In total, 62,972 cards were
distributed, allowing students to access services in the eight university healthcare centres involved in the experimental
phase.

The general implementation phase started on 1 October 2019. The collection of contributions started on 1 July 2019 for
workers in the private sector, and for active and retired civil servants and state agents. Contributions are withheld directly
at source by the CNPS for the private sector and by the civil and military payrolls for civil servants and state agents, and
the military. Moreover, to facilitate people’s access to healthcare, the Government decided to set the contribution to the
different regimes managed by the IPS-CNAM at CFAF 1,000 per person and per month. Any individual affiliated with
the general basic regime of CMU must contribute to such regime, with the exception of low-income and economically


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disadvantaged individuals who are affiliated with the medical assistance regime of CMU, and whose contributions will
be borne by the State.

Social Security

In addition to the CNAM, there are two social security and retirement pension funds in Côte d’Ivoire:

      •        the Government Employees’ General Pension Fund (Caisse Générale de Retraite des Agents de l’Etat
               (“CGRAE”)), which is in charge of (i) collecting premiums and subsidies for financing retirement pensions and
               other services as well as ensuring financial management of excess contributions and (ii) providing various
               services to designated beneficiaries in the public sector; and
      •        the National Social Security Fund (Caisse Nationale de Prévoyance Sociale (“CNPS”)), which manages the
               compulsory social security scheme of the private sector and, which covers work accidents and work-related
               diseases, as well as maternity, retirement, disability, death and family benefits. It also plays a role in the social
               welfare sector.

Poverty Reduction

The 2002-2011 political and military crisis impeded Côte d’Ivoire’s efforts with regard to achieving the Millennium
Development Goals (“MDGs”). The MDGs are development goals based on the Millennium Declaration made during
the Millennium Summit of the United Nations in 2000. They are made up of eight interdependent objectives designed to
reduce poverty and improve quality of life, particularly in rural areas. With the return to growth and the re-establishment
of relations with development partners such as the IMF, the World Bank and the European Union, the Government has
reaffirmed its commitment to work towards the realization of the MDGs, in the framework of the implementation of the
NDP. Progress is being made in the fight against poverty as well as in primary education, gender parity in education,
empowerment of women and maternal and infant health. The most significant progress has been made in combating
HIV/AIDS and providing access to drinking water.
In September 2015, 17 Sustainable Development Goals (“SDGs”) were adopted replacing the MDGs of 2000. In the next
15 years, all UN member countries are expected to facilitate reaching the various target numbers for the 17 SDGs.
To achieve this, the Government, which participated in the process of defining these sustainable development goals and
has adopted them, is encouraging the involvement of all stakeholders in the interest of ensuring their successful
implementation.
To facilitate the coordination of actions, a national workshop to promote the implementation of the SDGs in Côte d’Ivoire
was held on 12 and 13 May 2016 in Grand-Bassam; the agenda addressed awareness initiatives, mobilization and support
for parliamentary stakeholders, the Economic and Social Council, local and regional authorities and the Civil Society
Organization in their contributions to fulfilling the SDGs.
With regard to the first of the SDGs, which is “to eliminate extreme poverty in all its forms and all over the world” by
2030, Côte d'Ivoire has made the fight against poverty a priority. This has resulted in a significant increase in budget
allocations towards “pro-poor” expenses. From 2012 to 2018, these expenditures (aimed at improving living conditions
of low-income populations) more than doubled between 2012 and 2019. Those “pro-poor” expenses rose from CFAF
1,080.3 billion in 2012 to CFAF 1,770.18 billion in 2015 and CFAF 2,550.58 billion in 2019. A budget of CFAF 2,754.91
billion in 2020 was allocated to these expenditures. For 2021, the Government has allocated CFAF 2,863.8 billion to pro-
poor expenditure in its initial 2021 budget.

The table below presents the “pro-poor” expenses from 2015 to 2021:




                          (in CFAF billions)                                                2015      2016       2017       2018       2019      2020*      2021**
 Agriculture and rural development .....................................                   111.16    123.97      84.31      79.08     109.40     135.03     142.44
 Fishing resources and animal production ...........................                        9.80      9.11       10.20      12.09     13.11       19.25      23.30
 Education .............................................................................   991.62   1,179.29   1,085.46   1,194.45   1,262.81   1,342.71   1,390.61


                                                                                                    72
  Health ..................................................................................   279.50     330.44     338.95     305.58     387.38     446.24     466.68
  Water and sanitation ...........................................................             74.82      58.64      48.27      57.57     52.23      108.32     127.42
  Energy .................................................................................     53.55      45.46     113.87     189.46     210.91     143.44     139.67
  Roads and engineering structures .......................................                    155.61     153.83     329.36     426.66     393.75     396.00     381.11
  Social affairs .......................................................................       28.78      38.40      27.22      24.58     40.49       46.72      63.82
  Decentralization (excluding education, health
  and agriculture) ...................................................................         47.96      55.14      55.04      59.63      67.07      81.21      87.44

 Reconstructions, rehabilitations and other pro-poor
 expenses ..............................................................................       17.37      20.51      16.96      12.34      13.43      36.00      41.33
 Total ...................................................................................    1,770.18   2,014.79   2,109.64   2,361.44   2,550.58   2,754.91   2,863.82
 Including multilateral financing in particular by the
                                                                                              164,60     142,33     363,27     506,68     314,63     314,84      336.3
 World Bank and the BOAD
Source: MBPE/DGBF
* As budgeted in the initial 2020 budget.
** As budgeted in the initial 2021 budget.

In terms of achievements, the Government’s various actions and policies have led to a reduction in the poverty rate. From
48.9% in 2008, it decreased to 39.4% in 2018. Such decrease constituted the first inflection of the increasing trend of the
rate observed since 1998. The HDI, which measures the general wellbeing of the population, thus increased from 0.452
in 2013 to 0.512 in 2017 and 0.516 in 2018. The Gini index, which mainly measures inequalities and wealth distribution
among a nation’s residents, shows that inequalities among the Ivoirian population are globally declining. From 43.2 in
2008, the GINI index (based on World Bank estimates) reached 41.5 in 2015. According to the Government, the trends
observed from 2008 to 2015 continued in 2018 due to the overall economic momentum.

Moreover, the Government continues its efforts to improve the living conditions of the population in a sustainable
manner. In 2019, the Government initiated a major program called the Government’s Social Program, or “PSGouv”, to
support the actions of the current NDP. With regard to the fight against poverty, the actions of PSGouv over the 2019-
2020 period are focused mainly on the following: (i) access to drinking water for all at affordable prices; (ii) electrification
of all villages with more than 500 inhabitants; (iii) education for all and better access to information through the program
“one citizen, one computer, an internet connection” (“un citoyen, un ordinateur, une connexion Internet”); (iv) the
strengthening of the healthcare system through effective implementation of primary healthcare and effective extension
of Universal Health Coverage; (v) the provision of socio-economic housing to vulnerable populations and middle classes;
(vi) the promotion of greater representation of women in decision-making bodies; and (vii) the empowerment of women.
As a result of the PSGouv:

        •       as regards health and social protection, 50,000 rural households have benefited from cash transfers of CFAF
                36,000 per household under the social safety net program in the first quarter of 2019, compared to 35,000
                households at the end of 2018. The number of insured people has risen to a total of 2,421,338 at the end of June
                2020, with 555,729 new insured during the first semester of 2020. Between October 2019 and June 2020, 102,231
                insured have been treated. A large vaccination programme against measles and rubella has led to the vaccination
                of 928,653 children and 934,380 pregnant women in 2019, and 338,710 additional children in the first half of
                2020;
        •       in the youth employment and entrepreneurship fields, 12,806 youths benefited from entrepreneurship training,
                skills development and internship opportunities under the Employment and Empowerment Support Program in
                the first quarter of 2019. By the end of 2019, a total of 34,399 entrepreneurship opportunities were created and
                2,141 girls benefited from entrepreneurship training. This positive dynamic continued in 2020, with CFAF 120.4
                million awarded in grants during the first semester and a total of 750 projects financed for the benefit of young
                people;
        •       as regards electrification, in the first quarter of 2019, 92,557 households benefited from a
                connection/subscription to the national electricity grid under the Electricity for All Program (Programme
                Electricité Pour Tous (“PEPT”)), with an annual target of 200,382 households. At the end of June 2020, a total
                of 318,997 new electricity accesses have been provided to 1.2 million new beneficiaries, and 411 additional
                municipalities have been electrified. The Government’s sustained efforts through the implementation of the
                PSGouv have helped to reduce the cost of electricity access from CFAF 150,000 to CFAF 1,000;


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    •   as regards efforts to improve rural living conditions and food security, a total of 19,170 km of roads have been
        maintained from 2019 to June 2020 and access to drinking water has been improved through the repairing or
        replacement of 2,665 pumps in 2019 and 4,595 in the first half of 2020 and the maintenance of 3,184 pumps in
        2019 and 5,250 in the first half of 2020.
Political System

The law no. 2016-886 of 8 November 2016, instituting the Constitution of the Republic of Côte d’Ivoire, proclaims (i) a
commitment to constitutional legality and democratic institutions, (ii) the organization of democratic elections permitting
the people to freely choose its governors, (iii) the separation and balance of powers and (iv) the promotion of proper
governance and transparency in conducting public affairs.

With regard to public authorities, the new fundamental law introduces new institutions and strengthens the organization
and functioning of existing institutions. The President of the Republic alone is vested with executive power and is assisted
by a Vice President, a newly-created office. Legislative power is now exercised by a bicameral structure: the National
Assembly and the Senate. Judicial power is represented by three judicial institutions, the Court of Cassation, the Council
of State and the Court of Auditors.

In order to reinforce the rule of law and bring the institutions closer to the citizens, a draft constitutional reform was
presented by President Ouattara and adopted by the two chambers of the Parliament meeting in joint session on 17 March
2020. See “Recent Political Developments” above

Executive Power

The executive power in Côte d’Ivoire is composed of the President of the Republic, the Vice President of the Republic
and the Government.

The President of the Republic embodies national unity and ensures compliance with the Constitution. Elected for a five-
year term by direct universal suffrage, the President may be re-elected once. The President of the Republic determines
and directs the policy of the nation. He is the head of the Administration and Commander-in-Chief of the armed forces
and appoints civil and military officials. He presides over the Defence and Security Councils and Committees. The
President of the Republic appoints the Prime Minister as head of the Government. He may delegate certain of his powers
to the Vice President, the Prime Minister or members of the Government, by decree. In the case of vacancy of the
Presidency of the Republic as a consequence of death, resignation or absolute impediment, the Vice President of the
Republic automatically becomes the President of the Republic until the end of the term of office of the President being
replaced. The President of the Republic is Mr. Alassane Ouattara, re-elected for a third five-year term after the presidential
election held on 31 October 2020.

The Vice-President acts under the authority of the President of the Republic. The first Vice-President was Daniel Kablan
Duncan, who was appointed on 10 January 2017 and resigned on 13 July 2020. As from the 2020 presidential elections,
the Vice-President of the Republic will be appointed by the President of the Republic in consultation with the Parliament.
The Vice-President is still to be appointed by President Ouattara.

The Government comprises the Prime Minister, who is the head of the Government, and the Ministers. The Prime
Minister leads and coordinates government actions. The Prime Minister presides over the Government Council, a
preparatory meeting for the Council of Ministers. Since 30 July 2020, the Prime Minister is Mr. Hamed Bakayoko, who
is also Minister of Defence. Mr. Hamed Bakayoko replaced Mr. Amadou Gon Coulibaly who was appointed on 10
January 2017 until his death on 8 July 2020. Mr. Hamed Bakayoko is a member of the RHDP.

Legislative Power

Legislative power is exercised by the Parliament, which is composed of the National Assembly and the Senate. The
Parliament votes on laws and determines taxes. It controls actions of the Government and evaluates public policy. Each
year, the Parliament meets automatically for an ordinary session beginning on the first business day of the month of April
and ending on the last business day of the month of December.


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Members of the National Assembly are elected by direct universal suffrage for five years.

The Senate, created in 2016, and for which the first elections took place on 24 March 2018, ensures the representation of
local communities and Ivoirians living outside of Côte d’Ivoire. Two-thirds of senators are elected by indirect universal
suffrage and one-third are appointed by the President of the Republic for a term of five years. As the second chamber of
Parliament, the Senate has the same prerogatives as the National Assembly. Draft and proposed laws are submitted to the
office of the National Assembly and the Senate, for review by commissions of the two chambers. Any draft or proposed
law must be reviewed in succession by the two chambers of Parliament and is passed when approved by a majority vote
in each chamber. The draft finance law is submitted first to the National Assembly and draft or proposed laws relating to
territorial communities are submitted first to the Senate.

The Constitution and its Title V govern relations between the legislative and executive powers. With specific regard to
its control of government actions, members of the Government have access to parliamentary commissions and may be
heard by these commissions. The Parliament may be informed of Government actions by means of oral questions, written
questions, an inquiry commission or an evaluation initiative. The Court of Auditors assists the Parliament and the
Government in monitoring the execution of finance laws and in the areas under its authority.

The first elections of the Third Republic reflected a changing political landscape. The current configuration of the
National Assembly is dominated by the RHDP following its transformation into a unified political party, which holds
159 seats. Other opposition parties hold a total of 94 seats distributed among the following parliamentary groups: PDCI-
RDA (68) and Rassemblement and Vox Populi (26).

The next legislative elections are scheduled for 6 March 2021.

The Judiciary

The judiciary is independent, and the President of the Republic guarantees this independence. He is assisted by the
Supreme Council of Magistracy.

The Supreme Council of Magistracy examines matters relating to the independence and ethics of judges. The Council
also proposes candidates for appointment as judges of the Supreme Court or the Court of Auditors, the First Presiding
Judges of the Appeals Courts and the Presiding Judges of the first instance courts. The Supreme Council of Magistracy
is presided over by an official appointed by the President of the Republic from among active or retired senior judges.

The constitutional reform on the organization of the judiciary of 19 March 2020 led to the abolition of the Supreme Court
and the establishment of the Court of Cassation and the Council of State as the two institutions that represent the judicial
power alongside the Court of Auditors. See “Recent Political Developments” above.

The Court of Cassation, the Council of State and the Court of Auditors are the institutions that represent the judicial
power. Justice is served by the Court of Cassation, the Council of State, the Court of Auditors, the Appeals Court, the
First Instance Courts, the administrative courts and the regional audit chambers.

The Court of Cassation oversees the application of the law by the courts of law. It is the highest court of the judicial
branch. The Court of Cassation is presided over by a President appointed by the President of the Republic for a five-year
term renewable once.

The Council of State ensures the application of the law by the administrative courts. It is the highest jurisdiction of the
administrative order. The Council of State is presided over by a president appointed by the President of the Republic for
a five-year term renewable once.

On 3 April 2020, President Ouattara signed the decree appointing the current President of the Court of Cassation and the
current President of the Council of State in accordance with the new Constitution.

The Court of Auditors is the supreme controlling institution of public finances. It is vested with jurisdictional, control
and consultation capacities. The Court of Auditors controls the management of the financial statements of the State’s


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Departments, national public institutions, territorial communities, independent administrative authorities and any
organization benefitting from financial support from public companies and their subsidiaries. In this respect, it (i) ensures
the proper use of loans, funds and assets managed by the State’s departments and by other public entities; (ii) oversees
the execution of finance laws (the State’s budget); and (iii) expresses its opinion on the regularity and accuracy of the
financial statements as well as the general management of public companies, semi-public companies and companies with
public financial support. The Court of Auditors is also responsible for helping the Parliament and the Government.
Furthermore, the Court may be consulted by the Government, National Assembly and Economic and Labor Board
(Conseil Economique et Social) concerning economic and financial topics or the management of State and public entity
departments.

The President of the Court of Auditors is appointed by the President of the Republic for a five-year term that may be
renewed once. The current President of the Court of Auditors was sworn into office during a formal ceremony in the
presence of the President of the Republic on 8 January 2018.

Other Courts

The Ivoirian constitutional system includes two special courts: (i) a High Court of Justice (Haute Cour de Justice) and
(ii) a Constitutional Council (Conseil Constitutionnel).

The High Court of Justice handles exceptional cases. It has sole jurisdiction to try the President of the Republic, the Vice
President of the Republic and the members of the Government, including over alleged acts of high treason committed by
the President of the Republic and crimes or offences committed by the Vice President of the Republic and members of
the Government in the course of the performance of their official duties. It is presided over by the Presiding Judge of the
Court of Cassation. The High Court is composed of an equal number of members elected by the National Assembly and
the Senate upon the first session of the legislature.

The Constitutional Council is impartial and independent. It is the regulatory body that supervises the functioning of the
public authorities. The Constitutional Council has jurisdiction over the constitutionality of the law. It also has jurisdiction
over the monitoring of the presidential and parliamentary elections. It comprises the president, the former Presidents of
the Republic (except in case of express waiver on their part) and six members appointed for a non-renewable six-year
term, three of whom are appointed by the President of the Republic, two by the President of the National Assembly and
one by the President of the Senate. One half of the members is renewed once every three years. The President of the
Constitutional Council is appointed by the President of the Republic for a non-renewable six-year term.

Political Parties

The multi-party system has been authorized in Côte d’Ivoire since 1990. The main political parties of Côte d’Ivoire are:
(i) the RHDP, a coalition of political parties (including the RDR, the party of President Alassane Ouattara and the UDPCI)
founded on 18 May 2005 and transformed into a unified political party on 26 January 2019; (ii) the PDCI, founded by
former President Félix Houphouët Boigny, currently headed by former President Henri Konan Bédié; (iii) the FPI, the
political party of former President Laurent Gbagbo, currently headed by former prime minister Mr. Pascal Affi
N’Guessan whose leadership is contested by several prominent members of the party who are still loyal to Laurent
Gbagbo, and (iv) the GSPS, created in October 2019 by Mr. Guillaume Soro, former Prime Minister and former president
of the National Assembly, after officially parting with RHDP. On 28 April 2020, Mr. Soro, who is still residing in France,
was found guilty of embezzlement of public funds and money laundering, following a trial in abstentia. He was sentenced
to 20 years’ imprisonment, ordered to pay a CFAF 4.5 billion fine and disqualified from standing for election or holding
public office for five years. On 7 May 2020, in a complaint filed with the French courts in Paris by a group of unidentified
plaintiffs, Mr. Soro was accused of torture, murder and war crimes dating back to the years 2004 and 2011. Judicial
proceedings are currently underway. On 18 November 2020, the Ivoirian Government issued, and transmitted to the
French authorities, international arrest warrants for Mr. Soro and three of his close aides, who are believed to be residing
in France, including his director of communication and his aide-de-camp.




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Local Communities

In addition to the two autonomous districts (Abidjan and Yamoussoukro), Côte d’Ivoire is divided into 12 districts, which
are subdivided into 31 regions. The country is composed of administrative constituencies of 108 departments
(départements). The village or neighbourhood constitutes the first level of administrative authority and they are
respectively administered by a village or neighbourhood chief. Each region is administered by a Governor or a President
of the Regional Council and each town by a mayor. The departments are administered by préfets.

The difficulties of the State to meet the equipment and human resources requirements of the decentralized communities
remain a major constraint to the efficient implementation of the decentralization policy. In addition, the local development
dynamic suffers from the absence of the decrees required to implement certain powers transferred to territorial
communities, the low level of legal monitoring, and the lack of precision in the nature of the relations between the State
and territorial communities.

The Government grants subsidies to the decentralized communities and pays the salaries of the civil servants working
for these entities. Furthermore, it returns a portion of certain taxes to these decentralized communities, such as taxes on
real estate, patents and licences. In addition, some decentralized communities can also levy taxes. For instance,
municipalities levy a tax on local trade.

Legal System

As a former French colony, Côte d’Ivoire derives many of its fundamental legal texts and customs from the French civil
law system. The primary sources of law in Côte d’Ivoire are the Constitution, international treaties, legislation voted by
Parliament and governmental decrees.

The legal texts and regulations are published in an official gazette known as the Journal Officiel de la République de
Côte d’Ivoire.

As in most former French colonies, the French Civil Code of 1804 is the reference document for non-criminal aspects of
the legal system. The civil code was introduced in French colonies in 1833. It comprises the basic family, inheritance,
trust, tort and contract law and the basic rules regarding the status of persons and is dealt with in a variety of different
codes today in Côte d’Ivoire including the Family Code, the Nationality Code and the Code of Civil and Commercial
Obligations.

Business law in Côte d’Ivoire is governed by regulations of the OHADA treaty, of which Côte d’Ivoire is a member. It
was created on 17 October 1993 and now comprises 17 African member countries. The primary purpose of the OHADA
is to harmonize laws in the area of business and commercial law. Under the OHADA, laws adopted by the group apply
directly and immediately to each member country, without need for internal ratification. In addition, the OHADA treaty
has created a supranational court, which is vested with judicial powers, and has authority to rule on substantive matters.
Its decisions are binding on national courts. It also has advisory powers to ensure uniformity and consistent legal
interpretation across the member countries.

In 2014, Côte d’Ivoire adopted law 2014-389 of 20 June 2014 relating to judicial and conventional mediation. In addition,
the law 2016-1110 of 8 December 2016 relating to the establishment, organization and functioning of commercial courts
requires any litigant to resort to mediation prior to taking their case to a commercial court. By adopting these laws, Côte
d’Ivoire demonstrates its interest in mediation.

Further, other mediation and arbitration institutions exist in Côte d’Ivoire and render decisions. They are: (i) the
Arbitration Court of Côte d’Ivoire (Cour d’Arbitrage de Côte d’Ivoire), and (ii) the Arbitration Centre of the Common
Court of Justice and Arbitration (Centre d’Arbitrage de la Cour Commune de Justice et d’Arbitrage).

Judicial and Arbitral Proceedings

To the knowledge of the Republic, there are no current, pending or threatened judicial or arbitral procedures that could
have, or recently have had, a significant impact on the economic and financial situation of the country.


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Fight against Terrorism and Piracy

The Government has taken the following measures as part of the fight against terrorism:

    •   creation of an anti-terrorist cell within the Territorial Surveillance Department (Direction de la Surveillance du
        Territoire (“DST”));
    •   signing of cooperation agreements with Ghana and Liberia;
    •   strengthening cooperation with specialized organizations such as the Central Intelligence Agency in the United
        States and the Directorate-General for External Security (Direction Générale de la Sécurité Extérieure
        (“DGSE”)) in France; and
    •   drafting of a law on terrorism, under the auspices of the Ministry of Justice, with the aim of strengthening
        legislation in this domain in collaboration with institutions responsible for Côte d’Ivoire’s intelligence-gathering.

Despite these security measures, on 13 March 2016, heavily armed assailants attacked three hotels at a beach resort in
Grand-Bassam, located approximately 40 km East of Abidjan and a popular weekend location for Ivorian families and
western expatriates. Al-Qaeda in the Islamic Maghreb (AQIM) claimed responsibility for the attack, in which 19 people
were killed, including 11 Ivoirians, one Nigerian, one German, four French, one Macedonian and one Lebanese citizen.

The Ivorian authorities took action immediately after the attack, deploying promptly special forces and commando
operations against the assailants. An inter-ministerial committee lead by then Interior Minister Hamed Bakayoko and
Defence Minister Alain-Richard Donwahi was immediately put in place to direct these operations.

In addition, Côte d’Ivoire called on the Sahel G5 (Burkina Faso, Mali, Mauritania, Niger and Chad) for support and
cooperation, as well as the other countries of the sub-region, who are also at risk of terrorism. Côte d’Ivoire has also been
supported by several western countries to contain this threat. With the support of all parties, including France, Germany
and the United States, the assailants in the 2016 attack, none of whom is of Ivorian nationality, were finally overcome
and placed under arrest. Thanks to the regional cooperation among intelligence services, suspected accomplices of the
assailants were arrested in Mali, Burkina Faso and Senegal.

As part of its commitment to fight against terrorism, Côte d’Ivoire relies on its law on the suppression of terrorism enacted
in 2015 and, following the Grand-Bassam attacks, has enhanced its operational response capacity by putting in place a
management protocol for addressing terrorist attacks. Côte d’Ivoire also actively participates in regional cooperation
efforts against terrorism in order to better manage terrorist threats through the sharing of intelligence, regular meetings
among ministries in charge of security, the harmonization of standards for the surveillance of national boundaries and
the harmonization of national legislations. Moreover, with the support of France, Côte d’Ivoire is developing an
International Counter-Terrorism Academy (Académie Internationale de Lutte Contre le Terrorisme (“AILCT”)). It is a
regional centre that aims to meet the needs of many African countries in respect of the development and sharing of their
counter-terrorism capabilities. The AILCT is built around three complementary pillars:

    •   A staff college for high-level counter-terrorism stakeholders from various ministries, including those of justice,
        interior and armed forces. The goal is to address all aspects of counter-terrorism, from intelligence to the work
        of special forces to legal proceedings. Training programmes, which are for staff from various backgrounds, will
        encourage exchanges of best practices, mutual understanding among stakeholders and the development of local
        and regional synergies, which are conducive to interoperable modes of action.
    •   A training camp with specific facilities (firing infrastructures, a range of urban, maritime, lagoon and 3D
        environments, etc.) approved by French elite units (Special Operations Command (Recherche Assistance
        Intervention Dissuasion – RAID and the National Gendarmerie Intervention Group – GIGN).
    •   A strategic research institute to share doctrines and analyses of terrorist threats, and to allow partners to share
        lessons learned.
The AILCT project was launched on 18 October 2018 in Jacqueville. The cost of the project is estimated at CFAF 13
billion.


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With respect to piracy, the Government has also taken the following measures as part of the fight against maritime piracy
in the Gulf of Guinea:

    •    strengthening the national navy’s abilities via the acquisition of a patrol boat on 23 June 2014, as well as the
         acquisition of a second one christened “the Shield”, commissioned on 30 July 2015 from RAIDCO Marine;
    •    the adoption of Decree No. 2014-30 on 3 February 2014 concerning the organization and coordination of the
         actions by the State at sea;

    •    the creation of the Regional Marine Surveillance Centre of West Africa;

    •    as part of the cooperation with Canada, two Canadian vessels participated in an exercise with the naval forces
         of the countries of the Gulf of Guinea;

    •    China has offered two patrol boats to Côte d'Ivoire; and

    •    Côte d'Ivoire has acquired two navy patrol boats from France.

In addition, nine judges, one gendarme and one police officer participated in an immersion exercise aboard a French ship
named “La somme”. This exercise was organized jointly with the United Nations Office on Drugs and Crime (UNODC)
and funded by the European Union, and took place during a crossing between the harbours of Téma, Ghana and of
Abidjan, Côte d’Ivoire on 7 and 8 November 2019. This exercise forms part of the sub-regional exercise named “Grand
African Nemo”, and aims at reinforcing the abilities of these law enforcement officers regarding the procedures of
collection and processing of evidence at sea in the framework of judicial proceedings relating to maritime criminality in
Côte d’Ivoire.

On 11 June 2020, the Kafolo armed forces and gendarmerie joint outpost located in the Sikolo Sub-Prefecture at the
border with Burkina Faso (North-East of Côte d’Ivoire) was attacked by a group of suspected terrorists. The death toll of
the attack stood at 14 military personnel, with another 5 wounded. Two of the assailants, including the alleged ringleader,
were captured and another was killed by the Ivoirian armed forces. Investigations are underway to determine the nature,
circumstances and final death toll of the attack. In the meantime, urgent measures have been taken in the area, including
putting all troops on high alert and searching for the remaining assailants.

To further improve its fight against terrorism, enhance its operational response capacity at the borders with Mali and
Burkina Faso and prevent future terrorist attacks in the northern area of Côte d’Ivoire, the Council of Ministers, on 13
July 2020, adopted a decree creating the Northern Operational Area (Zone Opérationnelle Nord (“ZON”)). The ZON
will allow Ivoirian defence and security forces stationed in the area to move from simple border surveillance to a
defensive position, while providing a strong reversibility in the event of an offensive mission to prevent the risk of any
infiltration of armed groups into the national territory. The key objectives of the ZON are to (i) strengthen the operational
capabilities of the deployed troops as part of various military operations, particularly in the northern part of Côte d’Ivoire,
(ii) establish a single command for military operations and all activities related to the operational defence of the territory
for a better coordination between all defence and security forces stationed in the area, (iii) organise civil defence in the
fight against terrorism and ensure effective coordination with military operations and (iv) create proper conditions for
long stays of military officers in the field in order to acquire a better knowledge of the field, the local populations, the
various facilitators and coordinators of operations.

External Relations

France

Since its independence, Côte d’Ivoire has (like many former French colonies) maintained privileged relations with
France, its former colonial power. Until 1999, Côte d’Ivoire represented a model of political stability and success for
French cooperation in sub-Saharan Africa. French companies enjoy a leading position in Côte d’Ivoire’s economic
activity and France is still an important trading partner. Defence and cooperation agreements were signed in 1961 between
France and Côte d’Ivoire and recently renewed through the Defence and cooperation treaty signed in January 2012.


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French-Ivorian relations went through a period of crisis with the military and diplomatic engagement of France in the
conflict between the Government of President Laurent Gbagbo and the Forces Nouvelles in 2002-2003. France’s
initiatives were met with hostile nationalist reactions among the supporters of President Laurent Gbagbo, reflecting a
feeling of dispossession of Côte d’Ivoire by foreign interests. After the victory of Alassane Ouattara in the presidential
election of 2010, France has continued to play an important role alongside the United Nations Security Council in the
supervision of the post-crisis process and the normalization of Côte d’Ivoire’s relations with the international community.
In 2014, France decided to transform its Licorne military presence in Abidjan into an advanced operational military base,
the French Forces in Côte d’Ivoire (Forces Françaises en Côte d’Ivoire) (“FFCI”), which took effect on 1 January 2015.

This Ivorian-French cooperation is also marked by the signing of several economic agreements between the two
countries, including the agreement for the financing of the ongoing construction of the urban train of Abidjan for an
amount of €1.4 billion.

In 2019, France was the third largest supplier and the third largest customer of Côte d'Ivoire. There are about 800 French
companies currently operating in Côte d'Ivoire, of which 160 are affiliated with large French groups such as Bouygues,
Bolloré, Sade, BNP Paribas, Société Générale de Banques in Côte d'Ivoire, Orange, Total, CFAO, etc.

According to the 2019 World Investment Report of the United Nations Conference on Trade and Development
(UNCTAD) published on 12 June 2019, foreign direct investment inflows to Côte d’Ivoire amounted to US$913 million
(CFAF 543.75 billion) in 2018. France remains the first source of foreign direct investment into Côte d’Ivoire, followed
by Canada and Lebanon. Côte d’Ivoire is the third destination of French foreign direct investments in West Africa, after
Nigeria and Ghana. Morocco is the first African investor in Côte d’Ivoire.

United States of America

Diplomatic and economic relations with the United States of America have gradually improved since the end of the crisis.
In May 2014, the US Government restored eligibility of Côte d’Ivoire for the AGOA, legislation approved by the U.S.
Congress in May 2000 with the purpose of assisting the economies of sub-Saharan Africa and improving economic
relations between the United States and the region. Furthermore, in December 2014, Côte d’Ivoire became eligible for
the US Government sponsored Millennium Challenge Corporation (“MCC”) program. The MCC, a program designed
for developing countries that engage in good governance, economic liberalization, and investment in human resources,
provides financing for infrastructure, human development, governance, and market access improvement projects by way
of grants.

Moreover, alongside the implementation of reforms and vigorous efforts in terms of proper governance, liberalization of
the economy and improvement of the quality of human resources, Côte d’Ivoire was declared eligible for the “Compact”
aid program of the MCC aiming to contribute to the reduction of poverty through inclusive and sustainable economic
growth in developing countries. This eligibility was followed by a grant agreement from the Compact Program to Côte
d’Ivoire of CFAF 315 billion, which was approved on 7 November 2017 in Washington, DC in the presence of the Ivorian
President Alassane Ouattara and a MCC delegation.

As a result of different governance-related corporate reforms, Côte d’Ivoire was declared eligible for the Open
Government Partnership (“OGP”) on 28 July 2015. OGP was launched in 2011 to provide an international platform for
domestic reformers committed to making their governments more open, accountable, and responsive to citizens.

The resumption of bilateral relations between Côte d’Ivoire and the United States also resulted in the certification of
Félix Houphouët Boigny International Airport for flights to the United States in 2015. Following the launch of the first
direct air route between Abidjan and New York in May 2018, Ethiopian Airlines is considering opening a new direct
route between Abidjan and Washington. Ongoing discussions initially contemplated an effective opening in the first half
of 2020. However, such opening has been delayed to an unspecified date as a result of the Covid-19 pandemic.




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European Union

Cooperation between Côte d'Ivoire and the European Union is facilitated by the Cotonou agreement signed in 2000. The
main sectors of this cooperation for the period 2014-2020 are the strengthening of the State and consolidation of peace,
agriculture, food security and energy.

Other Bilateral Relations

In the context of the diversification of its external partners, Côte d’Ivoire has since 2011 increased its cooperation with a
number of partners, notably China, the Republic of Korea, Turkey, India and Japan. It has put an emphasis on South-
South cooperation notably with Morocco, Tunisia and South Africa, and on deepening regional integration. These
relations aim to increase the volume of Côte d’Ivoire’s trade with the rest of the world and to take advantage of the
experience of these countries while accessing additional external resources required for its development. Furthermore,
Côte d’Ivoire is developing relations with new political allies in the Arab world in order to attract financing originating
from these countries.

Aside from the countries listed above, Côte d’Ivoire maintains diplomatic relations with most of the world’s countries,
either bilaterally or regionally and multilaterally. Côte d’Ivoire’s diplomatic coverage rate was 71.13 per cent in 2019
with 57 diplomatic and consular posts. Côte d’Ivoire is currently analysing whether and how to share diplomatic
representation among one or more countries in order to control costs in this domain. Côte d'Ivoire opened an embassy in
Qatar in 2018, with its ambassador being appointed on 19 January 2019, and plans to close the one in Chad.

Membership in International and Regional Organizations

Côte d’Ivoire is an active member of the international community, and its policy is to foster good relations with foreign
countries. Côte d’Ivoire is a member of international organizations and signed several international treaties on the global,
African and regional level.

Global Organizations

On the global level, Côte d’Ivoire has been a member of the United Nations since 20 September 1960 and began a term
as a non-permanent member of the UN Security Council in January 2018. Côte d’Ivoire is a member of a majority of
multilateral organizations such as the IMF and the World Bank, in each case since 11 March 1963, and the WTO since 1
January 1995.

African Union

Côte d’Ivoire is a member of the AU, the successor to the Organization of African Unity. The AU is modelled on the
European Union and has had a common parliament since March 2004 when the Pan African Parliament was created. In
addition, the AU aims to have a central bank in the long term, a court of justice, common defence and a single currency.
Its day-to-day affairs are run by the AU Commission. All member States are required to pledge 0.5% of their GDP to
fund the AU. At the Kigali summit in 2016, member States agreed to each levy a 0.2% tax on imports of certain “eligible”
products in order to finance their contribution to the various budgets of the organization. To date, only 23 (out of 55)
member States, including Côte d'Ivoire, have established such a tax and the AU is reliant on donor support. Complete
implementation of this mechanism would allow the AU to double its staff and reach its objectives for the NEPAD.
NEPAD is a vision and strategic framework for Africa, designed to address issues such as escalating poverty levels and
underdevelopment in Africa. Côte d’Ivoire complies with this funding requirement since the ordinance dated 27 June
2017, effective as from 1 July 2017. In addition, many members are reluctant to make the necessary concessions regarding
their sovereignty. The AU is however prepared to sanction military interventions through its Peace and Security Council,
such as its intervention in Mali.

On 21 March 2018 in Kigali (Rwanda), the AU member States signed an agreement establishing the African Continental
Free Trade Area (“AfCFTA”). As at the end of December 2019, Côte d'Ivoire and 27 other countries have ratified the
agreement out of 54 signatory countries. After reaching the number of 22 ratifications required by the AU Commission,


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the AfCFTA agreement entered into force on 30 May 2019. Initially scheduled for 1 July 2020, the implementation of
trading under the AfCFTA was delayed as a result of the Covid-19 pandemic. Intra-African trade relations under the
framework of the AfCFTA started on 1 January 2021.

ECOWAS

Côte d’Ivoire is an active member of the ECOWAS, established on 28 May 1975 with the signing of the Treaty of Lagos.
The ECOWAS is headquartered in Abuja, Nigeria and has 15 West African members (Benin, Burkina Faso, Cape Verde,
Côte d’Ivoire, Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo).
The organization’s mission is to promote economic integration in all fields of economic activity, particularly industry,
transport, telecommunications, energy, agriculture, natural resources, commerce, monetary and financial matters, and
social and cultural matters. In 1993, the ECOWAS treaty was revised to accelerate the process of integration and establish
an economic and monetary union to stimulate economic growth and development in West Africa with the following
objectives: (i) the removal of customs duties for intra-ECOWAS trade and taxes having equivalent effect, (ii) the
establishment of a common external tariff, the harmonization of economic and financial policies and (iii) the creation of
a single monetary zone. However, regional trade within the ECOWAS as a share of total trade remains limited due to the
lack of harmonization of member States’ economies.

In addition, Côte d’Ivoire began its four-year term presidency of the ECOWAS Commission since 1 March 2018.

WAEMU and BCEAO

The WAEMU is an organization of eight West African countries established to promote economic integration among
countries that share a common currency, the CFAF. The WAEMU was created by a Treaty signed at Dakar, Senegal, on
10 January 1994 by the Heads of State and Governments of Benin, Burkina Faso, Côte d’Ivoire, Mali, Niger, Senegal
and Togo. On 2 May 1997, Guinea-Bissau, a former Portuguese colony, became its eighth (and only non-Francophone)
member State.

The BCEAO is the common central bank of the eight member states that form the WAEMU. See “Monetary System—
The Franc Zone and the BCEAO–The BCEAO”.

The WAEMU is also a customs union and monetary union. Its objectives are greater economic competitiveness, through
open and competitive markets, along with the rationalization and harmonization of the legal environment, the
convergence of macroeconomic policies and indicators, the creation of a common market, the coordination of sectorial
policies and the harmonization of fiscal policies.

Côte d'Ivoire currently holds the presidency of the supreme body of the WAEMU, the Conference of State and of
Government, a position it has held since January 2016. The President of the Republic of Côte d’Ivoire has initiated a
reform of the institution and a reflection on the future the CFAF. On 21 December 2019, Presidents Emmanuel Macron
and Alassane Ouattara announced certain reforms to the monetary cooperation between France and the WAEMU,
including the renaming of the “CFAF” as the “ECO” in 2020, the end of the requirement that the BCEAO keep 50% of
its foreign currency reserves in the French Treasury, and the withdrawal of French representatives from the WAEMU's
governing bodies. See “Monetary System— The Franc Zone and the BCEAO - The ECOWAS Single Currency Project
and the CFAF Reform –The CFAF Reform”.

Council of the Entente

The Council of the Entente (Conseil de l'Entente) is a West African regional cooperation organization created in May
1959, whose purpose is primarily economic. The founding countries were Dahomey (now Benin), Upper Volta (now
Burkina Faso), Côte d’Ivoire and Niger. They were joined in 1966 by Togo. In 1966, the Council established permanent




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administrative headquarters in Abidjan, in Côte d’Ivoire. A mutual aid and loan guarantee fund provides support for the
most disadvantaged members.

African Development Bank

Côte d’Ivoire is a member of the AfDB, the main objective of which is to reduce poverty in its regional member countries
by contributing to their sustainable economic development and social progress. The AfBD, which temporarily (2003-
2014) moved its headquarters to Tunis after the military-civil crisis in 2003, transferred its operations back to Abidjan.
The full transfer of its staff was completed in late 2014. The bank even held its annual meeting of May 2015 at Abidjan.
The 55th annual meeting of the AfDB was held by videoconference on 26 and 27 August 2020.

African, Caribbean and Pacific Group of States

Côte d’Ivoire is also a member of the African, Caribbean, and Pacific Group of States (“ACP”), an organization created
in 1975. It is composed of 79 African, Caribbean and Pacific countries, with all of them, except for Cuba, signatories to
the Cotonou Agreement, also known as the “ACP-EC Partnership Agreement” which links them to the European Union.
The ACP includes 48 countries from sub-Saharan Africa, 16 countries from the Caribbean and 15 countries from the
Pacific. The ACP was originally created with the aim of fostering cooperation between its members and the European
Community. The ACP has evolved to also cover agreements with the European Union in the areas of trade, economics,
politics and culture.

World Health Organization

The WHO is a key technical partner for Côte d’Ivoire. Although the financial cooperation of bilateral and multilateral
institutions has decreased due to the socio-political crisis that affected the country, the WHO’s assistance has remained
uninterrupted and has in fact increased, mitigating the effects of the crisis. It has continued its assistance in social fields
such as health and education.

The mission of the WHO’s Country Office in Côte d’Ivoire is to promote the attainment of the highest possible level of
health for the country’s entire population, by collaborating with the Government and other partners in health development
and by supplying technical and logistical support for the country’s programs.

Alongside Côte d’Ivoire, the WHO has developed several cooperation strategies to encourage decisive qualitative
guidelines for methods of intervention, coordination and advocacy by the WHO in Côte d’Ivoire. The first generation
WHO cooperation strategy with Côte d’Ivoire was established covering 2004 to 2005 via a participative process that
mobilized, in addition to national health entities, other technical and financial partners of Côte d’Ivoire. The second
generation WHO cooperation strategy with Côte d’Ivoire was developed under a framework of priority interventions for
the period covering 2009-2013.

This strategy is based on several programs, such as the 2013-2015 PNDS and the CDMT. It is based upon the mission,
guidelines and priorities of the WHO, the UNDAF, the MDGs and the Paris Declaration.

The strategic initiatives for intervention were established as follows:

    •   accelerating the fight against disease;
    •   improving maternal, neonatal and child health, as well as the health of teenagers and other vulnerable groups;
    •   fostering an environment conducive to health;
    •   strengthening the health system; and
    •    preparedness for and response to emergencies and catastrophes.

Following and based on the evaluation of this second cooperation strategy, which took place in November 2015, the
Government developed a strategy for the 2016-2020 period as part of the 2016-2020 NDP, with the support of the WHO.
In connection with this strategy, Côte d’Ivoire is launching mass vaccination campaigns, mainly targeting children up to

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5 years of age, in partnership with the WHO. The Government and the WHO are working closely to monitor and address
the Covid-19 pandemic in Côte d’Ivoire. The National Health Response Plan was adopted with the support of the WHO
and aims, amongst other things, at providing free care for infected people and equipping intensive care units,
strengthening epidemiological and biological surveillance (i.e. virus testing, creation of a free call centre, rehabilitating
and equipping laboratories) and reinforcing capacities of pharmaceutical industries. In addition, the WHO is supporting
the Government in its discussions with technical and financial partners for the implementation of the National Health
Response Plan.




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                                                   THE ECONOMY

General Presentation

Côte d’Ivoire is the leading economy in the West African Economic and Monetary Union (“WAEMU”) in terms of GDP,
according to the BCEAO and, according to WAEMU demographic statistics, the country with the largest population in
the WAEMU. The population of Côte d’Ivoire is estimated at 25.8 million inhabitants in 2019 according to the National
Institute of Statistics (Institut National de la Statistique (“INS”)). Real GDP estimates published by the IMF ranked Côte
d’Ivoire sixth among the most dynamic economies of Sub-Saharan Africa in terms of real GDP growth (after Rwanda,
Ethiopia, Tanzania, Benin and Uganda) in 2019 (see 2020 IMF Outlook). In addition, the IMF and the Government
estimate Côte d'Ivoire’s real GDP growth at 6.2% for 2019. In 2020, the Covid-19 pandemic adversely impacted
economic growth globally and in Côte d’Ivoire. The 2020 IMF Outlook and the Government project real GDP growth in
Côte d’Ivoire at 1.8% as a result of the Covid-19 pandemic, compared to an initial forecast of 6.7% (see 2019 IMF
Outlook). As of the date of this Prospectus, economic growth in 2021 is projected at 6.5% by the Government and 6.2%
by the IMF. The 2020 IMF Outlook also projects an annual real GDP growth of 6.5% for Côte d’Ivoire between 2022
and 2025. The increase in public and private investment led to an average annual rate of real GDP growth of 6.9% over
the 2015-2019 period. This dynamism, coupled with good governance, has contributed to improvements in health and
education indicators, and facilitated access to international financial markets. In 2019, Côte d’Ivoire reinforced its
position as the world’s leading producer and exporter of cocoa, accounting for more than one-third of the world’s cocoa
production, and the leading cashew nut producer in the world (according to the statistics of Côte d’Ivoire’s Ministry of
Agriculture).

In March 2012, following the end of the 2011 post-election crisis, the Government adopted the first NDP, which sought
to create an environment conducive to development, in order to boost economic growth and employment. This plan was
implemented successfully over the 2012-2015 period and allowed for a dynamic revival of the economy and the
stabilisation of the country. Real GDP growth was 9.2% on average over the 2012-2015 period. The second 2016-2020
NDP, supported by the IMF, was intended to lay the foundations for economic emergence of Côte d’Ivoire by the end of
2020 with a reinforced industrial base. In this regard, the implementation of this second NDP made it possible to
consolidate the achievements of the 2012-2015 NDP by maintaining the investment dynamic and ensuring an effective
implementation of structural reforms. The Government is preparing a third NDP for the 2021-2025 period, which is
expected to be finalized by the end of the first semester of 2021..

The real GDP growth rate was 7.4% in 2017 and 6.9% in 2018. Economic growth rate is estimated at 6.2% in 2019 and
1.8% in 2020 by the Government and the IMF. For 2021, real GDP growth rate is projected at 6.5% by the Government
and 6.2% by the IMF, taking into account and assuming the implementation of the 2021-2025 NDP. The IMF projects
annual real GDP growth at 6.5% for Côte d’Ivoire between 2022 and 2025.

Côte d’Ivoire’s economy is undergoing rapid change thanks to the dynamism of the secondary and tertiary sectors.
However, the economy remains dependent on its agriculture, and in particular the coffee-cocoa sector. The Government’s
estimates show that, in 2018, coffee and cocoa together represented 39.8% of the value of exports (excluding exceptional
goods) and 9.7% of the country’s tax revenues. In 2019, coffee and cocoa represented 41.3% of the value of exports
(excluding exceptional goods) and 9.9% of the country’s tax revenues according to the Government’s estimates.

This dependence on agriculture makes Côte d’Ivoire’s economy vulnerable to fluctuations in global agricultural product
prices and to weather conditions, both of which affected this sector and the cocoa industry particularly in 2016. In order
to reduce the dependency of its economy on agriculture, Côte d’Ivoire has engaged in a series of reforms aiming to
strengthen the resilience of its economy. See “Risk factors – Côte d’Ivoire’s economy is dependent on its agriculture
sector and in particular the cocoa sector which is highly vulnerable to global price volatility and to weather-related
shocks.”

On the basis of an assessment of the industrial sector in 2012, the Government formulated a strategy with the objective
of increasing the secondary sector’s share of GDP from 24% in 2012 to approximately 40% in 2020. To achieve this
goal, the Government has undertaken a series of measures including: (i) the adoption of an Investment Code in 2012, (ii)
the creation of an Industrial Infrastructure Management and Development Agency (Agence de Gestion et de


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Développement des Infrastructures Industrielles) in 2013, responsible for designing, implementing and ensuring the
management of industrial development planning, (iii) the implementation of a program for the revival of the textile
industry, (iv) the creation of a new industrial zone on the PK 24 site located approximately 24 km outside Abidjan, (v)
the renovation of the Yopougon industrial zone, (vi) the implementation of a National Restructuring and Upgrading
Program for industrial companies, (vii) the promotion of agricultural raw material processing, (viii) the adoption of a
new Investment Code in 2018 to promote investment in the priority sectors of agriculture, agro-industry, health and hotels
and (ix) the creation in January 2018 of the National Economic Policy Council (Conseil national de politique
économique), whose role is to identify the main national and international economic challenges facing the State and to
ensure overall medium- and long-term consistency between economic policies and governmental programmes.

Côte d’Ivoire initially aimed to reach a rate of at least 50% by the end of 2020 for the domestic processing of its
agricultural production. However, such 2020 targets have been impacted by the Covid-19 pandemic and the extent of
such impact is still being assessed by the Government. See “– Presentation of Economic and Other Information –
Macroeconomic Data”. In 2018, this rate was 9% for cashew nuts and 100% for palm oil. In 2019, this rate was 16% for
coffee and 30% for cocoa.

The table below presents Côte d’Ivoire’s nominal GDP from 2015 to 2021:

                                          2015             2016            2017            2018(1)          2019 (Est.)    2020 (For.)    2021 (For.)

 Nominal GDP (in CFAF
                                        27,086.2         28,423.9      29,955.0            32,222.3          34,298.9        35,124.6       37,698.5
 billions)

(1) Data from the provisional accounts awaiting final validation.
Source: MEF



The table below presents the breakdown of nominal GDP for each sector of activity from 2015 to 2021:

                                        2015         2016           2017               2018(1)        2019 (Est.)         2020 (For.)     2021 (For.)
 Breakdown in % of GDP
 – Primary sector ...............       18.4          19.7          18.7                20.5                20.7             20.8            20.1
 – Secondary sector ...........         19.5          19.1          20.5                21.0                21.2             20.2            20.5
 – Tertiary sector ...............      47.8          46.8          46.2                43.3                43.1             43.3            43.7
 – Non trade GDP ..............         6.9           7.6           7.2                 8.5                 8.5              9.1              8.9
 – Duties and taxes .............       7.4           6.8           7.4                 6.7                 6.5              6.7              6.7

(1) Data from the provisional accounts awaiting final validation.
Source: MEF


The table below presents the change in volume of real GDP for each sector of activity from 2016 to 2021:

                                          2016               2017           2018(1)              2019 (Est.)         2020 (For.)         2021 (For.)
 Change in volume (in %)
 Total real GDP ...................        7.2                7.4                6.9                  6.2                  1.8               6.5
 – Primary sector ..................      -4.0                3.3                5.2                  5.3                 -1.3               3.5
 – Secondary sector ..............         5.3               15.4                4.3                 11.5                  1.6               9.7
 – Tertiary sector ..................     12.9                5.0                6.8                  4.9                  1.8               6.5
 – Non trade GDP .................         9.0                0.0               22.8                  4.0                  7.0               4.1
 – Duties and taxes ................       1.9               20.3                1.1                  5.0                  1.6               6.5

(1) Data from the provisional accounts awaiting final validation.
Source: MEF


Côte d’Ivoire continues its efforts to modernize and diversify its economy by strengthening its competitiveness and
making it more resilient to external shocks, in particular by strengthening the business climate, governance and the fight


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against corruption. In this respect, it is committed to implementing its comprehensive agenda of far-reaching structural
measures designed with the help of its international development partners, in particular the IMF and the World Bank.

These Government-led reforms, which aim, in particular, to move towards paperless procedures and acts, have allowed
Côte d’Ivoire to move from 139th place in 2018 to 122nd place in 2019 and then to 110th place in 2020 in the World Bank’s
general “Doing Business” ranking, representing a 45-place improvement from 2012. Thus, Côte d’Ivoire is once again
among the top 10 reformers worldwide. In terms of good governance, according to the 2020 Mo Ibrahim index report,
Côte d’Ivoire progressed in each of the four categories of the IIAG, rising from 46th place to 18th place from 2010 to
2019. In addition, Côte d’Ivoire received the Anti-Corruption Award from the African Union during its 32nd ordinary
session in February 2019.

Measures in Support of the Economy During the Coronavirus (Covid-19) Pandemic

In its updated 2020 World Economic Outlook published in October 2020, the IMF noted that the coronavirus (Covid-19)
pandemic is inflicting high and rising human costs worldwide, and the necessary protection measures are severely
impacting economic activity. As a result of the coronavirus pandemic, the global economy is projected to contract sharply
by –4.4% in 2020 according to the IMF. The global economy is projected to grow by 5.2% in 2021 as economic activity
normalizes, helped by policy support.

Before the Covid-19 pandemic, Côte d’Ivoire’s real GDP growth was initially projected at 6.7% by the IMF (see 2019
IMF Outlook) and at 7.2% by the Government in 2020. However, the Covid-19 pandemic and containment measures
implemented to fight the spread of the coronavirus have adversely impacted the growth momentum in Côte d’Ivoire.
According to the 2020 IMF Outlook, real GDP growth in Côte d’Ivoire is, as a result of the Covid-19 pandemic, now
projected at only 1.8% for 2020. While the current trajectory of the Covid-19 pandemic remains highly uncertain and the
Government cannot predict the duration and severity of the impact of the pandemic or of any future containment efforts,
the Government and the IMF have identified the following economic impacts (see IMF Country Report No. 20/132 of
April 2020):

    •   A simultaneous external and domestic shock, the pandemic is expected to strongly impact Côte d’Ivoire: As in
        many countries, the Covid-19 pandemic is expected to depress Côte d’Ivoire’s macroeconomic outlook, both
        indirectly as the spread of the disease slows down economic activity worldwide and directly via a sizable human
        and economic cost as strong containment measures are being implemented.

    •   The impact on trade and domestic production could be considerable: Lower demand from partner countries and
        supply chain disruptions could undermine Côte d’Ivoire’s trade. The EU and China, regions that have
        experienced significant disruptions due to the Covid-19 pandemic, are important trading partners for Côte
        d’Ivoire, accounting for approximately 50% of the country’s total exports and imports. End-January data already
        shows signs of reduced traffic in Ivoirian air- and maritime ports. Furthermore, efforts to mitigate the spread of
        the coronavirus, such as the regulation of transportation, curfews and the prohibition of unauthorized travel
        within the country, are expected to depress domestic consumption and investment, disrupt the domestic market
        and the supply chain, and hinder production.

    •   The business sector and the wellbeing of populations are expected to be significantly affected: The containment
        measures implemented by the authorities resulted in business closures, temporarily led to a sharp decline of
        profits of some small and medium enterprises, and a loss of wages for workers, especially in the informal sector
        and among the self-employed. This will impact the wellbeing of families and communities and may drive already
        vulnerable families into poverty.

    •   The fiscal impact of the Covid-19 pandemic is expected to be high, driven by declining tax revenues and higher
        demand on the Government’s budget, with rising health-related expenditures and pressures to support the private
        sector and vulnerable families.




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    •   The banking sector could face a sharp deterioration of its loan portfolio, exacerbating the likely decline in
        available credit in the economy resulting from the economic slowdown: The BCEAO took swift measures to
        ease liquidity constraints in the banking sector and support firms. See “Monetary System – Monetary Policy”.
        However, banks will likely experience a deterioration in the quality of their assets, including some public banks
        which are currently undercapitalized (such public banks hold only 3% of the total assets held by banks).

Côte d’Ivoire has taken various measures to address the adverse effects of the coronavirus pandemic on its economy and
population. As part of the fight against the coronavirus pandemic and its economic and social impact, in addition to the
CFAF 96 billion National Health Response Plan (Plan National de Riposte Sanitaire), the Government adopted,
following a wide consultation with the entire private sector and various professional organizations, an Economic, Social
and Humanitarian Support Plan (Plan de Soutien Economique, Social et Humanitaire) estimated at CFAF 1,700 billion,
representing approximately 5% of GDP. This Plan is designed to help mitigate the abovementioned impact of the
pandemic and the various containment measures taken by the Government on the population and economic actors in the
formal and informal sectors. See “The Republic of Côte d’Ivoire – Health”. It will also help to prepare a rapid resumption
of the economic activity at the end of the pandemic. The Economic, Social and Humanitarian Support Plan consists of
(i) business support measures, (ii) economic support measures and (iii) social measures for the population and its
implementation led to additional budgetary expenditures of CFAF 323.5 billion in 2020. In line with the Economic,
Social and Humanitarian Support Plan and the National Health Response Plan, the Government of Côte d’Ivoire, has
established four funds supporting the socio-economic environment with a combined global budget of CFAF 158.0 billion
in 2020:

        •    a Covid-19 Special Solidarity and Emergency Humanitarian Support Fund (Fonds Spécial de Solidarité et
             de Soutien d’Urgence Humanitaire Covid-19), also known as the Covid-19 Special Solidarity Fund (Fonds
             Spécial de Solidarité Covid-19). In accordance with the social and humanitarian component of the National
             Health Response Plan against the Covid-19 pandemic, this Fund is intended to finance the Government’s
             solidarity actions towards the sections of the population impacted by the pandemic and their families,
             particularly the elderly and persons with disabilities. It also takes into account indigent patients, families of
             indigent people who died from the pandemic, vulnerable children and adolescents in orphanages, nurseries
             and homeless children. The Fund, which consists of budgetary allocations and donations from individuals,
             countries, institutions and companies, is designed to ensure the food and psycho-social security of the
             population during the pandemic. A total budget of CFAF 170 billion was allocated to the Covid-19 Special
             Solidarity Fund over the 2020-2021 period, representing approximately 0.5% of GDP.

        •    a Covid-19 Support Fund for Large Enterprises (Fonds de Soutien aux Grandes Entreprises Covid-19
             (“FSGE Covid-19”)). The FSGE Covid-19 is designed to provide large enterprises in difficulty with the
             necessary financial support from the State to preserve means of production and employment, with a view to
             guaranteeing the stability of the national economy. A total budget of CFAF 100 billion was allocated to the
             FSGE Covid-19 over the 2020-2021 period, representing approximately 0.3% of GDP.

        •    a Covid-19 Support Fund for Small and Medium-Sized Enterprises (Fonds de Soutien aux Petites et
             Moyennes Entreprises Covid-19 (“FSME Covid-19”)). The FSME Covid-19 is created to provide small and
             medium sized enterprises in difficulty with the necessary financial support to preserve means of production
             and employment in order to sustain the stability of the national economy. A total budget of CFAF 150 billion
             was allocated to the FSPME Covid-19 over the 2020-2021 period, representing approximately 0.4% of GDP.

        •    a Support Fund for Participants in the Informal Sector (Fonds d’Appui aux Acteurs du Secteur Informel).
             This Fund is designed to help to identify participants in the informal sector affected by the Covid-19
             pandemic in order to determine their financing needs, grant them loans and refinance the credit institutions
             involved in the implementation of financing programs. The management of these funds will be audited by
             the General Inspectorate of Finance (Inspection Générale des Finances (“IGF”)) and an international audit
             firm. A budget of CFAF 100 billion was allocated to this Fund over the 2020-2021 period, representing
             approximately 0.3% of GDP.



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An emergency plan in support of agricultural export and the food production sectors impacted by the Covid-19 pandemic
(Programme d’urgence pour le soutien aux filières agricoles d’exportation et au secteur des productions alimentaires),
with a budget of CFAF 95.8 billion for 2020, was also created in order to support the agricultural sector impacted by the
Covid-19 pandemic. The implementation of this emergency plan will entail public transfers, including price and income
support, and the provision of goods and services, in particular fertilizer subsidies, plot development and seed distribution.
This mechanism will be accompanied by specific regulations adapted to the implementation of this plan. In view of the
urgency and seriousness of the situation, the Council has decided to set up a simplified governance framework called the
Inter-ministerial Committee on Raw Materials (Comité Interministériel des Matières Premières (“CIMP”)) headed by
the Prime Minister. This Committee, enlarged to include all Ministries connected to the agricultural sector (including the
Ministries of Agriculture and Rural Development, of Animal and Fishery Resources, of Rice Promotion, of Commerce
and Industry, of Economy and Finance), will be supported by operational implementation units from the public and
private sectors. A global budget of CFAF 300 billion was allocated to the agricultural export (CFAF 250 billion,
representing approximately 0.75% of GDP) and food production (CFAF 50 billion, representing approximately 0.06%
of GDP) sectors to preserve means of production and employment over the 2020-2021 period.

Various other initiatives, with a total budget of CFAF 69.4 billion, focus mainly on supporting public enterprises,
strengthening and securing market supply, and fighting against soaring prices for consumer goods. The Economic, Social
and Humanitarian Support Plan thus contributed, on the one hand, to supporting production tool and maintaining jobs in
order to ensure the continuity of business activities, and, on the other hand, to providing humanitarian support to
vulnerable populations or those made vulnerable by the health crisis.

Côte d’Ivoire has benefitted from the continuous support of its technical and financial partners in its fight against the
Covid-19 pandemic and its economic impact. The BCEAO took a series of mitigating measures to support the WAEMU
banking sector that have facilitated the financing of economic activity. The IMF provided financial support to Côte
d'Ivoire in an amount of CFAF 536.0 billion under the Rapid Credit Facility and the Rapid Financing Instrument in order
to address emergencies related to the Covid-19 pandemic. See “– Public Debt – Multilateral Debt – International
Monetary Fund (IMF)”.

National Development Plans

2012-2015 NDP

Economic activity in Côte d’Ivoire significantly shrank by 4.2% in 2011 as a consequence of the post-election crisis,
which led to a slowdown in economic activity and a rise in overall prices, in connection with the following factors:

    •   the suspension of cocoa exports by the Government from February to April 2011;
    •   the embargo on imports from two ports of Côte d’Ivoire (the Abidjan Port Authority (Port Autonome d’Abidjan)
        and the San Pedro Port Authority (Port Autonome de San Pedro)) and the sanctions adopted by the European
        Union against certain public companies in Côte d’Ivoire;
    •   the closing of nearly all commercial banks with the exception of the national banks (Banque Nationale
        d’Investissement (BNI), Banque de l’Habitat de Côte d’Ivoire (BHCI), Versus Bank, and Caisse Nationale des
        Caisses d’Epargne (CNE)) by mid-February 2011; and
    •   the intensification of the post-election crisis from the end of March to mid-April 2011.

In March 2012, the Government adopted the NDP for the period covering 2012-2015 and made it operational through
the Public Investment Program (Programme d’Investissements Publics (“PIP”)), a three-year rolling annual program,
which aimed at implementing the NDP through concrete projects supporting the Government’s economic and
development strategy for this period. The purpose of the NDP was to reduce poverty and increase growth through
investments with the general objective of making Côte d’Ivoire an emerging country by 2020. Through the creation of
the 2012-2015 NDP, Côte d’Ivoire committed to giving a new impetus to its development policy. The 2012-2015 NDP
also provided for the implementation of structural reforms (in the spheres of the business climate and competitiveness of
the economy, democratic, administrative, economic and judicial governance, debt, public finance, institutional


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management capacities and national statistical apparatus). This affected key sectors with growth potential such as
agriculture, agrifood, building and public works, mining, petrol, gas and electricity, transportation and commerce,
telecommunications and the research and development sector. This new strategy relied on a recovery and development
plan based on private and public investment. It identified the main sources of growth, taking into account the comparative
advantages of the country. In addition, the 2012-2015 NDP contained precise sectoral objectives and strategies to be
implemented by the Ministries, with points of reference which allowed for a regular follow up on the progress achieved.

The strategic objectives of the 2012-2015 NDP included the following:

    •   build the basis to make Côte d’Ivoire an emerging economy by 2020;
    •   ensure and sustain macroeconomic stability, including a viable public debt;
    •   achieve a sustainable high GDP growth rate: according to Government figures, Côte d’Ivoire exceeded by
        approximately 1.5 percentage points its growth target of 8.6% in 2012 with real GDP growth of 10.1% in 2012,
        and by approximately 0.3% its growth target of 9.0% in 2013; the Government reached a real GDP growth of
        8.8% in 2014, 8.8% in 2015 and 8% in 2016;
    •   reduce the poverty rate by half and re-join the group of African countries with the highest rankings in terms of
        the HDI of the UNDP;
    •   achieve, or make significant progress towards, the MDGs;
    •   create one of the best business environments in Africa, and strengthen the competitiveness of the economy;
    •   re-join the group of leading African countries in terms of good governance and fighting corruption; and
    •   strengthen Côte d’Ivoire’s position at the regional and international level.

The 2012-2015 NDP aimed to significantly increase public investment and create an environment conducive to the
development of the private sector, with a view to boosting economic growth and employment. In the preceding decade,
public investment had contracted due to the political and military crisis, so that infrastructure could not be maintained or
developed, due to the lack of financing. The PIP sought to bring the public component of the investments (in sectors such
as safety, health, education, roads and bridges, agriculture, telecommunications, energy, industry and SMEs) in 2012 to
5.3% of GDP from a maximum of 3.3% on average over the preceding twelve years. Thus, public investments increased
over the 2012-2015 period reaching 5.5%, 6.3%, 6.9% and 6.7% of GDP in 2012, 2013, 2014 and 2015, respectively.

Similarly, the Government was able to attract private investments and to maintain dynamic, sustained and inclusive
growth through (i) the restoration of safety over the whole territory of Côte d’Ivoire, (ii) the consolidation of national
reconciliation through the actions of the CDVR on 11 September 2011, (iii) the efforts made by the Government to
repatriate those in exile under the auspices of the tripartite agreements among Côte d’Ivoire, the host countries and the
United Nations High Commissioner for Refugees, (iv) political dialogue with the opposition undertaken by the
Government, (v) the unfreezing of bank accounts and assistance provided to former soldiers, (vi) the improvement of the
business environment with a view to strengthening consumer confidence, as well as business and investor confidence
and (vii) the promotion of good governance.

Financing Strategy for the 2012-2015 NDP

The total cost of the 2012-2015 NDP’s investments (public and private) was CFAF 11,076 billion, including a public
sector contribution of CFAF 4,579.6 billion.

According to the Government’s estimates, the annual average cost stood at CFAF 2,769.0 billion, with an annual
financing mobilisation capacity by the State of CFAF 519.6 billion. The remaining overall financing need of CFAF
2,501.1 billion, was primarily financed through the WAEMU and international capital markets through a strategy
designed to avoid jeopardizing debt sustainability, in accordance with the 2013-2016 Medium-Term Debt Strategy
(Stratégie de la Dette à Moyen Terme (“SDMT”)) adopted by the Government on 19 December 2013. See “Public Debt—
Public Debt Management Policy—Institutional Measures: The CNDP and the SDMT”.


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The table below presents the financing outline of the NDP for the 2012-2015 period, as contemplated by the NDP:
                                                                  2012      2013      2014           2015      Total      Average
                                                                                         (CFAF billions)
 Total Cost of the Plan ............................             1,520.9   2,263.3   3,129.5        4,162.3   11,076.0    2,769.0
 Current Revenues ..................................             2,342.6   2,873.1   3,386.3        3,985.9   12,587.8    3,147.0
 Current Expenditures .............................              2,005.5   2,130.8   2,333.5        2,552.6    9,022.5    2,256.0
 Public Investment (A) ............................               676.4    1,000.0   1,291.2        1,612.0    4,579.6    1,145.0
 Financing Received for Public Investment
 (B) .........................................................   675.9      110.1     518.0         774.5      2,078.5     519.6
 Public Investment Coverage Rate (%)....                          99.9       11.0      40.1          48.0        45.4       45.4
 Public Financing Needs (C=B-A) .........                        (0.5)     (889.9)   (773.2)       (837.5)    (2,501.1)   (625.4)
 Private Financing ...................................           844.5     1,263.3   1,838.3       2,550.3     6,496.4    1,624.1
Source: DGPE


Results of the 2012-2015 NDP

According to the 2012-2015 NDP Consulting Group, which was composed of Government representatives, bilateral and
multilateral partners and private sector representatives, the development partners’ commitments from 2012 to 2015
amounted to US$9.9 billion (CFAF 4,950 billion), i.e., a commitment rate of 146% in comparison to the amount
announced. In terms of the absorption of resources, disbursements stood at US$9 billion (CFAF 4,500 billion) for the
same period, representing a disbursement rate of 91% compared to the commitments made.

The Government considers that the implementation of the 2012-2015 NDP was a success in several respects, in particular
with regard to:

     •       the resumption of strong, lasting growth for the Ivorian economy with the support of its development partners;
     •       Côte d’Ivoire’s inclusion and sustained presence among the countries with the highest economic growth in the
             world, with an annual average real GDP growth rate of 9% over the 2012-2015 period;
     •       an increase in investments, which rose from 9% of the nominal GDP in 2011 to 20% in 2015;
     •       the recovery of real income per inhabitant by nearly 25% between 2012 and 2015;
     •       a decrease in the poverty rate from 49% in 2008 to 46% in 2015;
     •       control over the budget deficit and indebtedness;
      •      control over the external deficit; and
     •       the improvement of diplomatic relations and reinforcement of so-called economic diplomacy.
As regards road infrastructure and transportation services, a high point in the implementation of the 2012-2015 NDP was
the completion of the first engineering projects contemplated as part of the “emergence-by-2020” plan. They included
the northern (Singrobo-Yamoussoukro) highway, the Riviera II highway interchange, and the Henri Konan Bédié,
Bouaflé and Jacqueville bridges. In terms of roadwork, 140 km of the Gesco–Singrobo highway were reinforced and
paving was completed for 86 km of the Singrobo–Yamoussoukro section and for 120 km of the Boundiali–Tengrela
section. In addition, more than 5,000 km of rural roads were upgraded.
Significant improvements were made in the social sectors. The number of jobs in the formal sector increased from
722,567 in 2012 to 868,209 in 2015. This progress was achieved in the context of efforts to address youth unemployment.

Marked improvements were made in terms of access to education; 9,291 primary school classrooms were built, in
addition to 3,500 secondary school classrooms and 45 middle schools. These achievements, in addition to a significant
recruitment of staff, contributed to an increase in access to education. In that context, the gross primary school admission
rate increased from 73.4% in 2008 to 97.8% in 2014. The gross school enrolment rate increased from 76.2% in 2008 to
94.7% in 2014 according to the Ministry of Education.




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Efforts undertaken to rehabilitate and re-equip hospitals and health centres contributed to an improvement in access to
health services, as did the implementation of the initiative to provide mothers and children with free healthcare, caesarean
sections, and medicines. In addition, efforts to equip and bring technical platforms of health facilities in line with
standards contributed to an improvement in the quality of health services.

In terms of access to drinking water, the construction of 794 pumps and 76 water towers, as well as maintenance work
performed on 11,446 human-powered pumps, contributed to a significant increase in access to drinking water
infrastructure. Moreover, Abidjan’s water treatment station now operates with a ground storage capacity of 10,000 m3.
All of these developments are contributing to positive changes in the population’s health and quality of life.

The commencement of 71 social housing construction projects throughout the country and allocation of 3,060 hectares
of land for the low-cost social housing program is expanding the access of low-income populations to property.

The connection of roughly 800 rural towns to the electrical power grid and to ease service subscription costs for
households has increased rates of access and coverage.

The private sector contributed significantly to the implementation of the 2012-2015 NDP, particularly through sizeable
investments in the energy and mining sectors, especially the Tongon mine, oil and gas exploration, and the establishment
of several processing units in the coffee, cocoa, and cashew sectors. Over the period 2012-2014, private sector investment
amounted to CFAF 4,699 billion, compared with the predicted level of CFAF 3,946 billion, a 119.1% implementation
rate. This performance attests to the role of the private sector as a driver of economic growth.

2016-2020 NDP

In order to continue its reform agenda, the Government adopted a new NDP for the 2016-2020 period on 9 December
2015. This 2016-2020 NDP, prepared following a thorough assessment of the 2012-2015 NDP’s implementation and
results, maintained the general objective of making Côte d’Ivoire an emerging economy by 2020. In the vision of the
Government, emerging economy status will result in a significant reduction in poverty and a corresponding rise of the
middle class, establishing a dynamic, development-oriented and liberal economy that is open to the outside world. This
is expected to allow Côte d’Ivoire to successfully integrate into the global economy and further cooperate with its
neighbours to strengthen regional integration.

As part of the 2016-2020 NDP, the Government initially expected growth to continue to be strong, sustained and inclusive
so as to allow GDP per capita to double by the end of 2020 from its 2012 level and to maintain Côte d’Ivoire’s status as
a pre-emerging country. However, while the Government is still assessing and monitoring the effects of the Covid-19
pandemic, it is expected to adversely impact the Ivoirian economy and growth momentum in the short term. Similarly,
the 2016-2020 NDP targets for the end of 2020 will be impacted by the Covid-19 pandemic the extent of such impact is
still being assessed by the Government. See “– Presentation of Economic and Other Information – Macroeconomic
Data”. With the 2016-2020 NDP, a particular focus had been placed on the following: mandatory schooling, food self-
sufficiency, access to drinking water, access to electricity in every village with more than 500 residents, improved social
security coverage and local, effective health systems. Côte d’Ivoire also aims to rank within the top 50 countries in the
world in terms of business environment (“Doing Business” ranking), within the leading group of African countries in
terms of good governance and transparency in the management of public resources (World Bank index) and within the
highest ranked African countries in the UNDP’s HDI.

This plan establishes industry as one of the major pillars of the economy’s structural transformation and focuses on the
following strategies:

    •   strengthening the quality of the country’s institutions and proper governance;
    •   accelerating the development of human capital and social well-being;
    •   accelerating the structural transformation of the economy through industrialization;
    •   developing infrastructure that is equitably spread throughout the country while at the same time protecting the
        environment; and

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    •   strengthening both regional integration and international cooperation.

The implementation of the 2016-2020 NDP was designed at the outset to achieve the following targeted results:

    •   an average real GDP growth rate of 8.7% between 2016 and 2020. This performance was expected to be driven
        by the primary, secondary and tertiary sectors, which are expected to record respective average annual growth
        rates of approximately 5.8%, 11.5% and 9.2% during this period;
    •   a rise of the investment rate from 19.5% of GDP in 2015 to 24.5% in 2020 with the private investment rate
        progressing from 12.8% in 2015 to 15.2% in 2020. This significant contribution expected from private
        investments reflected the Government’s reliance on the private sector as an important pillar of emerging
        economies;
    •   an inflation rate maintained under the convergence threshold of +3.0% for WAEMU countries;
    •   an increase of total revenues and donations from CFAF 3,916.8 billion in 2015 to CFAF 6,492.3 billion in 2020,
        representing an average growth rate of 10.6%. These resources remained dominated by fiscal revenues, which
        were expected to rise from CFAF 2,954.9 billion in 2015 to CFAF 5,317.4 billion in 2020. Fiscal pressure was
        expected to grow from 15.1% in 2015 to 16.9% in 2020; and
    •   an improvement of the budget deficit, as a percentage of GDP, from 2.8% of GDP in 2015 to 1.9% of GDP in
        2020.

As part of the Ivorian economy’s structural transformation, the 2016-2020 NDP is supported by several significant
reforms intended to amplify the effects of the investments to be made during the period of the plan’s implementation.
These reforms relate primarily to:

    •   the creation of a single population record;
    •   the creation of a unique identifier for companies;
    •   geo-referencing of the country’s capital assets and natural resources;
    •   the creation of credit bureaux and a credit information centre; and
    •   the implementation of a system to prevent and manage natural risks and catastrophes.
Before the Covid-19 pandemic, the Government expected the macroeconomic framework to continue to be solid and
sustainable, characterized by a low annual inflation rate (below 2%), a continued control over the level of the budget
deficit (around 3% in 2020) and a consolidation of net foreign assets. Its baseline scenario was strong growth driven by
structural investments in the main growth sectors and continued large-scale structural reforms. The real GDP growth rate,
which reached 7.2% in 2016, 7.4% in 2017, 6.9% in 2018 and is estimated at 6.9% in 2019. In 2020, the Covid-19
pandemic is expected to adversely impact economic growth globally and in Côte d’Ivoire. The 2020 IMF Outlook projects
real GDP growth in Côte d’Ivoire at 1.8% as a result of the Covid-19 pandemic, compared to an initial forecast of 6.7%
(see 2019 IMF Outlook). For 2020, in order to meet major challenges and fund additional expenditures related to the
Covid-19 pandemic, including the funding of the National Health Response Plan (Plan National de Riposte Sanitaire)
and the Economic, Social and Humanitarian Support Plan (Plan de Soutien Economique, Social et Humanitaire), the
Government and the IMF have agreed on a budget deficit of 5.9% of GDP in 2020 (compared to a pre-Covid-19 forecast
of 3%). The budget deficit is expected at 4.6% of GDP for 2021 and is expected to converge towards the WAEMU
community convergence criteria of 3% of GDP in 2023. On 27 April 2020, the WAEMU Conference of Heads of States
and Governments declared a temporary suspension of the WAEMU growth and stability Pact, which sets six convergence
criteria, including the 3% of GDP fiscal deficit rule, to help member-countries cope with the fallout of the Covid-19
pandemic. The Government continues to monitor and assess the impact of the Covid-19 pandemic on the economy.

Financing Strategy for the 2016-2020 NDP

To achieve these growth objectives, the 2016-2020 NDP as adopted in December 2015 provided for an overall investment
of approximately CFAF 30,000 billion of which 60% was expected to come from the private sector, including through


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PPPs. Before the Covid-19 pandemic, the investment rate was expected to reach 24.5% of GDP by the end of 2020
(public investment being expected to stand at 9% by the end of 2020 and private investment at 15.5% by the end of 2020).
Inflation was expected to be controlled at an average of 2% per year over the period, below the WAEMU convergence
criteria ceiling of 3%. However, the 2016-2020 NDP targets for the end of 2020 have been impacted by the Covid-19
pandemic although the extent of such impact is still being assessed by the Government. See “– Presentation of Economic
and Other Information – Macroeconomic Data”

The table below sets forth the financing outline of the 2016-2020 NDP, as contemplated by the Government (forecasts):

 (CFAF Billion)                                          2016             2017         2018        2019       2020      Total
 Revenue Excluding Grants                               4,078.7          4,352.4      4,855.2     5,415.9    5,996.8   24,699.2
 Total expenses and Net lending excluding Investment    3,510.2          3,613.4      3,753.5     3,901.1    4,136.7    18,915
 Total Investment                                       4,277.2          5,148.5      6,000.3     6,847.3    7,726.7    30,000
 Public (A)                                             1,643.7          1,950.7      2,286.3     2,560.4    2,843.4   11,284.4
 Private                                                2,633.5          3,197.9       3,714      4,286.9    4,883.2   18,715.6
 Public Savings (B)                                     568.54             739        1,101.7     1,514.8    1,860.2    5,784.2
 Public Funding Requirements (C=B-A)                   (1,075.2)        (1, 211.7)   (1,184.6)   (1,045.6)   (983.3)   (5,500.4)
Source: MDP/DGPLP, MEF/DPPSE, SEPMBPE

Implementation of the 2016-2020 NDP

The implementation of the 2016-2020 NDP began in an international context characterised by a global growth slowdown,
a fall in the prices of major raw materials and low rainfall. This unfavourable context has not made it possible to achieve
the macroeconomic growth and balance objectives envisaged in the 2016-2020 NDP. However, after four years of
implementation, the annual reports on the implementation of the 2016-2020 NDP reflect overall satisfactory
macroeconomic performance.

The Ivorian economy achieved annual rates of real GDP growth of 7.2% in 2016, 7.4% in 2017, 6.9% in 2018 and an
estimated 6.2% in 2019 and is expected to reach 1.8% in 2020 as a result of the Covid-19 pandemic according to the
Government and the IMF. This steady creation of wealth has enabled the Government to increase spending in favour of
the most disadvantaged sections of the population. Thus, pro-poor expenditures more than doubled between 2012 and
2018, rising from CFAF 1,080.3 billion to CFAF 2,361.4 billion. They amounted to CFAF 2,550.6 billion in 2019 and
are projected at CFAF 2,754.9 billion in 2020 (pre-Covid-19 pandemic). For 2021, the Government has allocated CFAF
2,863.8 billion to pro-poor expenditure in its initial 2021 budget. Moreover, GDP per capita has been steadily increasing
since 2012 to reach CFAF 1.261 million in 2018, and is estimated at CFAF 1.309 million in 2019.

This performance has been largely supported by significant investments, both private and public, which have
continuously increased since 2011. Investments increased from CFAF 6,408 billion in 2015 to CFAF 7,157 billion in
2018. Investment rate increased from 23.7% of nominal GDP in 2015 (based upon the old GDP reference year 1996) to
22.3% in 2018, is estimated at 22.9% in 2019 and, as a result of the Covid-19 pandemic, is now expected to reach 23.4%
in 2020, compared to an initial target of 24.5% in the 2016-2020 NDP. The Government is currently preparing a new
National Development Plan for the 2021-2025 period. See “– The Economy – 2021-2025 NDP”.

Major achievements in the implementation of the 2016-2020 NDP include the following:

    •    In the transportation infrastructure and services sector:

               Improvements in road infrastructure, notably the extension of paved and maintained roads from 3,500
                km in 2015 to 10,000 km in 2016, to 15,279 km in 2017 and then to 18,434 km in 2019. With regard to
                the development of new roads, the amount of completed paved roads increased from 6,700 km in 2015,
                to 6,743 km in 2017 and then to 7,150 km in 2019. With regard to access-improving infrastructure, the
                completion of the Japanese-Ivorian Friendship Interchange in Abidjan brings the total number of access-
                improving infrastructure built over the 2016-2019 period to 22.




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         With regard to transport services, the road and lagoon public transport sub-sector saw: (i) the increase
          of the SOTRA fleet with 500 new Tata buses acquired in 2017 compared to 51 new buses in 2015 and
          71 in 2016 and (ii) the delivery of more than 200 new-generation taxis to operators as a result of support
          from the Road Transport Development Fund from 2016 to 2017. In the ship transport sub-sector,
          following the installation and effective start of activities of the two licensed operators in 2016
          (CITRANS and STL), 17 ships entered into service in 2017 (7 from CITRANS and 10 from STL). In
          the air transport sub-sector, the national airline, Air Côte d'Ivoire, expanded its fleet with the acquisition
          of three aircraft in 2017 and the construction of the parallel taxiway and the extension of the cargo
          terminal at the Félix Houphouët-Boigny Airport in Abidjan were completed. Thanks to the increasing
          attractiveness of the country and the Abidjan hub strategy being developed by Air Côte d’Ivoire, traffic
          at Félix Houphouët-Boigny Airport increased to 2,260,000 passengers in 2019 compared to 2,000,000
          in 2017.

•   In the social services and healthcare sector:

         With regard to grade-school education, between 2016 and 2019: (i) the construction of 11,500 primary
          school classrooms, and 81 high schools and middle schools, (ii) the distribution of 11,728,922 school
          kits and (iii) the hiring of 23,417 primary school teachers. At the end of 2017: (i) the construction of
          4,070 classrooms in public schools, including 630 in preschools and 3,440 in primary schools, the
          opening of 67 public middle schools, and the distribution of 26,859 desk benches, (ii) the distribution
          of 3,494,924 school supply kits and (iii) the hiring of 5,000 assistant teachers trained at special
          educational training centers (Centre d'Animation et de Formation Pédagogique), 683 middle school
          teachers and 213 high school teachers trained at the Ecole Normale Supérieure (ENS).

         As regards higher education: (i) the construction of the Man University, (ii) the rehabilitation and
          equipment of the Cocody university campuses, (iii) the rehabilitation of athletic facilities and cultural
          centres on the university campuses of Abidjan (CROU A1), (iv) the rehabilitation and equipment of
          administrative offices, university residences and the CROU medical centre of Daloa, (v) the start of
          construction works of the universities of Bondoukou and San Pédro and (vi) the launch of a Science,
          Technology and Innovation Fund (Fonds pour la Science, la Technologie et l’Innovation or “FONSTI”)
          with a capital endowment of CFAF 3 billion.

         In terms of employment, the number of employees rose with job creation, increasing from 86,195 jobs
          in 2016 to 95,710 in 2017 (including 83,764 for the private sector and 11,946 for the public sector),
          reaching 100,911 in October 2020 (including 79,432 in the private sector and 21,479 in the public sector)
          representing a 17.1% increase compared to 2016. Furthermore, 222,213 youths were able to benefit
          from the youth employment and integration programs in 2018.

         As part of improving the supply of healthcare, the Government brought the number of first-contact
          health facilities (Etablissements Sanitaires de Premier Contact (ESPC)) from 2,023 to 2,479 over the
          2016-2019 period, including 67.9% in rural areas and 32.1% in urban areas. In addition, in the
          framework of the social programme of the Government, the rehabilitation of 102 health centres financed
          by the World Bank and a large building/rehabilitation/equipment programme of 725 ESPC are being
          implemented. The availability rate of crucial drugs for the New Public Health Pharmacy (Nouvelle
          Pharmacie de Santé Publique (NPSP)) increased from 23% in 2011 to 90% in 2015 and then to 92.44%
          in 2018 at the central level. The availability rate of safe blood products increased from 122,112 blood
          bags in 2012 to 168,025 in 2016 and then to 159,551 in 2019.

         Concerning drinking water coverage, the proportion of the population with access to a source of drinking
          water rose from 78.4% in 2015 to 80.7% in 2016 and then to 82% in 2017, reaching 84% in 2018,
          according to the National Office of Drinking Water (Office Nationale de l’Eau Potable (ONEP)). This
          improvement is due to the implementation of actions such as (i) the completion of work aimed at
          reinforcing the piezometric network for the monitoring of water tables in Abidjan, Dabou and Bonoua,
          (ii) the completion of the reinforcement of the drinking water supply in Bouna, Bondoukou, Aboisso,


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                 Adzopé and surrounding communities, (iii) the construction of 300 new wells equipped with manually-
                 operated pumps and of more than 100 improved hydraulic pumps, (iv) the rehabilitation of 100 obsolete
                 manually-operated pumps and (v) the establishment of more than 500 women’s committees for water
                 source management.

    •   In the energy sector:

                 The national electricity coverage rate reached 69% on 31 December 2019, compared to respectively
                 58% in 2018 and 54% in 2017. The rate of access to electricity went from 89.5% in 2018 to 94% at the
                 end of December 2019. These changes are explained by an increase in energy capacity from 1,805 MW
                 in 2015 to 2,229 MW in 2019 thanks to, in particular, the inauguration of the Soubré hydroelectric dam
                 with a capacity of 275 MW and the increase of 30 MW by improving the performance of the gas turbines
                 of the Azito power plant. In addition, in order to promote effective access of households to electricity
                 at a lower cost, 734,272 connections have been made under the Electricity for All Program over the
                 period 2014-2019, including 203,000 connections in 2019. The successful implementation of the rural
                 electrification programme (PRONER) also increased the number of electrified localities from 4,537 in
                 2016 to 4,639 in 2017, to 4,940 in 2018 and then to 5,861 in 2019 out of a total of 8,513 localities.

2021 – 2025 NDP

The 2021-2025 NDP currently under preparation will focus on supporting the Government’s medium-term development
strategy between 2021 and 2025. The implementation of the 2021-2025 NDP is expected to further consolidate the
Government’s achievements under the 2012-2015 NDP and the 2016-2020 NDP and aims to promote inclusive and
sustainable economic growth with the overall objective of making Côte d’Ivoire an upper middle-income economy by
the end of 2025. Like the prior NDPs, the 2021-2025 NDP will be structured around several major pillars, including (i)
the strengthening of productive transformation, development of industrial clusters and digitalization of the economy; (ii)
the development of human capital and improvement of productivity; (iii) the strengthening of financial inclusion, national
solidarity and social action; (iv) regional development through the creation of competitive economic zones and continued
development of infrastructure to support growth in compliance with social and environmental requirements and the
SDGs; and (v) the improvement of governance and further modernization of State institutions.

The Government’s objectives under the 2021-2025 NDP remain the pursuit of structural reforms of the national economy
and reduction of poverty. In addition to strengthening the business climate and governance, special emphasis will be put
on attracting private investment in strategic sectors, mainly the agro-industry. The processing of agricultural products is
expected to be further strengthened through continued implementation of various programmes and initiatives to improve
the competitiveness of cocoa and cashew processing enterprises. The Government will also focus on the creation of
adequate socioeconomic infrastructure, the development of human capital, the modernization of public administration,
and the implementation of initiatives aimed at preserving the environment. The Government expects that Côte d’Ivoire
will weather the impact of the Covid-19 pandemic and resume its economic growth momentum, which would enable it
to move into the upper middle-income economy bracket. Moreover, with a view to making growth more inclusive,
mitigating the impact of the Covid-19 pandemic on the populations and further consolidating the achievements under the
Government’s Social Programme or “PSGouv”, special emphasis will be put on programmes and initiatives with high
social impact as part of the implementation of the 2021-2025 NDP. The 2021-2025 NDP investment programme will be
funded through both public and private sources, including the Government’s public investment budget and the
mobilisation of external and private financing. The 2021-2025 NDP is expected to be finalized by the end of the first
semester of 2021.

Structure of the Economy

For 2020 and beyond, all GDP and GDP related data disclosed in this Prospectus are based on the most recently available
macroeconomic data. Governmental responses to address or mitigate the impact of Covid-19 pandemic or its aftermath
may require implementation of new economic or other measures, which may involve additional fiscal incentives and
require revisions to GDP and GDP related data estimates for 2020 and beyond. See “The Republic of Côte d’Ivoire –
Health” and “The Economy – Measures in Support of the Economy During the Coronavirus (Covid-19) Pandemic”

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above. Similarly, all initial targets set in the 2016-2020 NDP for the end of 2020 will be impacted by the Covid-19
pandemic and the extent of such impact is still being assessed by the Government. Prospective investors should be aware
that all estimated figures for 2020 and beyond disclosed in this Prospectus are subject to some degree of uncertainty and
may be further adjusted, amended or revised, whether as part of regular review or otherwise, based on a number of
evolving factors, which are uncertain and rapidly changing and cannot be predicted.

The contribution of the primary sector, which comprises food crops (live-stock breeding included), agriculture for export
and forestry and fishing, to nominal GDP was 18.4% in 2015, 19.7% in 2016 and 18.7% in 2017. Its estimated
contribution was 20.5% in 2018 and 20.7% in 2019. Such contribution is expected at 20.8% in 2020 and projected at
20.1% in 2021. Agricultural production is very diversified and comprises food crops (in particular rice, cassava and corn)
and export crops such as coffee, cocoa, cotton, rubber tree, palm oil and cashew nuts.

The primary sector real GDP growth rate was -4.0% in 2016. Primary sector real GDP growth rate experienced successive
increases of 3.3% in 2017, 5.2% in 2018 and estimated at 5.3% in 2019. The primary sector real GDP growth rate is
projected at -1.3% in 2020 and -3.5% in 2021. The 2017 and 2018 situation reflected favourable climatic conditions, the
recovery of coffee trees that had suffered from water stress during the severe drought that occurred from December 2015
to April 2016 and the implementation of reforms in the cashew nut sector. The 2019 estimates reflect the upturn in
subsistence agriculture benefiting from continuing investments in the agricultural sector (National Agricultural
Investment Program II (Programme National d’Investissement Agricole II, (NAIP II))) and from the revitalization of
professional organizations in the food sector. They also reflect improved phytosanitary treatment of the plantations and
an improvement of access roads and an increase in prices paid to farmers. The projected decreases in 2020 are expected
to result in particular from decreases in cocoa production (-8.3%) due to the vegetative rest and the destruction of
plantations infected by the swollen shoot. In 2021, cocoa production is expected to grow by 2.4% as a result of continued
investment in the agricultural sector in accordance with NAIP II.

The growth of the agricultural sector over the last several years is primarily due to the implementation of the NAIP over
the 2010-2015 period, for example the 2012-2020 National Rice Development Strategy (Stratégie Nationale du
Développement du Riz (SNDR)), the objective of which is to cover all consumption needs through local production.
Growth of the agricultural sector also resulted from the continuation of the coffee-cocoa sector reform and the
implementation of reforms for the cashew nut and cotton sectors, which is expected to help better structure these sectors
and improve their productivity rate. See “—Principal Sectors of the Ivorian Economy—Agricultural”.

The secondary sector, which comprises the extractive industry, agro-food industries, oil products and other sub-sectors,
represented an estimated 21.2% of nominal GDP in 2019, 21.0% of nominal GDP in 2018, 20.5% of nominal GDP in
2017, 19.1% of nominal GDP in 2016 and 19.5% of nominal GDP in 2015. It is expected to represent 20.2% of nominal
GDP in 2020 and 20.6% in 2021. The secondary sector real GDP growth rate was 5.3% in 2016, 15.4% in 2017, 4.3% in
2018 and 11.5% in 2019. This positive trend is primarily due to the development of the manufacturing and building and
public works industries. The Government expects this trend to continue in 2020 at a level of 1.6%, due to the strength of
most of its components and despite the expected decrease in petroleum products (-26.9%) and extractive activities (-
4.8%). The secondary sector real GDP growth rate is projected at 9.7% in 2021, due to building and public works industry
(+18.3%), petroleum products (+10.2%) and agro-food industry (+6.1%).

The tertiary sector, which comprises transportation, telecommunications, trade and other sub-sectors, is estimated to
represent 43.1% of nominal GDP in 2019, 43.3% of nominal GDP in 2018, 46.2% of nominal GDP in 2017, 46.8% of
nominal GDP in 2016 and 47.8% of nominal GDP in 2015. The tertiary sector is expected to account for 43.8% of
nominal GDP in 2020 and 43.7% in 2021. The contribution of the tertiary sector to GDP is limited by the difficulties of
certain market factors such as (i) infrastructure deficiencies, (ii) disruption of the supply for markets and supermarkets
due to the degradation and insufficiency of railroad infrastructures, (iii) poor access of population to banking services,
and (iv) a poorly developed tourism sector. The tertiary sector real GDP growth rate was 12.9% in 2016, 5.0% in 2017,
and is estimated at 6.8% in 2018 and 4.9% in 2019. The tertiary sector real GDP growth rate is projected at 1.8% in 2020
and 6.5% in 2021. This trend is explained by the revival of activities of all sub-sectors of this sector since the 2011 post-
election crisis and by the benefits tied to the growth of the primary and secondary sectors. Furthermore, the Government
estimates that the implementation of its SME/SMI development strategy, adopted in February 2014, the reactivation of
the SOTRA and the commencement of operations of the lagoon water plan to other companies, namely the STL, as well


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as the return of the AfDB to Abidjan which was fully completed in late 2014, contributed to a significant increase in
activity in the tertiary sector in 2016. The tertiary sector benefited from (i) investments in the telecommunications sector
for national fibre optic coverage; (ii) investments in various ports and airports; (iii) the commissioning of new hotels, (iv)
the economic benefits of the 2017 Jeux de la Francophonie; (v) the revival of maritime traffic, in particular in connection
with cocoa and oil product exports; and (vi) the expected increase in the volume of margins for cocoa and oil product
export businesses.

As a result of the rebasing of GDP, 2015 is now the new base year for the national accounts of Côte d'Ivoire. As of the
date of this Prospectus, the Government is not able to produce a growth rate for 2015 since the growth rate itself is now
based on the new 2015 reference year (which has become “year zero” of the national accounts). Therefore, in 2015, GDP
growth rate, growth rates in the various sectors of activity (primary, secondary and tertiary) and the contribution of each
sector of activity to GDP growth are considered to be zero. GDP growth rate, growth rates in the various sectors of
activity and the contribution of each sector of activity to GDP growth for year 2015 will be available following the
retropolation of the national accounts for years prior to 2015. The Government plans to finalise the preparation of the
retropolation of the national accounts prior to 2015 using the 2015 base year by the end of the first semester of 2021. See
“The Economy — Gross Domestic Product — GDP Rebasing Project”.

The table below presents the breakdown of the weight in real GDP per sector of activity in 2015 (as a percentage):
                                                                                                     Non
                                                                  Primary   Secondary   Tertiary   Merchant   Duties and   Total
                                                                   sector     sector     sector     sector      Taxes      GDP
 Weight in GDP ...........................................          18.4       19.5       47.8        6.9        7.4       100.0
Source: MEF




The table below presents the breakdown of real GDP per sector of activity in 2016 (as a percentage):
                                                                                                     Non
                                                                  Primary   Secondary   Tertiary   Merchant   Duties and   Total
                                                                   sector     sector     sector     sector      Taxes      GDP
 Growth .......................................................     -4.0        5.3       12.9        9.0        1.9        7.2
 Weight in GDP ...........................................          19.7       19.1       46.8        7.6        6.8        100
 Contribution to GDP growth .....................                   -0.7        1.0        6.0        1.3        0.1        7.2
Source: MEF


The table below presents the breakdown of real GDP per sector of activity in 2017 (as a percentage):
                                                                                                     Non
                                                                  Primary   Secondary   Tertiary   Merchant   Duties and   Total
                                                                   sector     sector     sector     sector      Taxes      GDP
 Growth .......................................................      3.3       15.4        5.5       -2.3        20.3       7.4
 Weight in GDP ...........................................          18.7       20.5       44.9        8.4        7.4        100
 Contribution to GDP growth .....................                    0.5        3.0        2.7       -0.2        1.4        7.4
Source: MEF


The table below presents the breakdown of real GDP per sector of activity in 2018 according to the provisional
accounts awaiting validation (as a percentage):
                                                                                                     Non
                                                                  Primary   Secondary   Tertiary   Merchant   Duties and   Total
                                                                   sector     sector     sector     sector      Taxes      GDP
 Growth .......................................................      5.2        4.3        6.8       22.8        1.1        6.9
 Weight in GDP ...........................................          20.5       21.0       43.3        8.5        6.7        100
 Contribution to GDP growth .....................                    0.8        0.9        3.3        1.8        0.1        6.9
 Source : MEF




                                                                               98
The table below presents an estimate of the breakdown of real GDP per sector of activity in 2019 (as a percentage):
                                                                                                                   Non
                                                                     Primary      Secondary         Tertiary     Merchant    Duties and       Total
                                                                      sector        sector           sector       sector       Taxes          GDP
 Growth .......................................................         5.3          11.5              4.9          4.0         5.0            6.2
 Weight in GDP ...........................................             20.7          21.2             43.1          8.5         6.5            100
 Contribution to GDP growth .....................                       0.8           2.3              2.3          0.4         0.4            6.2
  Source : MEF



The table below presents an estimate of the breakdown of real GDP per sector of activity in 2020 according to
Government projections (as a percentage):
                                                                                                                   Non
                                                                     Primary      Secondary         Tertiary     Merchant    Duties and       Total
                                                                      sector        sector           sector       sector       Taxes          GDP
 Growth .......................................................        -1.3           1.6              1.8          7.0         1.6            1.8
 Weight in GDP ...........................................             20.8          20.2             43.3          9.1         6.7            100
 Contribution to GDP growth .....................                      -0.2           0.3              0.9          0.7         0.1            1.8
  Source : MEF



The table below presents an estimate of the breakdown of real GDP per sector of activity in 2021 according to the
projections (as a percentage):
                                                                                                                   Non
                                                                     Primary      Secondary         Tertiary     Merchant    Duties and       Total
                                                                      sector        sector           sector       sector       Taxes          GDP
 Growth .......................................................         6.5           3.5              9.7          6.5         4.1            6.5
 Weight in GDP ...........................................             20.1          20.6             43.7          8.9         6.7            100
 Contribution to GDP growth .....................                       0.5           2.0              3.1          0.4         0.5            6.5
  Source : MEF



The table below presents contributions to GDP growth by sector of activity from 2016 to 2021:
                                                              2016         2017           2018(1)          2019 (Est.)   2020 (For.)      2021 (For.)
 Primary Sector ...................................           -0.7          0.5             0.8               0.8           -0.2             0.5
 Secondary Sector ...............................              1.0          3.1             0.9               2.3            0.3             2.0
 Tertiary Sector ...................................           6.0          2.4             3.3               2.3            0.9             3.1
 Non trade GDP ..................................              0.8          0.0             1.8               0.4            0.7             0.4
 Duties and taxes ................................             0.1          1.4             0.1               0.4            0.1             0.5
 Total GDP ........................................            7.2          7.4             6.9               6.2            1.8             6.5

(1) Data from the provisional accounts awaiting final validation.
Source: MEF


Gross Domestic Product (GDP)

The GDP is an economic indicator used to measure the level of economic production of a country. It is defined as the
total monetary value of all the final goods and services produced over a given period in the territory of a State by the
companies in the country, regardless of their nationality. To determine real GDP, its nominal value must be adjusted to
take into account inflation. The growth of GDP is calculated on the basis of real GDP and used as an indicator for the
economic growth of a country.



                                                                                     99
The rebasing of GDP resulted in various changes in GDP growth rate and GDP-related data. As of the date of this
Prospectus, final data are available for years 2015 to 2017. For 2018, GDP data are from provisional accounts awaiting
final validation, and GDP data for 2019 are estimates from the provisional accounts. Data for 2020 are forecasts. All
GDP figures used in this Prospectus are based on constant 2015 prices and all GDP and GDP-related data are presented
on a 2015 reference year basis. See “The Economy — Gross Domestic Product — GDP Rebasing Project”.

Real GDP in 2016

In 2016, real GDP growth was 7.2% due to the performance of the secondary and the tertiary sectors . Sectoral changes
were as follows.

The primary sector recorded a decrease of 4.0% in 2016, due to the decrease in agricultural exports of -6.7% mainly
caused by difficult weather conditions and certain agricultural diseases. Food agriculture slightly increased by 1.0%.

The secondary sector grew by 5.3%, driven by the significant growth in the extractive industry (+16.9%), sustained
energy production (+11.0%) and the maintenance of building and public works (+34.3%) in connection with construction
projects related to the 2017 Jeux de la Francophonie, the continuation of building construction and public projects (the
Tiébissou-Didiévi road, Ferké-Nassian-Kong road, Adzopé-Pont Comoé road, Tiemba bridge, Bettié bridge, the road of
the PSAC Project, Korhogo-Korhogo Airport, etc.). However, the agrifood (-6.4%) and oil products (-180.9%) sectors
experienced poor performance. The decrease of oil products was connected to financial difficulties faced by the SIR
resulting in negative added value.

The tertiary sector recorded growth of 12.9% due to the dynamism of all of its sub-components, namely transportation
(+10.8%), telecommunications (+47.2%), other services (+8.5%) and trade (+14.0%) in connection with the strength of
the secondary sector and an improvement in revenue.

The non-market sector increased by 9.0% in connection with the implementation of a recruitment program in the social
and security sectors, which helped increase the production of services to households.

Duties and taxes increased by 1.9% in volume.

Real GDP in 2017

In 2017, real GDP growth was 7.4%. This growth rate resulted from the rebound of the primary sector and the dynamism
of the secondary and tertiary sectors.

The primary sector recorded growth of 3.3%, as compared to a decrease of 4.0% in 2016, thanks to the performance of
food agriculture (+11.6%) and the stagnation of agricultural exports (+0.6%). Food crops benefitted from the
implementation of the Food Crop Production Emergency Support Plan (Plan d’Urgence d’Appui à la Production
Vivrière).

The secondary sector increased with 15.4% growth compared to 5.3% in 2016, in particular due to agrifood industries
(+14.5%), to building and public works (+24.2%), to other manufacturing industries (+7.3%) and to energy (+128.0%).
However, the growth in oil products stagnates and the extractive industry slows down by 17.4%, compared to its
performance in 2016 (+16.9%)).

The tertiary sector benefitted from the strong performances of the primary and secondary sectors in connection in
particular with the organization of the 2017 Jeux de la Francophonie and the EU-AU Summit. It increased by 5.0% due
to telecommunication (+19.5%), other services (+8.6%) and trade (+12.4%), benefitting from the increase in the volume
of foreign trade margins. With regard to the transportation sector, it experienced a decrease (-17.5%).

The non-merchant sector stagnated at 0.0%.

Duties and taxes also increased by 20.3%, supported by the increase in exports of cocoa as well as household
consumption.


                                                          100
Real GDP in 2018

According to the national provisional accounts awaiting final validation, the economic growth rate was 6.9% for 2018.

The primary sector recorded a growth of 5.2%, compared to 3.3% in 2017 as a result of strong performances in
agricultural exports (+8.1%). The various increases in production observed were associated, in particular with (i)
favourable weather conditions, (ii) the recovery of coffee plants that had suffered from a lack of water due to the severe
drought that occurred from December 2015 to April 2016 and (iii) the implementation of the cashew nut sector reform.
Food crop agriculture also benefited from the continued implementation of the Urgent Support Program for Food Crop
Production (Programme d’Urgence d’Appui à la Production Vivrière), which aims to (i) allow farmers to produce in all
seasons in order to improve and ensure food security in the whole country, (ii) modernize food crop production and (iii)
increase producers’ income.

Growth in the secondary increased by 4.3%, driven by building and public works (+6.5%) and other manufacturing
industries (+9.3%), despite a decrease in the extractive industry (-38.2%). The growth recorded in the building and public
works sector can be explained by the dynamic of public investments stemming from the continuation of work initiated
in 2017. This includes, in particular, the rehabilitation of the Felix Houphouët Boigny bridge, the olympic stadium of
Ebimpé, the construction of the Akwaba interchange and the construction of the fourth bridge linking the Plateau to
Yopougon, through Attécoubé and Adjamé. Stable growth in the agrifood industries was due to an improvement in
processing rates, particularly of coffee, palm oil and sugar. In addition, the manufacture of fat substances (olein), grain
milling and the manufacture of wheat flour, animal feed and various food products are the principal factors behind the
agrifood industry’s performance.

The tertiary sector recorded growth of 6.8%, due to the good performance of telecommunications (+9.5%) and trade
(+14.4%).

The non-merchant sector increased by an estimated rate of 22.8% due to the combined effects of limited growth in public
administration recruitment, and the pursuit of mandatory education and universal healthcare policies. In addition, in an
effort to create productive, decent and long-term jobs, several major initiatives have been taken, such as (i) promoting
jobs for vulnerable individuals, especially women and handicapped persons and (ii) strengthening programs improving
employability and fostering entrepreneurship.

Duties and taxes, net of subsidies, recorded a slight growth of +1.1%, driven by various reforms underway within the
Tax Administration and the dynamic of household consumption, which has spurred increased collection of VAT.

Real GDP in 2019

The Government estimates economic growth at 6.2% in 2019, compared to a 6.9% growth rate in 2018.

The primary sector recorded an estimated growth of 5.3%, compared to 5.2% in 2018, driven by food crop agriculture
(+0.5%), which benefitted from continued investments in the agricultural sector (NAIP 2) and the revitalization of
professional organizations in the food crop sector, better plant health measures on plantations and improved service roads
and prices.

Growth in the secondary sector is estimated at 11.5%, compared to 4.3% in 2018, driven by oil products (+19.0%),
building and public works (+23.8%), agrifood industries (+5.6%) and extractive industry (+17.5%). In addition, industrial
activity, supported by public investments, benefitted from an increase in production capacity, new facilities and dynamic
private domestic demand.

The tertiary sector recorded an estimated growth of 4.9%, compared to 6.8% in 2018, as a result of all of its components,
particularly transportation and telecommunications, which increased by an estimated 5.5% and 7.6%, respectively, trade,
which increased by an estimated 4.9%. and other services, which registered an estimated increase of 4.2%. This dynamic
resulted from the performances in the primary and secondary sectors.




                                                            101
The non-merchant sector increased by an estimated 4.0%, compared to 22.8% in 2018, taking into account the combined
effects of the payroll control strategy and the pursuit of mandatory education and universal healthcare policies.

Duties and taxes, net of subsidies, continued to increase by an estimated rate of 5.0%, compared to 1.1% in 2018, as a
result of the various reforms underway within the Tax Administration and dynamic economic activity.

Real GDP in 2020

Economic growth is projected at 1.8% in 2020, compared to an estimated 6.2% real GDP growth rate in 2019. This
decline in economic growth rate is mainly due to a less favourable international and domestic environment, which has
been deeply and adversely impacted by the current Covid-19 pandemic, the various containment measures and restrictions
to international trade. These Government projections are based on an assumption that the Covid-19 pandemic will be
contained by the end of December 2020 with the disruption of supply chains and access to market channels ending by
then, both internally and internationally, and that economic activity will gradually resume in 2021.

The primary sector is expected to record a decrease of 1.3% in 2020, compared to an estimated growth of 5.3% in 2019,
in connection with the expected decline in export agriculture (-2.2%) despite the increase in food agriculture (+2.6%).
This decline is expected to result, in particular, from the decrease in cocoa production (-8.3%) and coffee production (-
10.1%) due to the vegetative rest and the Government measures to rationalize the exploitation of forest resources and
preserve the country's vegetation cover.

Growth in the secondary sector is expected at +1.6%, compared to an estimated +11.5% in 2019, suffering from the
consequences of the Covid-19 pandemic. This slight growth will be driven by the increase in building and public works
(+6.0%) and energy (+11.1%), despite the decrease in petroleum products (-26.9%), extractive industry (-4.8%), agrifood
industries (-1.3%) and other manufacturing industries (-0.4%).

The tertiary sector is expected to record a growth of +1.8%, compared to an estimated +4.9% in 2019, as a result of the
increase in telecommunications (+30.3%), despite the decrease in transportation (-1.8%), trade (-0.6%) and other services
(-1.1%).

The non-merchant sector is expected to increase by +7.0%, compared to an estimated +4.0% in 2019, taking into account
the measures implemented in the framework of the Economic, Social and Humanitarian Support Plan and the National
Health Response Plan.

Duties and taxes, net of subsidies, are expected to continue to increase by +1.6%, compared to an estimated rate of +5.0%
in 2019, as a result of the cessation or reduction of certain activities.

Real GDP in 2021

Economic growth is projected at 6.5% by the Government and 6.2% by the IMF in 2021. These projections are based on
assumptions that the 2021-2025 NDP will be effectively implemented and the Covid-19 pandemic will be effectively
controlled. The Government also expects to continue the implementation of the various reforms necessary to effectively
support the economy.

The primary sector is expected to grow by 3.5% in 2021 according to Government estimates, compared to a projected
decrease by 1.3% in 2020, due principally to the anticipated positive performance of export agriculture (+3.3) and food
agriculture (+4.5%). Agricultural production would benefit from the emergency plan in support of agricultural export
and the food production sectors impacted by the Covid-19 pandemic of CFAF 300 billion set up to support agricultural
sectors affected by the pandemic, continued investment in the agricultural sector (NAIP II), the revitalization of
professional organizations in various sectors and the control of national production by strengthening land border control
measures.

Growth in the secondary sector is expected at +9.7% in 2021 by the Government, compared to an estimated +1.6% in
2020, due principally to the anticipated increase in building and public works (+18.3%), other manufacturing industries



                                                           102
(+5.1%), extractive industry (+1.4%), agrifood industries (+6.1%), energy (+1.3%) and petroleum products (+10.2%).
This sector would continue to benefit from the increase in investments to increase production capacity.

The tertiary sector is expected to record a growth of +6.5% in 2021 according to Government estimates, compared to an
estimated +1.8% in 2020, as a result of the increase in transportation (+6.7%), telecommunications (+6.6%), trade
(+6.6%) and other services (+6.4%). This dynamic would be induced by the positive performance of the primary and
secondary sectors described above.

The non-merchant sector is expected to increase by +4.1% in 2021 according to Government estimates, compared to an
estimated +7.0% in 2020, taking into account the pursuit of mandatory education and universal healthcare policies and
measures implemented in the framework of the Economic, Social and Humanitarian Support Plan and the National Health
Response Plan.

Duties and taxes, net of subsidies, are expected to continue to increase by +6.5% in 2021 according to Government
estimates, compared to an estimated rate of +1.6% in 2020, as a result of various reforms underway within the Tax
Administration and the expected resumption of the economic activity.

The table below presents changes in Côte d’Ivoire’s main economic indicators between 2015 and 2021:
 Indicators                                    2015          2016      2017      2018 (1)   2019 (Est.)   2020 (For.)   2021 (For.)
 GDP nominal (CFAF billion) ......... 27,086.2             28,423.9   29,955.0   32,222.3    34,298.9      35,124.6      37,698.5
 GDP nominal (US$ billion) ............        45.8          48.0       51.6       58.0        58.5          61.2          70.7
 GDP per capita (CFAF thousand) ..            1143.7        1170.3     1202.6    1,261.4     1,309.2        1,307.4      1,368.2
 Real GDP growth rate (%) .............        N/A           7.2        7.4        6.9         6.2             1.8         6.5
 Real GDP per capita growth rate (%            N/A           4.5        4.7        4.2         3.6            -0.8         3.9
 FBCF (variation in volume as a %)             N/A           3.2        6.1        11.1        11.8            9.3         6.7
 Inflation rate (WAEMU                          1.2          0.7        0.7        0.6         0.8             1.0         0.9
    convergence standard, as a %)....
 Investment rate (%) ........................  23.7           21.5      20.1       19.8        21.1          22.7          23.5

 (1) Data from the provisional accounts awaiting final validation.
Source: MEF




                                                                        103
The table below presents the change in the breakdown of nominal GDP between the various sectors of the economy
from 2015 to 2021:
                                                                                                                              2019          2020         2021
                                                            2015                2016             2017        2018 (1)         (Est.)       (For.)       (For.)
                        (CFAF billions)
 Primary sector .........................                   4,974              5,611             5,613        6,621          7,090         7,308         7,562
 Food crops, breeding .................                     1,391              1,899             2,245        3,064          3,149         3,299         3,515
 Agriculture for exportation ........                       3,275              3,415             3,106        3,261          3,644         3,738         3,768
 Forestry .....................................              165                 132              132          138            155           129           129
 Fishing .......................................             143                 165              130          158            142           142           150
 Secondary sector ......................                    5,291              5,427             6,130        6,773          7,267         7,099         7,746
 Extractive industry ....................                    895               1,420             1,256         897           1,027         1,032         1,071
 Agro-food industries .................                     1,558              1,581             1,644        1,400          1,517         1,506         1,613
 Oil products ...............................                124                -444              -248         682            784           573           652
 Energy (gas, water, electricity) ...                        239                 326              741          845            930           871           887
 Construction industries ..............                     1,220              1,118             1,104        1,177          1,268         1,348         1,627
 Other manufacturing industries .                           1,254              1,426             1,633        1,772          1,741         1,768         1,895
 Tertiary sector .........................                 12,940              13,292            13,840       13,950         14,787        15,196       16,483
 Transport ...................................              2,730              2,796             2,024        1,905          2,011         2,013         2,191
 Telecommunications .................                        742               1,021             1,132        1,256          1,225         1,549         1,655
 Trade .........................................            3,797              4,271             5,072        5,560          5,831         5,833         6,342
 Other Services ...........................                 5,670              5,203             5,612        5,230          5,720         5,801         6,295
 Trade GDP ...............................                 23,204              24,330            25,583       27,344         29,144        29,603       31,791
 Services of the APUs .................                     1,692              2,002             2,006        2,551          2,731         2,979         3,148
 NPIs ...........................................            190                 148              139          177            189           204           215
 Non Trade GDP                                              1,882              2,150             2,145        2,727          2,920         3,183         3,364
 Duties and taxes net of
                                                            2,000               1,943            2,228         2,151          2,235         2,339       2,544
 subsidies ...................................
 Total GDP .................................               27,086              28,424            29,955       32,222         34,299        35,125       37,698

(1) Data from the provisional accounts awaiting final validation.
Source: MEF/DGE


The following table presents certain information related to elements of Côte d’Ivoire’s nominal GDP in terms of expenses
between 2015 and 2021:
                                                                            2015        2016        2017    2018 (1)    2019 (Est.)    2020 (For.)   2021 (For.)
                                                   (CFAF billions)
 Internal demand ...............................................            26,546      27,948     29,566   32,476        33,904         34,493        37,279
 Total Consumption ...........................................              20,185      21,768     23,538   25,640        27,024         27,149        28,849
 Private ................................................................   17,655      18,939     20,380   22,218        23,426         23,330        24,836
 Public .................................................................   2,368       2,705      3,045     3,300        3,469          3,693         3,879
 NPIs....................................................................    162         123        113       123           129            125           133
 Total Investments .............................................            6,408       6,117      6,028     6,368        7,240          7,966         8,595
 Private ................................................................   5,033       4,708      4,432     4,656        5,358          5,492         6,168
 Public .................................................................   1,355       1,390      1,575     1,682        1,846          2,437         2,389
 NPIs....................................................................     20          20         21       30             36             37            38
 Net External Demand .......................................                 -47          63         0        468          -360           -621          -165
 Stock variation ..................................................          540         476        389      -253           395            632           419

(1) Data from the provisional accounts awaiting final validation.
Source: MEF




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The table below presents the change in breakdown of nominal GDP between the various sectors of the economy from
2015 to 2021, as a percentage of GDP:

                                                                                                            2019      2020     2021
                                                                            2015   2016   2017   2018 (1)   (Est.)   (For.)   (For.)
                                               (as a % of GDP)
 Primary sector .................................................           18.4   19.7   18.7    20.5      20.7     20.8     20.1
 Food crops, breeding ..........................................             5.1    6.7    7.5    9.5       9.2      9.4      9.3
 Agriculture for exportation ................................               12.1    12    10.4    10.1      10.6     10.6     10.1
 Forestry .............................................................      0.6    0.5    0.4    0.4       0.5      0.4      0.3
 Fishing ...............................................................     0.5    0.6    0.4    0.5       0.4      0.4      0.4
 Secondary sector ..............................................            19.5   19.1   20.5     21       21.2     20.2     20.5
 Extractive industry ............................................            3.3     5     4.2    2.8        3        3       2.8
 Agrifood industries ............................................            5.8    5.6    5.5    4.3       4.4      4.3      4.3
 Oil products .......................................................        0.5   -1.6   -0.8    2.1       2.3      1.6      1.7
 Energy (gas, water, electricity) ..........................                 0.9    1.1    2.5    2.6       2.7      2.5      2.4
 Construction industries ......................................              4.5    3.9    3.7    3.7       3.7      3.8      4.3
 Other manufacturing industries .........................                    4.6     5     5.5    5.5       5.1       5       5.0
 Tertiary sector .................................................          46.2   45.2   44.9    43.3      43.1     43.2     43.7
 Transport ...........................................................      10.1    9.8    6.8    5.9       5.9      5.7      5.8
 Telecommunications .........................................                2.7    3.6    3.8    3.9       3.6      4.4      4.4
 Trade ..................................................................    14     15    16.9    17.3       17      16.6     16.8
 Other Services ...................................................         19.3   16.8   17.5    16.2      16.6     16.5     16.7
 Non trade GDP .................................................             8.5    9.1    8.4    8.5       8.5      9.1      9.0
 Services of the APUs .........................................              7.7    8.5    7.9    7.9        8       8.5      8.4
 NPIs ...................................................................    0.9    0.6    0.5    0.6       0.5      0.6      0.6
 Duties and taxes net of subsidies .....................                     7.4    6.8    7.4    6.7       6.5      6.7      6.7
 Total GDP ........................................................         100    100    100     100       100      100      100

(1) Data from the provisional accounts awaiting final validation.
Source: MEF


GDP Rebasing Project

Following the adoption by the Council of Ministers of the project to change the GDP base year and the implementation
of the 2008 SNA in January 2017, the technical execution was entrusted to the INS under the supervision of the Ministry
of Planning and Development. On 11 March 2020, the Council of Ministers of Côte d’Ivoire officially announced its
decision to update the base year for its national accounts from 1996 to 2015.

The project was funded by Côte d'Ivoire and received financial support from the WAEMU through the 2015-2020
Regional Statistical Program (RSP) and received technical assistance from AFRITAC West, AFRISTAT, the African
Economic Community, the African Development Bank and the World Bank.

The purpose of the project was to:

            migrate the methodology for the compilation of national accounts to the most recent System of National
             Accounts adopted by the United Nations (the 2008 SNA, which replaces the SNA 93, the primary reference for
             the compilation of national accounts) and provide a better idea of the economic activity of Côte d'Ivoire;

            follow best practices for changing the base year of the National Accounts every five or ten years to correct errors
             resulting from annual estimates; and

            improve GDP coverage and the update of the structure of the economy by integrating two new important data
             sources, namely the fourth General Population and Housing Census (“GPHC”) completed by Côte d'Ivoire in
             2014.



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The GDP Rebasing Project is part of a dynamic initiated at a continental level for the implementation of the SNA 2008
following the example of countries like South Africa (increase of 4% of GDP), Cameroon (increase of 8% of GDP),
Kenya (increase of 25% of GDP), Morocco (increase of 5% of GDP), Nigeria (increase of 60% of GDP), Senegal
(increase of 30% of GDP) and Benin (increase of 36.7% of GDP). As a reminder, in Côte d'Ivoire, the base year of the
last national accounts was 1996, which was 20 years old by reference to the new one, and the System of National Accounts
used was the 1993 SNA, whereas international standards recommend changing the base year of the annual accounts every
5 years or 10 years at the most.

The 2015 GDP under the 2008 SNA was CFAF 27,086 billion, compared to CFAF 19,595 billion under the 1993 SNA,
representing an increase of 38.2%. This observed effect on GDP is due to a combination of the change in base year and
the changes under the 2008 SNA. The major changes that improved the national accounts after the rebasing of GDP and
the transition to the 2008 SNA are the following:

       the adoption of new classifications for the annual accounts in line with the recommendations of the 2008 SNA,
        thus increasing the number of branches of activity in the economy from 44 to 48;

       the mobilization of data sources to improve the coverage of the economy: data sources have increased from 16
        under the 1993 SNA to 44 under the 2008 SNA. Such additional data sources include the updating of data on the
        informal sector based on sector-specific surveys and the inclusion of the non-observed economy, in particular
        activities relating to drugs and prostitution; and

       the updating of the methods of calculation as recommended by the 2008 SNA (i.e. use of the financial
        intermediation services indirectly measured (FISIM) methodology).

A breakdown of the 2015 value added, by sector of activity indicates that:

       The value added of the primary sector was CFAF 4,974 billion. It increased by CFAF 519 billion, i.e. 11.6%, as
        compared to the 2015 national accounts under the 1993 SNA. The primary sector accounted for 18.4% of the
        GDP in the new 2015 base (as compared to 22.7% in the old base under SNA 93). The strongest contributions
        by branch of activity remained export agriculture (10.3%) and food-producing agriculture (4.6%).

       The value added of the secondary sector stood at CFAF 5,436 billion in the new 2015 base as compared to CFAF
        5,051.2 billion in the 2015 national accounts under the 1993 SNA, representing an increase of CFAF 385 billion
        (7.6% compared to the old GDP). Agribusiness (5.8%), construction (4.5%) and extractive industries (3.3%) are
        the branches of the secondary sector that contribute the most to GDP.

       The value added of the commercial tertiary sector rose to CFAF 12,819 billion as compared to CFAF 7,957.3
        billion in the 2015 national accounts under the 1993 SNA, representing an increase of CFAF 4,862 billion with
        respect to the previous national accounts. It now represents 47.3% of GDP. The commercial tertiary sector is
        essentially driven by trade (14%), transport and storage (10.1%) and other services, including catering (13.2%).
        The value added of the non-merchant tertiary sector is 6.9% of GDP.

The Government is currently in the process of preparing a restatement of the national accounts using the 2015 base year.
The Government has completed the national accounts for the 2015-2019 series using the 2015 base year and plans to
finalise the preparation of the retropolation of the national accounts prior to 2015 using the 2015 base year by the end of
the first semester of 2021. Unless otherwise indicated, all GDP figures used in this Prospectus are based on constant 2015
prices and all GDP and GDP-related data are presented on a 2015 reference year basis.

Principal Sectors of the Ivorian Economy

Agriculture

Until reforms were introduced by the Government in the early 1990s, the developments in agriculture were driven by the
actions of the State, which intervened at all levels of the agricultural sector. On the basis of the 1992 Agricultural

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Development Management Plan (Plan Directeur de Développement Agricole (“PDDA”)), Côte d’Ivoire introduced in
the early 1990s restructuring efforts aimed at expanding capacity and making the professionals in the agricultural sector
more responsible for their activity, managing their development, including through widespread education, research and
training, and refocusing the Government on its orientation, incentivisation, regulatory and control functions. For instance,
as part of a plan to develop rural areas, the Government built 48,000 km of country roads to integrate villages and
encampments, as well as 361 agricultural dams for the irrigation of arable land, fishing and raising livestock in rural
areas. These initiatives allowed the agricultural sector to maintain a prime position in the Ivorian economy. In 2018, the
primary sector contribution to nominal GDP was estimated to be 17.5%. It also represented 59.1% of the country’s overall
exports in 2016 and, according to the last census to date (2014), employed 46% of the country’s active population and
was the main source of income for two-thirds of a population that is 50.3% rural.

While Côte d’Ivoire’s agriculture is still dominated by the coffee-cocoa sector, which played a major role in the Ivorian
economic boom of the 1970s, Ivorian agriculture has diversified to include other crops such as palm oil, bananas, cotton,
rubber trees, cashew nuts and rice. In 2019, Côte d’Ivoire reinforced its position as the world’s leading producer and
exporter of cocoa, accounting for more than one-third of the world’s cocoa production, and the world’s leading cashew
nut producer (according to the statistics of Côte d’Ivoire’s Ministry of Agriculture). In 2017, the value of processed cocoa
exports declined due to falling prices, even though the volume exported increased in comparison with 2016. At the end
of 2018, cocoa bean exports decreased by 12.4% in value as compared to 2017, due to a decrease in prices (-13.3%)
despite an increase of the exports in volume (+1.0%). In 2019, the value of cocoa exports increased by 16.3% as compared
to 2018, due to an increase in both volumes (+6.3%) and prices (+9.4%).

According to the Cotton and Cashew Nut Council (Conseil du Coton et de l’Anacarde), Côte d’Ivoire has been, since
2015, the world’s top producer of cashew nuts, of which 93% is exported raw. The cocoa, coffee, cashew nut, cotton and
rubber tree sectors, which constitute the country’s primary exports, provide a living for more than half of the country’s
active population.

The table below sets out the change in the output of major agricultural crops in Côte d’Ivoire between 2014 and 2019:
                Production                                       2014            2015                2016           2017            2018        2019 (Est.)
                                                                                                   (in thousand tons)
   Cocoa Beans ....................................             1,678.7         1,825.6          1,634.4        2,033.5            2,113.1       2,235.04
   Yams ...............................................         7,039.2         6,649.9          6,894.5        7,148.1            7,391.1       7,450.5
   Plantain Bananas .............................               1,671.7         1,739.1          1,809.3        1,882.3            1,955.7         2,030
   Cashew Nuts ....................................              564.8           702.5            649.6          711.2              761.3          634.6
   Manioc.............................................          4,239.3         4,390.9           5,269         5,366.5            5,608.0       5,877.2
   Natural Rubber ................................               317.3           360.0            453.0          606.4              622.3           850
   Palm Oil ..........................................           420.1           424.1            451.0          433.8              473.5            -
   Green Coffee ...................................              105.9           126.7            105.6           33.6              123.9          94.2
   Corn .................................................        960.8           906.0            967.2         1,025.2            1,055.0       1,102.4
   Rice Paddies ....................................            2,053.5         2,152.9          2,054.5        2,119.6            2,006.8         1,884
   Sweet Bananas.................................                362.4           359.9            427.0          438.1              464.7          499.6
   Cotton Seed .....................................             405.2           434.9            332.4          352.7              387.0          412.6
Source: MEF


The table below sets out the change in the main exports of the agricultural crops of Côte d’Ivoire between 2014 and 2019:

 Product                                                                      2014            2015           2016         2017         2018       2019 (Est.)
                                                                                                              (in CFAF billions)
 Cocoa Beans .............................................................   1,505.9         2,099.7        1,818.4     2,056.9       1,516.4       1,671.0
 Processed Cocoa.......................................................       782.5           930.9          921.7       847.5         569.8         598.7
 Cashew Nuts.............................................................     391.8           427.4          469.5       606.5         585.7          408
 Cashew Kernels ........................................................       12.8            25.3           36.2        40.8          53.2          51.3
 Green Coffee ............................................................     57.3            60.6           67.3        41.5          76.7         108.9
 Processed Coffee ......................................................       39.3            49.5           33.8        34.8          13.8          15.4
 Sweet Bananas .........................................................       69.1            68.4           83.4        88.1          96.8          98.8
Source: MEF



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Agricultural Policy
Despite a significant contribution to nominal GDP (22.4% in 2016, 21.6% in 2017, 17.5% in 2018 and an estimated
18.3% in 2019), productivity of Côte d’Ivoire’s primary sector remains weak. This is partly due to unplanned and
unanticipated Government disengagement, in particular during the political and military crisis from 2002 to 2011, as well
as poor governance in the sector. These factors led to (i) unfair distribution of rebates generated by the different sub-
sectors given that the producers are paid the lowest share, (ii) low prices for agricultural products paid to farmers and
(iii) poor financing of the industry in general.

In November 2011, the Government adopted a proposal to reform the agricultural industry in the context of the 2012-
2015 NAIP. This plan was based on six priority programmes: (i) improving the productivity and competitiveness of
agricultural products; (ii) developing sectors; (iii) improving the governance of the agricultural sector; (iv) strengthening
the capacity of stakeholders in agricultural development; (v) sustainable management of fishing resources; and (vi)
renewing forest resources and reviving the wood sector. This programme, with an estimated total cost of CFAF 2,040
billion, recorded a level of financial resources of CFAF 1,309 billion available for its performance (or a 64.2%
mobilization rate). The 2012-2015 NAIP sought to restore the agricultural growth rate to 9% per year, reduce the poverty
rate to 16%, create 2.4 million jobs, reduce food insecurity and process at least 50% of Côte d’Ivoire’s agricultural
products in the country by 2020. The implementation of this programme began in the cocoa/coffee sub-sector and then
spread to the cotton-cashew nut sector. A specific fund was created with an allocation of US$150 million for cashew nuts
and US$150 million for cocoa. New legislation is being developed focusing on fertilizers and plant-treatment products.
An important component of the NAIP was the SNDR, whose objective was to reach self-sufficiency in terms of rice
production by 2016. For the implementation of the SNDR, the Agency for the Development of the Rice Sector in Côte
d’Ivoire (Agence pour le Développement de la Filière du Riz (“ADERIZ”)) an administrative public body, was created
pursuant to Decree No. 2018-10 of 10 January 2018, to replace the National Office for the Development of Rice Farming
created in July 2010. The ADERIZ is affiliated to the office of the Minister of Agriculture. The implementation of the
SNDR made it possible to achieve the following results at the end of December 2018:
    •   14 transformation units with a five ton per hour capacity installed, eight of which are functional;
    •   19 transformation units with a two ton per hour capacity installed, four of which are functional;
    •   personnel at 100 mini rice plants were trained in technical and administrative management;
    •   744 tons of seeds were produced;
    •   four mobile treatment units have been acquired under the agricultural productivity programme in West Africa
        (Programme de Productivité Agricole en Afrique de l’Ouest);
    •   3,800 ha received hydro-agricultural area improvements;
    •   30 storage devices (cocoons) were acquired; and
    •   30 unions of operators for operationalizing the rice agricultural inter-branch organization (Organisation
        Interprofessionnelle Agricole) were established.
Moreover, the value chain approach which constitutes the basis of the SNDR made it possible to take into account not
only the environment of each of the players of the sector but also to respond to their needs. After four years of
implementation, the strategy resulted in (i) improved yields, (ii) increased rice-growing areas, (iii) improved farming
techniques of rice farmers and (iv) improved quality of the industrial process of small processors.

The first phase of the NAIP helped the country achieve record results in terms of agricultural production and an
improvement in producers’ revenue. Revenues distributed to producers increased from CFAF 3,368 billion in 2012 to
CFAF 5,652 billion in 2015 due to increased prices of cocoa, coffee, cashew nuts and, recently, rubber. Initiatives were
also taken for agricultural processing. As a result, Côte d’Ivoire, world’s top cocoa producer, also became the world’s
top cocoa grinder in 2015 and ranks second in 2019 with a volume of 598.7 tons (ICCO, 2019). The NAIP financially
supported food crops production in order to improve production methods to substantially increase production levels. In
order to consolidate the achievements of the 2012-2015 NAIP, the Government has prepared the second generation NAIP
(NAIP 2), with the objective of a sustainable and competitive Ivorian agriculture creating equitably shared wealth.


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The implementation of the 1998 land reform law remains a priority for the Ministry of Agriculture, which has benefitted
from the assistance of the World Bank and the European Union for this purpose. A new law reforming land legislation
was adopted on 23 August 2013 to guarantee legal certainty for holders of land titles and to contribute to reducing poverty.
Such legislation should increase the legal certainty relating to land purchases and land rentals. It should put an end to
operators’ hesitation in the face of uncertainty concerning real estate, thus opening up opportunities to develop business
and contributing to the reduction of poverty.

The Coffee and Cocoa Industries

The coffee-cocoa sector has benefitted from numerous reforms with the implementation of the NAIP in order to improve
the productivity and revenues of producers. Côte d’Ivoire intends to maintain its position as the world’s top cocoa
producer. Export revenue from these two products increased from 33.2% of the total export revenue in 2012 to 46.7% in
2015, 44.4% in 2016, 41.7% in 2017, 40.4% in 2018 and such increase is estimated at 41.3% in 2019%.

Cocoa Production

At the end of 2016, total cocoa production was 1,634,424 tons, a decrease of 10.5% as compared to 2015, for which it
amounted to 1,825,594 tons. This change was primarily due to dryness and an invasion of caterpillars that affected
approximately 20,368 hectares of plantations before being completely contained by the Coffee Cocoa Council’s (Conseil
Café-Cacao) actions via a plant protection treatment. At the end of the 2015-2016 season (October 2015 – September
2016), cocoa production was 1,580,611 tons, compared to 1,795,852 tons at the end of the 2014-2015 season, a decrease
of 12%. The decrease in production marked a departure from the upward trend observed since 2013, due to good rainfall
conditions and the use of new, more productive varieties, namely the “Mercédès Cocoa”. Cocoa production increased by
11.5% in 2013 and by 0.5% in 2014, with amounts of 1,669,651 tons and 1,678,718 tons, respectively. In 2015,
production was 1,825,594 tons, or an increase of 8.8%.

In 2017, cocoa production was 2,033,525 tons, a 24.4% increase compared to 2016. This improved production, in a
context characterized by decreasing prices in international markets, helped offset the impact of lower producer prices
(the price at which the producer sells the product) on the revenue of farmers.

In 2018, cocoa production stood at 2,113,100 tons, an increase of 3.9% compared to 2017. The sector has benefitted from
the execution of the “Quantity, Quality, Growth (2QG)” program (Quantité, Qualité, Croissance - 2QC) and initiatives
taken by the Coffee-Cocoa Council (Conseil Café-Cacao) to support orchard production and productivity, such as
grubbing up orchards to combat “swollen shoot” disease which affects cocoa trees, training producers in good farming
practices, distributing improved seeds and distributing plant health products and burlap bags.

In 2019, cocoa production stood at 2,235,043.1 tons, an increase of 5.8%, benefiting from the entry into production of
new plantations and the effects of the implementation of measures from the Coffee-Cocoa Council (Conseil Café-Cacao)
for the improvement of plantation productivity, including training of producers in good agricultural practices. In addition,
efforts made to combat “swollen shoot” resulted in the uprooting of 67,588.61 hectares as at 30 June 2020 corresponding
to 67.6% of the objective of the program. The uprooting of an additional 36,000 hectares is contemplated from 1 July
2020 to 30 June 2021.

Since the end of the 2011 post-election crisis, the cocoa processing rate has steadily improved. It grew from 27% in 2011
to 33% in 2014, then fell back to 27% in 2017 and remained stable at 27% in 2018. However, this drop in the processing
rate, associated with a significant increase in production, has been accompanied by a rise in quantities processed (468,570
tons in 2013, compared to 569,799 tons in 2018). To date, 12 cocoa-grinding companies with an estimated total capacity
of over 700,000 tons are operational and extensions are underway. Furthermore, in December 2017 the Ivorian
government signed an agreement with Hershey, the leading US cocoa processing company, that is expected to enhance
cocoa processing and allow Côte d’Ivoire to increase its revenues and reduce the financial gap related to the export of
raw products over the coming years.

The Government maintains its goal of increasing the local cocoa processing rate to at least 50% by the end of 2020.


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In order to manage the volatility of cocoa prices, the Government has set up a stabilization fund and a technical reserve
fund to cover the risks arising from the price guarantee system for producers.

Coffee Production

Coffee production has declined significantly since 2008, and has not exceeded 150,000 tons per year for more than eight
years (126,587 tons in 2015, 105,867 tons in 2014, 103,742.8 tons in 2013 and 121,400 tons in 2012). This has been
mainly due to the difficulty of this work, coffee’s high sensitivity to changes in weather conditions, aging fields and low
prices compared to those of cocoa. Dissatisfied farmers are attracted to more lucrative crops such as cocoa and rubber
trees. Coffee production saw a rebound of 19.6% in 2015 compared to 2014, as a result of a better maintenance of
plantations made possible by the good level of purchase prices paid to producers. At the end of 2016, total production
was 105,601 tons, a decrease of 16.6% compared to 2015. In 2017, coffee production fell significantly to 33,590 tons, a
decrease of 68.2%. The decline was a result of poor rainfall at the time of the coffee trees’ blossoming. Production
recovered in 2018, reaching 123,948 tons, an increase of 269% compared to 2017. This increase is mainly linked to
favourable weather conditions after the difficulties encountered in 2017, when heavy rainfall during the flowering period
in orchards affected the harvest. The coffee industry continued to benefit from the coffee recovery program, launched in
2013. During the 2018 season, approximately 39,223.30 ha of coffee seedlings were distributed to producers. In addition,
with regard to the valuation of coffee from Côte d’Ivoire, efforts to promote “Local” coffee continue. Concerning
initiatives to diversify sources of income for producers, 80 producers have been trained and established to produce coffee-
based honey in the Daloa region. Since 2010, two large-scale coffee processing companies with a total estimated capacity
of over 20,000 tons and more than 15 small coffee roasting facilities have been established and are operational. In
addition, in order to support coffee processing, the Coffee Cocoa Council (Conseil Café-Cacao) has trained, equipped
and established ten young coffee roasters, each of them receiving a coffee roaster unit in 2019.

In 2019, coffee production decreased by 23.8%, amounting to 94,171.4 tons. The sector suffered from dormant periods
within plantations following significant production in past years, especially in 2018. The sector however benefits from
the efforts of the Coffee Cocoa Council (Conseil Café-Cacao) as part of the coffee stimulus package. Productivity
improvement actions are implemented with the uprooting of old plantations and the distribution of improved seeds. In
addition, the training of producers led to a diversification of their sources of income, including with the production of
coffee-based honey.

Cocoa/Coffee sector reform

The Government approved a cocoa sector reform on 2 November 2011 and the Decree establishing the sector’s new
regulatory structure was signed in December 2011. The main elements of this reform involved the implementation of the
following schemes, which the Government uses to regulate the sector:

    •   a central body, the Coffee-Cocoa Council, which was created in January 2012 and includes representatives of
        the various actors of the coffee-cocoa sector; this body is responsible for the management, regulation,
        development, and stabilization of prices in the cocoa sector;
    •   a marketing mechanism which includes forward contracts, forward sales of export licenses and price guarantees
        to exporters;
    •   the creation of two stabilization funds: (i) a fund housed at the BCEAO with a total amount of CFAF 170 billion
        at the end of December 2018; and (ii) a technical reserve fund to cover the risks resulting from the price guarantee
        system intended for producers implemented by the Government. The fund housed at the BCEAO is financed
        through a special tax included in the price of cocoa, whereas the technical reserve fund is financed by
        contributions from the exporters directly paid to the representatives of the Coffee-Cocoa Council and is managed
        by this Council. The technical reserve fund was initially approved by the Government with a capital of CFAF
        40 billion and was increased to CFAF 70 billion in June 2015, then to CFAF 120 billion in January 2016 and
        CFAF 170 billion in December 2016 and remained at this level in 2017. This fund was partly used in the first
        quarter 2017 to support the producer prices following the decline of cocoa prices on the international market.
        For the intermediary 2016-2017 season launched in April 2017, producer prices have been adjusted downwards
        in accordance with the legislation governing this sector.

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    •   quarterly communications in the Council of Ministers regarding the financial flows and production levels in the
        sector.

The main objectives of this reform are to:

    •   maintain Côte d’Ivoire’s position as the world's largest cocoa producer;

    •   produce 200,000 tons of coffee per year as from 2020;

    •   improve the quality of coffee and cocoa;

    •   guarantee at least 60% of the CIF price (inclusive of cost, insurance and freight) to coffee and cocoa producers;

    •   improving the living conditions of producers;

    •   process 50% of cocoa production by the end of 2020;

    •   process 35% of coffee production by the end of 2020.
Furthermore, a monitoring committee for reform implementation was created in January 2012. It is responsible for
ensuring the application of the core reform legislation through effective implementation of all related legislation and
compliance with the rules and undertakings made in the context of the reform.

In line with these reforms, the Government took several measures in 2013 to increase production. These involved the
implementation of the “Quantity-Quality-Growth” (Quantité-Qualité-Croissance) program aiming to improve the quality
and productivity of fields by regenerating plantations, combatting the “swollen shoot” disease affecting cocoa trees,
training producers with proper agricultural practices and supporting commercialization. Similarly, support was provided
under the coffee recovery program and job placements were provided for young people in coffee and cocoa culture and
processing. Furthermore, with the support of the Inter-professional Agricultural Research and Advisory Fund (Fonds
Interprofessionnel pour la Recherche et le Conseil Agricole), the National Centre for Agricultural Research (Centre
National de Recherche Agronomique) and the National Agency for Rural Support and Development (Agence Nationale
d’Appui et de Développement Rural), the Coffee-Cocoa Council has been providing direct support since early 2012 to
producers through the free distribution of improved seeds and phytosanitary products. In addition, the Government
intends to promote coffee originating from Côte d’Ivoire. Besides support for the sector’s productivity, reforms also seek
to improve producers’ living conditions by strengthening their security and health via the construction of infrastructure
in rural regions.

On an operational level, on 31 January 2012, the Coffee-Cocoa Council launched a new sales system, the Anticipated
Forward Sales Program (Programme de Ventes Anticipées à la Moyenne) with regard to the marketing of the cocoa and
coffee harvests. Since February 2012, all exporters use this new sales system which ensures that farmers receive at least
60% of the CIF export price. The mechanism is based on selling 80% of the forecasted harvest for the coming crop year,
while the remaining 20% is sold during the crop year. The reference price corresponds to the average weighted price of
sales realized by anticipation (forward sales) and sales realized during the crop year (spot sales). It is split up between
the price for producers, taxes and other levies as well as intermediary costs. The sales take place via regular auctions
organized by an automatic system with an electronic messenger interface for participants. A supervisory procedure has
been implemented for producers, buyers and cooperatives, in order to ensure strict compliance with the guaranteed price
and with quality standards.

The implementation of this mechanism gave a minimum guaranteed price of CFAF 825 per kilogram of cocoa for the
main 2019-2020 season, as compared to CFAF 750 per kilogram of cocoa for the main 2018-2019 season, CFAF 700 for
the main 2017-2018 season, CFAF 1,100 for the main 2016-2017 season, CFAF 1,000 for the 2015-2016 season and
CFAF 850 for the 2014-2015 season. On this basis, cocoa producers’ gross income is estimated at CFAF 1,651 billion
and CFAF 1,526 billion, respectively, for the principal 2015-2016 and 2014-2015 seasons. However, given the continued
decrease in international cocoa prices, the minimum guaranteed price of the intermediary 2016-2017 season was set at


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CFAF 700, a decrease of 36.4% compared to the principal 2016-2017 season. This price represents at least 60% of the
CIF price, in accordance with the legislation governing the sector. The total taxation was temporarily reduced from 22%
to 16.285% in order to guarantee the minimum price set for the intermediary 2016-2017 season.

As for coffee, the guaranteed farm gate price has been set at CFAF 700 /Kg between January and June 2020.

In 2018, SAF CACAO, an important agrifood company specialised in cocoa trade and processing, was wound up by the
lower court of Daloa due to contract breaches during the 2015-2016 season which impaired its financial situation, costing
the State CFAF 25 billion, and requiring all its tending banks to set up a provision for the loss recorded. Notwithstanding
this, such liquidation did not impact the level of cocoa production and all of SAF CACAO’s export contracts were
reallocated to other exporters.

On 13 April 2017, Côte d'Ivoire and Ghana signed the so-called “Abidjan Agreement” on cooperation between the two
countries on the production and marketing of cocoa. This agreement covers the following six points: price policies, cocoa
marketing, smuggling, production policy, promotion of processing and consumption as well as cooperation with
international cocoa organizations.

In June 2019, Côte d’Ivoire and Ghana, the two world leading cocoa producers, announced that they would both refuse
to sell cocoa for the 2020-2021 season ( which opened in October 2020) at a price below US$ 2,600 (around CFAF 1.5
million) per ton, in order to ensure their producers a minimum revenue. In July 2019, they further agreed that both
countries would implement a similar mechanism (and return to the market for the 2020-2021 season), called in Côte
d’Ivoire the decent income differential (différentiel de revenu décent, or "DRD"): this mechanism provides that, for the
2020-2021 season, any buyer in an export contract will pay, in any case, and in addition to the market price, an amount
of US$ 400 per ton (around CFAF 232 per kilogram), in order to guarantee a price of at least US$ 2,600 per ton (the
market price was US$ 2,389.59 per ton on 25 January 2021, according to the ICCO). The purpose of the DRD is to
guarantee the producers at least 70% of the target price of US$ 2,600 per ton and it is contemplated that, in the event that
the cocoa market price rises above US$ 2,900 per ton, the DRD would be transferred to a stabilization fund to be used if
the prices were to drop in the future. The implementation of the DRD is effective since October 2020, for the 2020-2021
season.

In terms of improving the living conditions of producers, the Cocoa-Coffee Council maintains its efforts to build
community infrastructure in the areas of agricultural access roads, health, education, hydraulics and village electrification.
This support for the improvement of the living conditions and environment of producers is financed by the Rural Area
Investment Fund (Fonds d’Investissement en Milieu Rural).

Concerning the road infrastructure, 1,355 km of rural roads are in the process of completion. In the field of education,
schools have been built and 60,000 school kits, 5,000 table benches and 6,000 school uniforms have been distributed. As
regards rural human hydraulics, 150 solar pumping stations and 184 pumps have been installed and 133 drillings have
been realized.

As for rural health, infrastructures have been built and sanitary equipment supplied: five dispensaries, a maternity ward,
five nurses' quarters and a midwife's dwelling are in the process of being completed. 20 ambulances, acquired in March
2019, have been distributed to health centers. As for rural electrification, 16 villages located in coffee and cocoa
production areas have been electrified with solar energy.

Finally, in terms of security, six pick-up vehicles have been acquired to be used by the police forces during the 2020-
2021 season. In addition, in order to ensure better coverage of needs in terms of productivity, quality management and
infrastructure in rural areas, the Public-Private Partnership Platform (“PPPP”) was set up in order to mobilise all
initiatives in these fields.

In addition, the identification of coffee-cocoa producers and their orchards is a national issue for the well-being of coffee-
cocoa producers and the development of Côte d'Ivoire. The end of field operations is scheduled for the end of 2020. The
data will be used to design and refine strategies for sustainable development of the sector and optimal supply chain
management. The overall strategy is based on the following projects:


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    •    the revision of domestic marketing procedures and the implementation of traceability;

    •    the study of the orchard to optimize and stabilize production;

    •    the reduction of deforestation caused by cocoa plantations;

    •    the fight against illegal plantations in classified forests;

    •    the fight against child labor through the close monitoring of each child living in the registered producers'
         households.
The benefits of this operation will include:

    •    control of the real dimensions of the plantations and the annual production;

    •    implementation of a system of total traceability of products;

    •    good management of support (agricultural and other inputs) to the producers identified;

    •    securitization of production and domestic marketing;

    •    limitation of the area of cocoa cultivated;

    •    professionalization of the coffee-cocoa production activity.
The operation will take place in three stages: (i) identification and enumeration of producers' households; (ii)
identification of producers and of their plantations in each household; and (iii) measurement of the actual dimensions of
each plantation.

As of 31 August 2020, the overall completion rate was 93%, with 800,000 identified producers’ households, 926,000
identified producers and 2,400,000 measured hectares.

Other Sectors

Rubber

In 2016, rubber production was 453,040 tons, an increase of 25.8% compared to 2015 (360,000 tons), in connection with
the gradual increase of international prices, following decreases in 2014 and 2015. Côte d’Ivoire consolidated its position
as the African leader. The rubber sector continued to benefit from massive investments made in new plantations due to
the strong level of international prices from 2005 to 2013.

In 2012, a new tax was introduced by the Finance Law for 2012 on production of crumb rubber. The Government also
introduced an income tax on revenues of rubber tree producers, following a continuing increase in global prices for the
2008 to 2011 period. This tax amounts to 5% of the turnover of production companies and is applicable whenever the
monthly average international price per kilogram exceeds CFAF 1,000.

In 2016, the Government adopted strategic guidelines for the reform of the rubber tree and palm oil sectors. This reform
is primarily based on technical assistance to planters to improve their production systems and strengthen their capacities.
Furthermore, a new law establishing rules relating to the regulation, control and monitoring of the rubber tree and palm
oil sectors’ activities was adopted as part of the implementation of this reform. This law aims to improve the governance,
productivity and competitiveness of these sectors, in order to allow all the sectors’ participants, and particularly
producers, to derive greater profits from their activities. It takes into account the similar problems and the agricultural
complementarity of these two sectors to govern, under a single legal framework, subjects related to village plantations,
marketing, processing and promoting rubber tree and palm oil products. In this respect, it establishes a single body


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responsible for regulating, controlling and monitoring the activities of the two sectors, in the interest of all the value chain
participants.

In 2017, production was 606,420 tons, an increase of 33.9% compared to 2016, due to an increase in the area of cultivated
land and improved prices.

In 2018, rubber production increased by 2.9% according to estimates, reaching 624,136 tons. The industry has benefitted
from the progressive entry into production of numerous plantations created since 2012. However, as a function of the
steady increase in production, the industry was faced with a lack of processing capacities in 2018 for the transformation
of latex into rubber (dry). In addition, the industry continued to suffer from the drop in international prices. This resulted
in disruptions in the sale of latex. A portion of the production had to be exported in the form of cup films. Marine freight
and transit companies were reticent to export rubber with high levels of humidity. This situation caused a temporary
accumulation of stocks during the year. The processing rate of raw material was 80.2% in 2018, compared to 79.6% in
2017.

In 2019, production is estimated at 850,000 tons, representing an increase of 36.6% compared to 2018, in the context of
a continued decline in international prices.

Palm Oil

Côte d’Ivoire is, after Nigeria, the second largest producer of palm oil in Africa. Production amounted to 451,012 tons in
2016 compared to 424,100 tons in 2015, representing an increase of 6.3% in 2016 following 1.0% growth in 2015.

In 2017, production was 433,790 tons compared to 451,012 tons in 2016, representing a decrease of 3.8%.

In 2018, palm oil production increased by 18.5%, according to estimates, reaching 513,875 tons, due to the entry into
production of new plantations. In 2019, palm oil production stood at 634,600 tons and is projected at 800.000 tons in
2020. In addition, the industry benefitted from (i) higher quality plants provided to producers, (ii) strengthened capacity
of cooperative companies in optimizing collection activities, (iii) management advice and (iv) a supply of farming inputs
and equipment.

Palm oil plantations cover approximately 240,000 hectares with more than 60% of village plantations and less than 40%
of industrial plantations. All locally grown oil palm fruit is processed in Côte d’Ivoire by agro-industrial companies, such
as the Singaporean OLAM group and independent processors. The palm oil sector is the only sector producing 100% of
finished products. Furthermore, there are ongoing plans to use the biomass from production as an input for electrical
energy production.

The Ivorian market consumes approximately two-thirds of national production. The balance is exported throughout the
ECOWAS region, whose demand is not sufficiently met. To satisfy sub-regional demand, Côte d’Ivoire intended to
increase its production and exceed 600,000 tons of raw palm oil by the end of 2020. In order to do so, the Government
has adopted a law aiming to improve the sector’s competitiveness, productivity and governance.

In addition, the Council for the Regulation, Control and Monitoring of Activities in the Rubber/Oil Palm Industry
(Conseil de régulation, de contrôle et de suivi des activités de la filière hévéa-palmier à huile), the rubber-palm council,
became operational with the official appointment of the members of the Board of Directors in October 2018. The rubber-
palm council will only take into account the regulatory aspects of these industries. It is also responsible for ensuring that
all participants in this sector receive equal pay and that processing plants are competitive at the national and international
level.

The sector is also expected to benefit from the effects of the implementation of the palm tree plan, which seeks to increase
the area of cultivated land and improve productivity, despite global price fluctuations and governance problems in the
sector. The sector’s target is to triple the current annual production of palm bunches to produce one million tons of crude
palm oil by 2025.




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Cashew Nuts

Côte d’Ivoire has been the world’s top producer of cashew nuts since 2015 (according to the Cotton and Cashew Nut
Council) with approximately 22% of global production, and the leading exporter of raw nuts with 40% of global supply.
Today, Côte d'Ivoire is pursuing a policy of continuous improvement in its local processing capacity. 93% of cashew
nuts are exported in raw form, mostly to Vietnam and India, which in 2016 accounted for approximately 62.8% and
34.3%, respectively, of all cashew nuts exports from Côte d’Ivoire. The sector benefits from the implementation of
reforms targeted at increasing producer prices during recent years. There are around 250,000 producers in Côte d’Ivoire
and approximately 1.5 million people in the country derive their livelihood directly from this agricultural product.

In 2016, cashew nut production decreased by 7.5% to reach 649,587 tons due to unfavourable weather conditions.

In 2017, cashew nut production stood at 711,236 tons, representing an increase of 9.5%. In 2018, production rose by
7.0%, reaching 761,317 tons. However, a drop in prices led to a 20% decrease in income distributed to producers, which
was estimated at CFAF 404 billion in 2018, compared to CFAF 509 billion in 2017. In 2019, cashew nut production
amounted to 634,631.0 tons, representing a decrease of 16.6%. The sector suffers from illicit traffic towards certain
bordering countries and from the decrease of international prices resulting from the significant increase of cashew nut
production.

In an effort to accelerate the development of processing capacity and optimize producers’ income, the World Bank
granted a CFAF 107 billion loan to the cashew nut industry in 2018 as part of the Project for the Promotion of
Competitiveness in the Value Chain (Projet de Promotion de la Compétitivité de la Chaîne de Valeur). This project
consists in investing in the various compartments of the value chain, particularly in varietal research, management of
producers, development of rural roads in production zones, storage and local processing infrastructure.

This project comes in addition to the measures that have already been taken by the Government to increase local
processing capacity. These measures relate, in particular, to the obligation for exporters to make 15% of production
available for local processing and a CFAF 400 subsidy granted for every kilogram of cashew nuts produced locally and
sold for such local processing.

These initiatives should help fulfil the potential for job creation in production zones, estimated at 440,000 jobs, including
at least 60% for women.

Reforms undertaken in the sector to boost the processing rate led to an increase in the number of cashew nut processing
companies to 22 in 2016 from only 10 in 2012 and consequently to achieve an overall installed capacity of 100,900 tons
in 2016. Côte d’Ivoire has the goal, under the 2016-2020 NDP, of reaching a processing rate of 50% by 2020, this rate
stood at 6.6% in 2017 and 9.0% in 2018. For 2018, this rate corresponds to a volume of 68,515 tonnes of cashew nuts
delivered to 25 operating processing units with a total capacity of 116,350 tonnes. In addition, in order to improve the
quality of nuts and productivity, high-quality cashew nut seeds and inputs are distributed to producers.

For the 2019 season, which began in February, the farm gate price was set at CFAF 375 /Kg of cashew nuts, well dried,
well sorted and containing no foreign matter, down 25% compared to the price in the previous season (CFAF 500 /Kg).

For the 2020 season, opened by the Government on 6 February 2020, the farm gate price has been set at CFAF 400 /Kg
of cashew nuts, well dried, well sorted and containing no foreign body, up CFAF 25 compared to the price in the previous
season (CFAF 375 /Kg).

Cotton

Cotton production is one of the main sources of income and livelihood for communities living in the north of the country.

After enduring the political and military crisis that started in 2002, the country’s cotton production since 2011 has been
growing as a result of state subsidies granted to farmers over the 2011-2013 period. This growth is also due to the support
of the European Union through the “New Seeds” (Nouvelles Semences) project which improved seed quality for many
farmers. The assistance provided by the European Union allowed the restoration of seed production stations that began


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producing high-quality seeds, leading to a positive effect on production. In addition, efforts were made to preserve
cooperative movements and secure funding for cotton production, primarily by private operators.

In 2015, cotton production increased by 7.3% compared to 2014 to reach 434,914 tons, following an increase of 13.3%
in 2014 thanks to improvements in productivity due to supplying agricultural products and quality seeds to producers.
This sector benefitted from reforms, in particular with respect to the minimum purchase price that is guaranteed to
producers by the Cotton-Cashew Council, an entity which was created on the basis of the model of the Coffee-Cocoa
Council in 2013.

In 2016, significantly unfavourable weather conditions characterized by late rains during the sowing period (late May
and late July) and heavy rain after boll opening (late September to October) reduced yield. Furthermore, the number of
cotton producers decreased whereas the number of cashew nut producers increased. As a result, cotton production
declined by 23.6% compared to 2015 to reach 332,422 tons. However, the quality of cotton produced has significantly
improved due to the distribution of higher-quality inputs. The rate of superior fibre increased to 48%, compared to 13%
in 2015.

In 2017, cotton production reached 352,712 tons, a 6.1% increase compared to 2016, due to various measures taken to
stem the effects of the poor weather conditions, namely improvements in the supply of input to producers (quality,
quantity and price), the rise in the purchase price from the producer, the reinforcement of the current cottonseed
production system, processing and conditioning of seed for the benefit of the chain as a whole.

The Government adopted Decree No. 2016-1153 of 28 December 2016 instituting agro-industrial zones in the cotton
sector which resulted in the creation and allocation of exclusive business zones for each cotton company operating in
Côte d’Ivoire, which aims to significantly reduce dysfunctions occurring following the liberalization of the sector and
revive cotton production in a sustainable manner.

In 2018, cotton seed production stood at 386,989 tons, representing an increase of 9.7% compared to 2017. The industry
has benefitted from a series of reforms, in particular:

-       improvements in the supply of input to producers (quality, quantity and price);
-       reinforcement of the seed production, multiplication and distribution system through the implementation of the
        seed plan, adopted by the industry in February 2017, for which a levy of CFAF 3/kg of cotton seed was
        authorized by the Government;
-       monitoring of the implementation of zoning in the cotton basin, particularly compliance with the commitments
        contained in the concession agreement and the specifications.
The 2018-2019 season began in December 2018 with purchase prices from producers that were identical to those of the
previous year, i.e. CFAF 265/kg for top-grade cotton seed and CFAF 245/kg for second-rate cotton seed. The Government
took measures targeted to lead to an increase in financing, number of producers, farmed area and yield to achieve annual
growth of 15% of the cotton production forecasted for the 2018-2019 and 2019-2020 seasons.

The estimates for the 2019-2020 season, which began in November 2019, are in line with the anticipated consolidation
of achievements regarding zoning. In this framework, cotton seed production is estimated at 506,400 tons for the 2019-
2020 season for a farmed area of 422.000 hectares and a yield of 1,200 kilogram per hectare.

The Government has set the following prices for cotton seed purchase from producers for the 2019-2020 season:

    -   CFAF 300 per kilogram for top-grade cotton seed;

    -   CFAF 275 per kilogram for second-rate cotton seed.

These prices reflect a commitment from the Government to increase by CFAF 44 the price of CFAF 256 per kilogram
obtained pursuant to inter-professional agreements between stakeholders of the sector.



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For the 2019-2020 season, the input sale price proposed by a committee comprising all stakeholders and presided by the
Cotton and Cashew Nut Council (Conseil du Coton et de l’Anacarde) and approved by the Government is as follows:

    -    NPK fertilizer: CFAF 289 per kilogram, i.e. CFAF 14,450 for each 50-kilo bag;

    -    Urea: CFAF 289 per kilogram, i.e. CFAF 14,450 for each 50-kilo bag;

    -    Insecticide: CFAF 33,000 per hectare throughout the production cycle.

If met, the production estimates will represent an increase of 10.38% as compared to the previous season and 84% of the
Government’s objective of 600,000 tons for 2020.

Bananas

With the support of the European Union for the implementation of the 2014 sector’s recovery plan, sweet banana
production increased by 18.6% in 2016 to reach 426,975 tons. This recovery follows the 0.7% and 6.8% declines recorded
in 2015 and 2014, respectively, due to the flooding of several hectares of plantations in 2014. Production reached 359,947
tons in 2015 compared to 362,363 tons in 2014.

In 2017, sweet banana production reached 438,107 tons, representing an increase of 2.6% compared to 2016 that was
primarily a result of the effects of the sector’s recovery plan, which sought to increase production to 500,000 tons by the
end of 2020. However, heightened competition from producers in Latin American countries has threatened the export of
sweet banana to European markets.

In 2018, sweet banana production stood at 449,094 tons, representing an increase of 2.5% compared to 2017. This change
is due to the effects of the “Banana Support Measures” (Mesures d’Appui à la Banane, “BSM”), funded by the EU. As
a result of this performance, Côte d’Ivoire is the leading banana producer in Africa. In addition, the Ivorian Government
has adopted a 10-year strategy for the banana sector, which is structured around the following four areas of development:

-        continued reduction of production costs for plantations that export to Europe;
-        relaunch of production among small-scale farmers;
-        development of local and sub-regional markets;
-        continued improvements in the living conditions of workers and efforts to protect the environment.
Pressure from European distributors to reduce prices and growing competition from Latin American banana producers
presented a threat to sales in 2019.

However, in 2019, sweet banana production benefited from the increase in investments in the framework of the
implementation of the government strategy for the improvement of sector competitiveness. It also benefited from the
continuing implementation of the BSM program and from the improvement of the sector organization. Actions planned
in the framework of the BSM program had an implementation rate of 67.7%. In 2019, sweet banana production stood at
499,575.6 tons, representing an increase of 7.5%.

Energy and Mining

Electricity

Côte d’Ivoire generates its electricity from thermal and hydroelectric plants. With the commissioning of the Soubré dam
in May 2017, the country now has seven hydroelectric dams and four thermal power stations fuelled by natural gas
sourced primarily from Côte d’Ivoire, with a gross installed overall capacity of 2,229 MW. Electricity production was
8,624.0 GWh in 2015, an increase of 5.0% compared to 2014. In 2016, net electricity production was 10,072.1 GWh, an
increase of 16.8% compared to 2015. This trend is due to the production of thermal power, which increased by 17.86%
to 8,537.33 GWh, as compared to 7,243.47 GWh in 2015, due to an increase in production capacity of the Azito site in



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April 2015 (+140 MW) and CIPREL in December 2015 (+111 MW) to meet increased demand. In addition, hydraulic
production increased by 13.02% due to the increase of hydraulic stocks.

In 2017, net electricity production is 9,802.87 GWh, a decrease of 2.7%, due to lower domestic consumption and export
sales. This decrease was driven by a reduction in thermal production of -9.0% which more than offset an increase in
hydraulic production of +32.8%. In 2018, net electricity production stood at 9,835.3 GWh and is expected to reach
10,544.0 GWh in 2019, an increase of 7.2%, as a result of dynamic domestic and foreign demand. The share of hydraulic
electricity, which represents 29.7% of total production, has significantly increased (44.69%), due to the commissioning
of the Soubré dam in May 2017. The share of thermal power decreased by 10.96%, as a result of the reallocation in favour
of hydraulic energy, which is less expensive to produce. Côte d’Ivoire only consumed 77.15% of its contract quantity
under the Take or Pay with CIPREL, representing a production differential of 870.56 GWh. In 2019, total gross electricity
production was 10,633 GWh, including 67.2% from thermal power. Total net electricity production was 10,436.3 GWh,
as compared to 9,835.5 in 2018, representing an increase of 11%. The general increase in production translated into an
increase in energy exports and the growth rate of gross national consumption, which increased by 5.8% in 2019 compared
to 2018 and by 2.3% in 2018 compared to 2017. In 2020, production is expected to reach 11,167.0 GWh, representing
an increase of 7%, as a result of dynamic domestic and external demands. Hydraulic production, which represents 32.8%
of total production, experienced a sharp increase (44.69%) due to the commissioning of the Soubré dam in November
2017, good rainfall and high stock levels in 2019. Thermal production (67.2%) was down 10.96% due to the reallocation
in favor of hydraulic production, which is cheaper to produce. CIPREL's Take or Pay was consumed at 83.9%,
representing a production gap of 616.68 GWh. At Azito and Aggreko, 71.3% and 57.21% of the contractual power was
used, respectively, representing a total of 235.233 MW not used. Work on the development of the Azito (253 MW) and
CIPREL 5 (390 MW) combined-cycle thermal power plants is ongoing.

The energy mix is still dominated by thermal energy, which remains the main source of the supply of electricity, even
though it decreased from approximately 79.9% of total supply in 2017 to 70.3% in 2018 and then to 67.2% in 2019.
Thermal electricity production required the consumption of 1,755.270 billion cubic meters of natural gas, a decrease of
41.15% compared to 2018. This volume of gas cost the sector CFAF 196.137 billion, representing an increase of 20.38%
as compared to 2018. This increase was partly due to a higher average exchange rate CFAF/USD, from 555.61 in 2018
to 582.268 in 2019. The electricity production of the Soubré dam (1,604.81 GWh) is sold at CFAF 35/kWh.

In the past, domestic natural gas production did not meet domestic demand, resulting in the use of more expensive HVO
(liquid fuel) for electricity production. However, due to increased natural gas production, the entry into production of the
Soubré dam in May 2017 and the combined cycles, the use of HVO is residual. This should result in a decrease in
production costs over the medium and long term.

At the end of December 2018, fuel purchases stood at CFAF 209.34 billion, including CFAF 207.5 billion dedicated to
the purchase of natural gas. Côte d’Ivoire produces more electricity than it consumes and exports electricity to
neighbouring sub-Saharan African countries such as Burkina Faso, Mali, Ghana, Togo and Benin. Transmission lines
are currently under construction in order to export electricity to Guinea, Sierra Leone and Liberia as part of the West
African Power Pool, an ECOWAS initiative that seeks to open up the West African energy market. TRANSCO CLSG
is in charge of carrying out this project and ensuring its financing, construction and operation. The implementation of
the project is progressing well. Contracts with the construction companies have already been signed. Overall work
progress at the end of February 2020 is estimated at 75%, and 85% in Ivorian territory. The updated project schedule
foresees progressive commissioning from January 2021 to the end of 2022, as follows:

    -   Phase 1 (Côte d'Ivoire (Man) - Liberia (Monrovia) section): January-February 2021;

    -   Phase 2 (Liberia (Monrovia)-Sierra Leone (Bumbuna) section): February-March 2021;

    -   Phase 3 (Sierra Leone (Bumbuna)-Sierra Leone (Kamakwie) and Liberia (Yekepa)-Guniéé (Nzérékoré)
        sections): April-August 2021;

    -   Phase 4 (Sierra Leone (Kamakwie)-Guinea (Linsan) section): December 2021- December 2022.



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Many households in Côte d’Ivoire still do not have access to electricity because of the high connection costs. The
Government has launched works to provide electricity to all villages with more than 500 people. In the period from 2011
to 2015, the coverage rate and access rates went from 34% to 49% and 74% to 80%, respectively. These rates were 54%
and 82% in 2017, 58% and 89.5% in 2018 and 69% and 94% in 2019. The Government plans to provide electricity to all
villages of more than 500 residents by the end of 2020, and all regions of the country by 2025. Furthermore, measures
are being taken to lower household electricity bills, in particular through the distribution of low-electricity-consuming
lamps, decreasing subscription costs and a 20% reduction in the domestic low-voltage social rate of five Amperes. The
Government intends to increase production capacity to 4,000 MW by 2022 (taking into account the needs of the mining
industry), in order to meet domestic and external electricity demand.

An Electricity Code was adopted on 24 March 2014. The Code allows various segments of the electricity sector to open
up to the private sector. The Government is anticipating the possibility of transmission and distribution lines being
operated by different private companies, and the Electricity Code establishes a framework for the development of
renewable energies, and includes provisions to combat fraud and acts of vandalism at the electricity plants. In 2012,
actions related to the identification, securing and surveillance of customer counting and a better monitoring of streetlight
meters were taken by the concessionaire, the Compagnie Ivoirienne d’Electricité, to combat fraud in the country. These
actions resulted in satisfactory earnings that reduced financial losses in the electricity sub-sector.

The Electricity Code establishes a procedure to fight against fraud on electricity. To this end, fourteen agents of the
Directorate General for Energy were sworn in by the Court of First Instance of Abidjan on 27 March 2019. As part of
the capacity reinforcement of these agents, the Directorate General of Energy organized a training workshop in December
2019.

According to the CIE, the anti-fraud operations have led to the arrest of 2,989 fraudsters between January and August
2019, including 1,344 customers (45%), 1,584 receivers (5%), 58 resellers (1.92%), 2 CIE agents (0.06%) and 1
gendarme accomplice of the CIE agent (0.03%) for a recovery of CFAF 1,387,687,960 (18 GWh), offset by the costs of
legal proceedings (CFAF 116,000,000). These actions led to the reduction in energy consumption related to non-technical
losses (fraud) from 1,283 GWh to 758 GWh, for a gain of CFAF 13 billion from January to August 2019.

Electricity tariffs are regulated by the State and vary depending on the type of user (public household, general household
and professional low voltage, medium voltage and high voltage). As part of the Government Social Program (PSGOUV),
the inter-ministerial Decree No. 002/MPEEr/MEF/SEPMBPE of 2 January 2019 on the modification of electricity tariffs,
has been adopted to reduce the five Amperes Low Voltage Domestic Social Rate by 20%.

In order to facilitate access to electricity for low-income populations, Côte d'Ivoire has decided to set up a programme
called Programme Electricité Pour Tous, or PEPT. The PEPT addresses the problem of effective household access to
electricity by reducing the cost of connection, which has been a real obstacle to the connection of people living in
localities already electrified. The PEPT consists in offering subscriptions to the network for the underprivileged sections
of the population at a subscription amount of only CFAF 1,000. The remainder of the total cost of the connection is
reimbursed in instalments at the same time as the payment for the electricity, over a period of up to 10 years. As part of
the Social Programme of the Government 2019-2020, the Government is responsible for the payment of the initial CFAF
1,000.

The outlook for the electricity sector was outlined in the Priority Action Plan of the Ministry of Energy, developed as
part of the Poverty Reduction Strategy Document (Document de Stratégie de Réduction de la Pauvreté) process in 2009
and reflected in the 2012-2015 NDP. As a result, in the last quarter of 2011, structural reforms of the sector were launched
to reduce institutional overlapping and streamline the organization of the sector. In December 2011, the Asset
Management Company of the Electricity Sector (Société de Gestion du Patrimoine du secteur de l’Electricité), which
manages assets and monitors financial flows in the sector, and the Ivorian Electricity Company (Société d’Opération
Ivoirienne d’Electricité), which plans and monitors the management of energy flows, were replaced by a single entity,
the Côte d’Ivoire Energy Company (Société Côte d’Ivoire Energies – CI-ENERGIES). A decree modifying the name of
Energies Côte d'Ivoire was signed in November 2017. It extends the corporate purpose of CI-ENERGIES to the
conversion of all energy sources, including new and renewable energy sources, into power and the sale of power produced



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from these sources. CI-ENERGIES owns and operates the power plants owned by the State as well as the power storage
and transportation facilities.

The National Authority for Electricity Regulation (Autorité Nationale de Régulation de l’Electricité de Côte d’Ivoire)
remains in charge of distributors and independent electricity producers, and is responsible for arbitration and settling
disputes between the different stakeholders, including consumers. With respect to CI-ENERGIES, a two-tranche
financing agreement was concluded in 2019 with the support of the World Bank through its partial credit guarantee. The
first tranche of CFAF 95 billion was raised from local banks, without the use of the guarantee. The second tranche, for
EUR 300 million, was contracted with international banks and is guaranteed by the World Bank. This financing has been
used, in priority, to repay domestic bank loans and to partially settle the arrears of independent power producers and gas
suppliers. In addition, initiatives to reduce technical and non-technical losses combined with the optimization of thermal
power plants are expected to improve efficiency. The expected growth in economic activity combined with the initiatives
conducted by the Government aim at generating margins over the period 2019-2020 to cover charges without
accumulating any arrears.

Increasing the supply of electricity to foster economic growth remains a priority of the Government. To this end, the
Government took measures to reduce losses and in particular to reinforce existing sites with production plants using new
types of combustibles, including biomass, and to improve the electricity transportation and distribution network to satisfy
growing demand for electricity. In addition, investments amounting to CFAF 10,700 billion over the 2014-2030 period
are ongoing. These investments will be financed by both the State and the private sector, with the State’s share not
exceeding 15% of the planned amount. In this respect, the Government has anticipated an average increase in power of
about 150 MW per year for the next few years. The Government’s efforts have allowed several projects to be
implemented, including (i) the completion and installation of the AZITO 3 project on 30 June 2015, entailing the addition
of a 139 MW steam turbine to the two existing ones, as well as recovery equipment for conversion to combined cycle,
and (ii) the completion of phase B of the CIPREL 4 project on 31 December 2015, entailing the construction and
commissioning of a combined-cycle gas plant consisting primarily of two gas turbines (TAG9 and TAG10), two recovery
boilers and one steam turbine (TAV1). With a view to achieving the objective of reaching an electricity production
capacity of 4,000 MW by 2020, the State has entered into agreements and/or memoranda of understanding with private
developers to complete power generation works. In an effort to improve the share of renewable energies in the energy
mix, a strategy for their development was initiated by the Minister of Petroleum, Energy and Renewable Energies,
covering both “On-Grid” and “Off-Grid” sectors. In this regard, various initiatives have been taken, including the
installation of solar kits and mini solar power plants, as well as the signature of concession agreements for the construction
of solar power and biomass plants. Indeed, several solar power plants are expected to be commissioned between 2020
and 2021, including in Boundiali (37,5 MW), Korhogo (25 MW) and Poro (66 MW), and biomass power should be
developed as well, with three power plant projects being contemplated, based on: (i) oil palm, in Aboisso (46 MW), (ii)
cotton, in Boundiali (20 MW) and (iii) cocoa, in Gagnoa (25 MW).

The electricity sector faced an imbalance in its financial situation due to a combination of several factors: (i) the high
price of gas, (ii) the failure to charge at marginal production cost, (iii) the failure to collect invoices in the CNO zone,
and (iv) the extent of technical and non-technical losses due to the obsolescence of the distribution network. The results
achieved through the implementation of a deficit reduction strategy for the electricity sector have led to a gradual
improvement of its financial situation and helped it reach financial equilibrium (taking into account investments) in 2016.
In 2018, revenues amounted to CFAF 572.684 billion, including CFAF 38.996 billion from rural electrification fees and
VAT. Expenditure over the same period was CFAF 571.642 billion, representing a positive balance of CFAF 1.042
billion. Additional electricity requests from neighbouring countries will continue to be billed at the marginal production
cost of HVO.

Significant investments have been made in the electricity sector. Over the 2011-2017 period, these investments stood at
CFAF 980.3 billion for production and transport, and CFAF 363.9 billion for distribution.

Hydrocarbons

Côte d’Ivoire produces and mostly exports crude oil, and refines imported crude oil to satisfy its domestic market. On 31
December 2019, Côte d’Ivoire’s reserves amounted to an estimated 175.6 million barrels of crude oil and 1,191.1 billion


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cubic feet of natural gas. Taking into account proven reserves, approximately 38% of oil and 44% of crude oil remain to
be extracted. From 2011 to 31 December 2019, 60 frillings, including 31 exploratory and appraisal drillings, and 29
development drillings have been made over the Ivorian sedimentary basin. Exploratory drilling resulted in the discovery
of seven hydrocarbon deposits. One exploration well and three development wells were completed in 2019. In 2017,
ExxonMobil completed the two ultra-deep water blocks, for which agreements were signed in December 2014. Oil
promotional campaigns carried out by the Government resulted in the signing of nine production sharing contracts
(Contrats de Partage de Production) in 2017, and five in 2018 including two with the SECI and FOXTROT consortium,
two others with TULLOW and one with DRAGON OIL. In June 2019, four production sharing contracts were signed,
two with ENI (blocks CI-501 and CI-504) and two with Total (blocks CI-705 and CI-706).

The maritime border between Côte d’Ivoire and Ghana has been officially defined, following the ruling rendered by the
International Tribunal for the Law of the Sea on 23 September 2017. This new border allows Côte d’Ivoire to more
smoothly pursue its exploration projects with its oil partners. These two countries shared a maritime border that had until
now remained non-delimited. In 2008, both countries established a mixed Commission responsible for the delimitation
of this border. From 2008 to 2014, the mixed Commission held a series of meetings with the goal of reaching a consensus
with regard to the borderline. The parties recommended different methods for the delineation of the border. In September
2014, although the parties had consistently favoured a negotiated solution, Ghana chose to appeal to the International
Tribunal for the Law of the Sea (Tribunal International du Droit de la Mer) to settle the issue of the delimitation of the
maritime border between the two countries. In the face of this unilateral act, the Ivoirian Government chose, in turn, to
appeal to the International Tribunal for the Law of the Sea with regard to this territorial dispute with Ghana, which led
to the above-mentioned decision of September 2017.

Oil

The production of crude oil decreased from 12.4 million barrels in 2011 to 10.8 million barrels in 2012 and 9.1 million
barrels in 2013 and 6.9 million barrels in 2014. This is primarily due to the natural depletion of a number of oil fields. In
2015, the production of crude oil grew from 6.901 million barrels in 2014 to 10.735 million barrels, or an increase of
55.5%. This progression is linked to investments in exploration, development and maintenance of existing wells and
mines. In 2013, estimated production of 25,021.6 barrels/day was significantly less than imports of approximately 71,000
barrels/day. Côte d’Ivoire remained a net importer of crude oil in 2014 with crude oil production of 18,908.3 barrels/day
compared to imports of approximately 62,000 barrels/day. In 2016, crude oil production was 15,425,895 barrels, or
42,147 barrels per day, an increase of 43.70% compared to 2015 due to the contribution of wells established during
drilling campaigns at the Baobab (CI-40) and Marlin (CI-27) fields from 2015 to 2016. In 2017, crude oil production
amounted to 12,440,504 barrels (34,084 barrels per day), representing a decrease of 19.35% compared to the production
levels in 2016, due to the natural depletion of oil fields and production stoppages of the Espoir and Baobab fields during
their annual maintenance periods and employee strikes. Crude oil production continued to decline in 2018 (-5.27%), with
production reaching 11,784,642 barrels, or 32,287 barrels per day. More precisely, this contraction is mainly due to the
CI11 (-43.0%), CI27 (-33.0%) and CI 26 (-8.6%) permits. In contrast, production of the CI40 permit increased moderately
by 0.2%. Côte d’Ivoire remains a net importer of crude oil (1,565,194 tons, representing around 11,425,916 barrels, in
2018). Côte d'Ivoire's crude oil production at the end of December 2019 is 13,194,133 barrels, corresponding to a daily
throughput of 36,148 barrels per day. This production increased by 11.96% compared to the same period in 2018 due to
the increase in production observed respectively on Block CI-40 as a result of new wells drilled during phase 4 of the
development (2018-2019) of the Baobab field and on Block CI-11 following works carried out on the wells.

In order to strengthen the national capacities of electric power generation and to reduce disturbances linked to the natural
gas deficit, the Government granted its approval for the implementation of the Côte d'Ivoire Liquefied Natural Gas Supply
Project (Projet d’Approvisionnement de la Côte d’Ivoire en Gaz Naturel Liquéfié – PACI-GNL) during the Council of
Ministers on 10 February 2016. The shareholders’ agreement between Total (34%) as project operator, Socar (26%),
Shell (13%), Golar (6%), Endeavor Energy (5%) and the national companies Petroci (11%) and CI-Energies (5%) was
signed in Abidjan on 25 November 2016. This project, estimated at a cost of approximately EUR 130 million (CFAF 85
billion), provides for the installation of a floating liquefied natural gas storage and regasification unit with a production
capacity of 3 million metric tons per year and the construction of a gas pipeline connecting it to the existing gas network
to supply the power plants and the coverage of domestic demands. The construction of this terminal is expected to
contribute to Côte d'Ivoire’s strategy of energy security. The detailed preliminary studies and ESIES studies have been

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finalized and the discussions for a 180 MW Gas-to-Power combined cycle project with the initial liquefied natural gas
supply scheme are underway. Similarly, negotiations are ongoing to determine the price of gas and the price of electricity
in this project.

Côte d'Ivoire also intends to participate in regional projects such as the construction of gas pipelines. PETROCI could
also consider the acquisition of oil assets outside Côte d'Ivoire. Exploration of natural gas resources is carried out as part
of the overall hydrocarbon exploration in the Ivorian sedimentary basin.

The Ivorian Refining Company (Société Ivoirienne de Raffinage (“SIR”)) imports crude oil, mostly from Nigeria, and
processes it to meet domestic demand in oil products and to export oil products to WAEMU countries. In 2019, the SIR
imported 4,017,352.33 tons of crude oil, representing a total production of 4,089,752.89 tons.

PETROCI, a state-owned company, was created in 1975 to oversee the country’s oil development following its
independence in 1960. PETROCI is involved, through private partnerships with foreign oil companies, in exploring and
extracting oil and natural gas reserves. PETROCI is entitled to a 10% participation right in these partnerships.
Hydrocarbon research and extraction, as well as all PETROCI activities, are governed by the 1996 Petroleum Code,
which was revised by Decree No. 2012-369 on 18 April 2012. Difficulties still persist, however, despite efforts to improve
hydrocarbon production and distribution channels for oil products. In order to increase oil production, private investments
in oil research and exploitation are needed. Reforms of the Petroleum Code take into account good governance,
environmental sustainability and the application of the EITI, adopted by the Government in April 2012. In May 2017,
the Government agreed to the sale of PETROCI's GPL distribution activities and assets to private investors, in order to
allow the company to refocus its resources on its main activities, namely the development of Ivorian oil and gas potential
and the import and storage of hydrocarbons. PETROCI has definitively sold its service stations business to Puma Energy,
following the authorisation granted by the Government on 28 February 2018.

Oil permits granted by the State to concessionaires are based on shared production contracts (Contrats de Partage de
Production) with consortiums headed by a technical operator which has a majority share in the consortium. The
consortium is also in charge of revenue distribution and gives PETROCI its respective share based on the terms of the
CPP.

The SIR is the country’s only oil refinery. Its main shareholders are PETROCI (45.7%), TOTAL (20.4%) and
SONANGOL (20.0%). Refined products include super unleaded petrol, kerosene and fuel gas. However, the SIR, which
has a monopoly over the import of the crude oil necessary for its production.

The SIR’s production of refined products increased from 2.0 million tons in 2011 to 3.2 million tons in 2012, 3.2 million
tons in 2013, 3.2 million tons in 2014 and 3.4 million tons in 2015. This increase was due to the revival of the national
economy and the strength of exports to ECOWAS countries, particularly to Nigeria. However, the SIR’s production of
oil products decreased by 8.82% in 2016, amounting to 2.895 million tons. This decrease in production is the result of
the combined effects of the shutdown of the HSK3 facility and the SIR’s hydrocracker, as well as the low export refinery
margins during the second quarter of 2016. The SIR consequently reduced its crude oil processing rate to ensure the
supply of the local Ivorian market to the detriment of the export market. In 2017, production stood at 3.1 million tons, an
increase of 5.51% compared to 2016. In 2018, oil products production stood at 3.3 million tonnes, representing an
increase of approximately 6.62% compared to 2017. At the end of December 2019, the production of refined products
was 4,089,752.89 tons, representing an increase of 18% as compared to 2018.

Pursuant to a revised oil price automatic adjustment mechanism adopted by the Government and implemented in April
2009, oil prices on the domestic market are intrinsically linked to international price fluctuations. The SIR has suffered
due to the decline in refining margins on the international market. However, it has benefitted from several subsidies from
the Government throughout the past decade. In October 2016, the Government approved a strategy for restructuring SIR’s
debt with a view to achieving financial stability in the medium term. An audit completed in early 2016 established SIR’s
debts to local banks and overdue liabilities to suppliers at CFAF 368 billion. The debt restructuring aimed to eliminate
short-term debt largely borne by crude oil suppliers, improving terms of payment and restoring a positive net financial
result. SIR entered in December 2018 into a long-term loan in the amount of CFAF 368 billion, guaranteed by the
Government. As the restructuring has been completed, the repayment of this loan is backed in part by the ongoing fuel


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surcharge (soutien à la marge) granted by the Government to SIR. This surcharge is consolidated in the budget and the
Government will transfer its proceeds as a subsidy to SIR.

In November 2012, the Government adopted an oil price structure that serves as a basis for an automatic adjustment
mechanism of retail station prices. This new price structure has been in place since 1 April 2013. The changes made to
this mechanism relate to the introduction of a price component that supports the refinery margin (margin support), the
reduction of the VAT rates on oil products (from 18% to 9%) and the flexibility of the Unique Specific Tax (Taxe
Spécifique Unique) collected by the State so as to maintain prices at a level that is acceptable to the population. Prices at
the pump have been identical everywhere throughout Côte d’Ivoire since 1975 for liquid products and since April 2013
for butane gas. Since the beginning of September 2015, the price of super gasoline has decreased from CFAF 715 per
litre to CFAF 680 per litre, then CFAF 615 and finally CFAF 570, similar to the price of fuel gas per litre. In addition,
the price of super gasoline rose from CFAF 570 to CFAF 593 in May 2017 and CFAF 595 since December 2017, identical
to that of fuel gas. In 2018, the average price of super gasoline was CFAF 610 and the average price of diesel was CFAF
605 per litre. In 2019, the average price of fuel gas was CFAF 613, representing an increase of 1.32% as compared to
2018, and the average price of super gasoline was CFAF 623, representing an increase of 2.13% as compared to 2018.
As a result of the drop in crude oil prices and the Covid-19 pandemic, the average price of fuel gas per litre decreased.
On 1 April 2020, the average price of super gasoline decreased from CFAF 625 to CAF 595 per litre, while the average
price of diesel decreased from CFAF 610 to CFAF 590 per litre. The Government expects the oil sector to be further
impacted to a limited extent by any drop in crude oil prices and the Covid-19 pandemic. The extent of such sectorial
impact is still being assessed by the competent ministry.

The distribution network for oil products significantly deteriorated during the 2002-2011 period due to the political and
military crisis. About 24 distribution licenses for oil products were nonetheless granted during this period. The largest
fuel distributors are members of the Professional Petrol Group created in 1971 (Groupement des Professionnels de
l’industrie du Pétrole), including Total CI, Corlay CI, Vivo Energy CI, LibyaOil (now OLA Energy), Oryx Energies,
Petro Ivoire, which collectively controled approximately 72% of the domestic market as at 31 December 2019. Other
companies are members of the Côte d’Ivoire Professional Petrol Association (Association professionnelle des pétroliers
de Côte d’Ivoire), created in 5 November 2003.

Gas

Natural gas production has been continuously growing over the 2011-2013 period, increasing from 57,660,048 British
Thermal Units (“MMBTU”) in 2011 to 62,894,892 MMBBTU in 2012 and 75,129,950 MMBTU in 2013, in conjunction
with the increased demand from the electricity sector. Natural gas production was 75,306,277 MMBTU in 2014, an
increase of 0.2% as compared to 2013 and 78,597,562 MMBTU in 2015, i.e., a 4.4% increase as compared to 2014. In
2016, production was 84,630,719 MMBTU, an increase of 7.7% compared to 2015. In 2017, production was 76,086,924
MMBTU, a decrease of 10.1% compared to 2016. Similarly, natural gas production in 2018 decreased compared to 2017.
Production was 69,091,226.6 MMBTU or 189,291 MMBTU/day, representing a decrease of 9.19%. This change was the
result of disturbances observed on the installations of blocks CI-11 and CI-26 referred to above and a decrease in natural
gas demand in the CI-27 block.

Natural gas sales in 2019 are estimated at 68.970 billion cubic feet (73,790,603 MMBTU) corresponding to a daily
throughput of 188.959 million cubic feet (202,166 MMBTU). Sales were up 6.84% compared to 2018 results (64.552
billion cubic feet or 69,091,226.62 MMBTU) due to the increase in natural gas demand. The electricity sector is the main
market for natural gas with a consumption of 61.765 billion cubic feet (65,617,618.95 MMBTU) corresponding to an
average of 169.220 MMSCF/D (179,774 MMBTU/D) and 88.92% of the total quantity of natural gas sold. Natural gas
consumption in the electricity sector was down 0.34% as compared to 2018. The population, especially within the interior
of the country, has limited access to butane gas due to high prices in these regions. Since April 2013, prices have been
standardized throughout the country and consumption in the interior of the country, excluding Bouaké, increased by
34.16% in 2013 as compared to 2012. The country’s supply of butane gas is ensured by domestic production and imports.

In 2015, domestic production of butane gas by SIR (61.67%) and PETROCI (38.33%) represented 8.89% of national
consumption, which stood at 241,887 metric tons. The remaining consumption was fulfilled by imports made by the SIR
(66.91%) and PETROCI (33.09%). Storage capacity progressed from 9,795 metric tons in 2012 to 19,395 metric tons in


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2015, an increase of 98.6%. In 2016, domestic production of butane gas by SIR (76.85%) and PETROCI (23.15%)
represented 7.89% of national consumption, which stood at 268,904 metric tons. The remaining consumption (92.11%)
was fulfilled by imports made by the SIR (67.74%) and PETROCI (32.26%). Storage capacity progressed from 19,395
metric tons in 2016 to 19,448 metric tons in 2017, or an increase of 0.27% and remained unchanged in 2017. In 2017,
domestic production of butane gas by SIR (approximately 42%) and PETROCI (approximately 60%) represented
approximately 7.1% of domestic consumption, which stood at approximately 305,047 metric tons, an increase of 16.1%
compared to 2016. In 2018, butane production by the SIR stood at 18,448 metric tons and domestic consumption at
344,424 metric tons, i.e. an increase of 12.91%. The production of the SIR represents approximately 20 days of domestic
consumption. Storage capacities in 2018 did not change compared to 2017. The overall storage capacity of butane gas in
Côte d'Ivoire was 20,056 MT in 2019, representing about nineteen days of national consumption as compared to a
capacity of 19,448 MT in 2018, representing an increase in capacity of 3.13%. The reception capacity per vessel
(excluding the SIR) was 15,800 MT in 2019. Since April 2018, PETROCI has the exclusive right to import butane gas.

However, the population continues to use fuel wood as an energy source, which is a threat to the conservation of the
environment and the balance of biodiversity.

Improving transparency in the hydrocarbon sector remains a priority for the Government, which has introduced the
publication of quarterly reports since 2007 by the Council of Ministers concerning physical and financial flows related
to the energy sector, including oil and gas.

Mines

Côte d’Ivoire possesses significant mining and geological potential. Over two-thirds of the country is covered by rock
formations that are considered to be rich in diverse minerals including 35% of the birrimian greenstone belts of West
Africa known for their recognized gold potential.

Studies carried out since independence have revealed significant deposits of:

       semi-precious and precious stones (rough diamonds);
       precious metals (gold);
       base metals (iron, nickel, copper, cobalt, coltan, and manganese);
       other substances (chrome, bauxite, phosphate and ilmenite).

The gold potential of Côte d’Ivoire is estimated at approximately 600 tons, distributed between the central, northern,
western and south-eastern regions.

To support its ambition to achieve an emerging economy by the end of 2020, the Government has made serious efforts,
since 2011, to implement a more dynamic mining policy, based on the promotion and advancement of the mining sector,
with the goal of increasing the sector’s contribution to GDP from its 2010 level of 2% and approximately 3% in 2018 to
4% by the end of 2020.

This political commitment to accelerate development in the mining sector was reflected in the 2014 reform of the legal
framework of the mining sector, aiming to adapt it to new requirements relating to the extractive sector development and
to attract more Foreign Direct Investments (FDI).

At the institutional level, a ministerial department exclusively dedicated to mines and geology was created for the first
time on 10 July 2018. The new Ministry of Mines and Geology is in charge of continuing the implementation of the
Government’s sectoral reform policy to attain the objectives set out in the 2016-2020 NDP, in particular, by:

     installing geological and geophysical infrastructure throughout the country;
     increasing and diversifying mining production.

The Mining Development Company of Côte d’Ivoire (Société pour le Développement Minier de la Côte d’Ivoire
(“SODEMI”)), created in 1962, with a share capital of CFAF 600 million, is a State-owned company whose main mission
is to promote exploration and exploitation of useful natural mineral substances (with the exception of hydrocarbons) and


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study the inherent problems of mining exploration. A decade of political-military crisis (2000-2010), coupled with a
decrease in the price of base metals have had a negative impact on SODEMI, which has recorded significant losses. In
2011, the management team was reinvigorated, and SODEMI was restructured by the Government. Today, by
comparison with established financial objectives, SODEMI is among the five highest-performing government-controlled
companies in Côte d’Ivoire. Following audits carried out in 2017 and 2018, a targeted strategic plan in line with policies
for development in the Ivorian mining sector is currently being conceived. Its goal is to consolidate the positive dynamic
in the sector and generate more resources to turn SODEMI into a leading company in the mining sector.

The Mining Code (adopted by Law No. 2014-138 of 24 March 2014) provides that as a consideration for the granting of
mining permits, the State is granted 10% of the share capital of the mining companies (non-contributing and non-dilutable
interest). In addition to its non-contributing interest, the State may subscribe on market terms for an additional
contributing interest, not exceeding 15% of the share capital of the mining company.

The current Mining Code increased the maximum exploration period from 7 to 10 years. It also brings more transparency
to the mining title and authorization-awarding process and provides for a more advantageous tax treatment for mining
companies in order to increase the competitiveness of the Ivorian mining sector.

However, an ordinance adopted on 14 February 2018 removed the tax exemption on Industrial and Commercial Profits
(Bénéfices Industriels et Commerciaux). This ordinance does not apply to mining permits delivered and mining
agreements entered into before 14 February 2018.

The reform of the mining legal framework in 2014 has addressed a number of challenges, including:

     (i) establishing better governance,
     (ii) protecting the environment and ecosystems,
     (iii) increasing State revenue,
     (iv) fostering local development of communities impacted by mining operations;
     (v) making private operators more profitable through win-win partnerships.

As a result of the reforms that have been implemented, mining production has increased, leading to a rise in the extractive
sector’s contribution to tax income, the creation of jobs and the generation of wealth.

As at 31 December 2019, 168 active exploration permits were recorded compared to 178 in 2018. Gold is the most
sought-after substance, with 146 exploration permits compared to 154 in 2018, representing 86.9% of applications.
Besides gold, columbite-tantalite, diamond, iron, copper-nickel-cobalt, chromium, bauxite, ilmenite and manganese are
the subject of mining research.

Moreover, 18 industrial mining permits are active, compared to 16 in 2018. These 18 permits are distributed as follows:
nine for gold (50%); four for manganese (22.22%); one for bauxite (5.55%); one for laterite nickel (5.55%); and three
for mineral water (16.66%).

The table below presents the evolution of mining production from 2014 to 2019:
                                                                       2014       2015      2016      2017        2018            2019
 Gold (kg)* ......................................................   18,600.0    23,540    25,050    25,395      24,488          32,568
 Manganese (tons) ...........................................        361,747    263,200   217,000   511,868     930,959        1,181,803
 Diamond (carats)** ........................................             -      13;900    16;292      7,360       5,678           3,989
 Nickel (tons)*** .............................................          -          -         -     379,766     889,585         660,144
    Source: MIM/DGMG

* Since 2017, artisanal production is recorded by gold purchase and sale offices. It stood at 0.906 tons, thereby bringing gold production in
2019 to 32.568 tons.
** Diamond mining restarted in 2015 following the lifting of the embargo by the United Nations in 2014.
*** Nickel mining began in 2017.




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Mining production in Côte d’Ivoire is dominated by gold. This trend is expected to be reinforced in the short term as a
result of the projects underway, the mining permit requests under review and the formalization and control of semi-
industrial and artisanal mining by the Ministry of Mining and Geology. Gold production demonstrated solid growth from
2012 to 2017, increasing from 13.2 to 25.4 ton over this period. For 2018, gold production stood at 24.488 tons, compared
to the forecasted 26.5 tons, representing a decrease of 3.5% compared to 2017. This decrease in gold production is due
mostly to the work stoppage observed at the Tongon SA mine (M’bengué department) observed over a period of five
months. However, due to the beginning of production at the new Ity CIL plant intended for the processing of the minerals
from the Ity and Daapleu mines, the increase of the production of the Tongon mine pursuant to the respite on the site, the
reinforcement of the control measures of the mining sites and the repression of illicit gold panning, gold production was
at 32.568 tons in 2019 and was initially expected to increase to 33.5 tons in 2020 and to 34.5 tons in 2021 pursuant to the
development of advanced mining projects (Yaouré and Floleu in Zouan-hounien). However, such projections will likely
be impacted by the Covid-19 pandemic and the extent of such impact is still being assessed by the Government.

As for other ores, manganese production increased from 930,959 tons in 2018 to 1,181,803 tons in 2019 and is expected
to increase to 1,250,000 tons in 2020, due in particular to the commissioning of enrichment units for the Lauzoua mines
and Bondoukou mines. The increase in manganese production from 2016 to 2019 is the result of stable international
manganese ore prices. Laterite nickel production, which began in 2017 with production of 379,766 tons, increased to
889,585 tons in 2018 and to 660,144 tons in 2019 and is expected to increase to 800,000 tons in 2020, in accordance with
the initial production plan. Diamond production stood at 3,989 carats in 2019 and is expected to increase to 4,500 carats
in 2020.

In 2018, the turnover declared to the Mining Authorities by all mining companies was CFAF 582.298 billion, compared
to CFAF 539.072 billion in 2017, representing an increase of 10.23%. In 2019, the turnover declared to the Mining
Authorities by all mining companies was CFAF 761.995 billion, compared to CFAF 582.298 billion in 2018, representing
an increase of 30.86%. Such increase results from an increase in gold and manganese production and favourable price
environment for mining products.

Tax income generated in 2018 by the mining sector and registered by the services of the Secretariat of State in charge of
the Budget and those of the Mining Administration stood at CFAF 94.562 billion, compared to CFAF 56.441 billion in
2017, representing an increase of 43.62%. Tax income generated in 2019 by the mining sector and registered by the
services of the Minister in charge of Budget and those of the Mining Administration stood at CFAF 90.621 billion,
compared to CFAF 65.841 billion in 2018, representing an increase of 37.64%

Significant deposits have been discovered, including iron deposits in Mount Klahoyo, Mount Tia (Facobly) and Mount
Gao (Bangolo); nickel-copper-platinum deposits in Samapleu; and nickel/cobalt deposits in Sipilou-Foungbesso.
Research for the development of iron deposits in the abovementioned locations has been conducted, respectively, by
PAN AFRICAN MINERALS and SODEMI. According to initial surveys, iron resources in these deposits are estimated
at nearly 4 million tons. Research on the nickel-copper-platinum deposits in Samapleu and the nickel/cobalt deposits in
Sipilou-Foungbesso has been conducted by SAMA RESOURCES and IC NICKEL, in partnership with SODEMI. On
the basis of their initial surveys, resources in Samapleu have been estimated at 60 million tons of nickel-copper-platinum
and resources in Sipilou-Foungbesso have been estimated at 260 million tons of nickel-cobalt. The nickel-cobalt deposits
in Sipilou-Foungbesso are already being exploited, while the nickel-copper-platinum deposits are under development
and the iron deposits have not yet been exploited, due to a lack of transportation and port infrastructure and the recent
worldwide drop in iron prices.

This situation reveals the challenges in the mining sector, which include, in particular:

    (i) the lack of geological and geophysical infrastructure, as well as the absence of a national laboratory for mineral
         studies and geological analysis;
    (ii) the lack of road, railway and port infrastructure, which is currently hindering the exploitation of deposits in the
         western region of the country, such exploitation being part of the Projet pour le développement minier intégré
         de l’ouest (PDMIO);



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    (iii) difficulties encountered in supplying power for certain major mining projects (such as Tongon SA and
          Sissingué);
    (iv) illegal gold mining, which damages the environment, threatens the health of surrounding populations and leads
          to evasion in artisanal gold production, resulting in the loss of financial resources and tax income; and
    (v) the lack of qualified workers in certain mining professions.

In order to address these challenges, the Ministry of Mines and Geology has initiated immediate and short-term reforms,
as of July 2018, which include:

     conducting feasibility studies for the establishment of geological infrastructure and the construction of a national
      laboratory for geological studies and analysis;
     auditing the mining registry;
     developing the small mine sector by opening training sites throughout the country;
     drafting a local content policy document, accompanied by a strategic action plan for the 2019-2021 period;
     restructuring the SODEMI;
     establishing a multi-year training and capacity-building plan for mining authority personnel;
     auditing mining companies;
     creating a brigade to combat infringements to the Mining Code, including illegal gold mining;
     initiating negotiations to revitalize key mining projects; and
     drafting a mining policy document and a strategic action plan for the 2020-2025 cycle, a guiding and steering
      tool that presents the government’s five-year vision, its key aspects and the reforms to implement, as well as the
      results expected.

Recent developments relate to the following projects:

    -   development of the gold mine in Yaouré (Angovia), the operating license of which was granted in 2019. The
        operation of this mine involves initial gold reserves of 47 tons over an operating period of 8.5 years and will
        require an investment of more than CFAF 150 billion;

    -   the exploitation project of the gold deposit of Floleu for which the feasibility study was delivered to the Mining
        Administration in order to obtain the operating license. The operation of this mine involves initial gold reserves
        of 12.84 tons over an operating period of 7 years and an investment of more than CFAF 19.2 billion;

    -   the exploitation project of nickel-copper deposits in Samapleu, in respect of which the company SAMA NICKEL
        contemplates the production of copper concentrate and nickel powder as well as high purity iron. The reserves
        are currently estimated at 24 million tons. Intense geophysical work through the Typhoon method are currently
        being conducted, in order to verify the establishment of the deposits and to intent increasing the reserves pursuant
        to the completion of the final feasibility study;

    -   the exploitation project of the gold deposit of Séguéla, for which the feasibility study is being conducted. The
        reserves are estimated at 31 tons; the exploitation project of the gold deposit of Zoukougbeu, for which the
        certification of resources continues; and

    -   the exploitation project of the gold deposit of Dabakala, for which the certification of resources continues.

Industrial Production

Industry constitutes the main part of Côte d’Ivoire’s formal private sector. Côte d’Ivoire produces a variety of goods from
the following major sectors: extractive industries (18.7%), agri-food and tobacco industries (32.1%), textile industries
and leather (2.4%), wood and furniture industries (14.9%), paper, cardboard, printing and publishing industries (3.3%),
oil, chemical, rubber and plastics industries (15.1%), glass, ceramics and construction materials industry (2.2%),
manufacturing of machines and materials of any kind (4.3%), metallic industries (0.3%), electricity, gas and water (6.6%).



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The years 2012, 2013 and 2014 benefited from renewed socio-political stability on a domestic level after the post-
electoral crisis of 2011 and an increase in investments for major public projects as well as projects in the private sector,
with the adoption of a new, more attractive Investment Code in 2012. This favourable environment allowed for the
recovery of the industrial sector as a whole, particularly in agro-food, energy, furniture manufacturing, construction
materials, petroleum products and textiles, as shown in the table below. In 2015, the industrial sector included more than
6,500 companies and contributed to the creation of over 800,000 jobs. The year 2015 was marked by an increase in the
mining sector (20.4% compared to -3.3% in 2014) and the building and public works sector (18.3%). 2016 was marked
by an increase in industrial activity, excluding oil and gas extraction, of 5.3%, driven in particular by the dynamism of
extractive industry and the energy and building and public works sectors. Industrial activity increased by 15.4% in 2017,
4.3% in 2018 and 11.5% in 2019, mainly due to the recovery in construction and public works sector, oil products and
agri-food industries excluding beverages and tobacco. Industrial production is expected to increase by only 1.6% (due to
the Covid-19 pandemic) in 2020 and by 9.7% in 2021 (assuming an end to the crisis caused by the Covid-19 pandemic
and full resumption of economic activity).

In 2019, following the Economic Census of Industrial Enterprises and their Establishments (Recensement Economique
des Entreprises Industrielles et leurs Etablissements or REEIE) carried out by the INS, Côte d'Ivoire was home to 11,425
industrial companies. These companies are mainly in the manufacturing sector and account for nearly 88% of the total
workforce of the sector. They are followed respectively by the extractive industry (7.3%) and industries producing and
distributing electricity, water, sanitation and waste (3.1%). The food processing sector represents the most companies in
the manufacturing industry. It accounts for nearly a third (32.4%) of the companies in this branch. Concerning the
extractive industry, the support activities come in first place with 34.1% of the total. The other extractive activities,
consisting of the extraction of sand, stones and clays, potassium, salts, nitrates and other minerals for the chemical
industry, come in second place with 30.1% of the companies in the extractive sector. Electricity production and
distribution activities are mainly carried out by the CIE, the CIPREL and Azito Energie. As for the water sector, it is
dominated by the SODECI.

In addition to these companies, according to the REEIE, the following national companies and subsidiaries of
multinationals were among the country’s main industrial actors in 2019: SIR, SACO PETROCI, CNRI, Sania Cie,
CARGILL, SOLIBRA, TONGON S. A, SAPH, NESTLE CI, Barry Callebaut Négoce Sa, PALMCI SA, AGBAOU Gold
Operations Sa, CEMOI Côte d'Ivoire, OLAM Cocoa Processing, SODECI, Société Multinationale de Bitumes, Svenska
Petroleum Exploration Ci Ab, Newcrest Hire Côte d'Ivoire, Les GMA, Lafarge Holcim Côte d'Ivoire, Solevo Côte
D'ivoire, SCA CUIRASSE, Société des Caoutchoucs de Grand Bereby, CI-ENERGIES, SITAB, CIMAF, SUCAF Côte
d''Ivoire Sa, Saur Energie Côte d'Ivoire, Nouvelle Parfumerie GHANDOUR, Foxtrot International Ldc, Ivory Cocoa
Products (ICP), Société des Conserves de Côte D’Ivoire (SCODI), Dream Cosmetics, Commerce Et Distribution De
Produits Alimentaires (CODIPAC), Filtisac Sa, Société Des Mines d’Ity.

The businesses active in the industrial sector include both national companies and subsidiaries of multinationals: Sifca,
Nestlé, Palmci, Unilever, Solibra, Bouygues, Bolloré, Cargill, Sucaf, Cemoi, Olam, SICABLE, SIR, Barry Callebaut,
Carena, ADM Total, Sifcom, SMB, PETROCI, Socimat, Bernabé, Sivop, Gandour, Filtisac and Uniwax are among the
principal industrial players in the country.

The table below presents the variation of the value added of the secondary sector from 2016 to 2021:
                                                                                                                            2019      2020     2021
 Variation (in %)                                                                                  2016    2017     2018    (Est.)   (For.)   (For.)
 Secondary Sector .............................................................................      5.3   15.4      4.3     11.5      1.6      9.7
                                                                                                      -     0.0    -298.1    19.0     -26.9    10.2
 Petroleum products .........................................................................      180.9
 Mining extraction ............................................................................     16.9   -17.4   -38.2    17.5      -4.8    1.4
   Gold including diamonds and other extractions ............................                        6.6     3.8     7.7    -6.6       0.0    11.7
 Manufacturing industries ...............................................................           -3.2    11.2     3.8     2.4      -0.9    5.6
   Agro-food (excluding beverages and tobacco) ..............................                      -20.8     9.6    -2.4     5.4      -1.5    5.9
   Drinks and tobacco ........................................................................      62.3    11.6    15.4    15.4       6.8    13.5
   Textiles and clothing ....................................................................       -9.7    -5.0     3.1    -0.5      -0.5    10.0
   Wood, paper and print ..................................................................        -18.9   -31.3    16.3    23.9       7.9    19.4



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   Chemicals, rubber, plastics ...........................................................                297.7    91.1   1.3     0.1   -5.8    3.5
   Non-metallic minerals ...................................................................               47.1    -5.9   27.1    6.6   10.0   14.6
   Furniture and others.......................................................................             3.5      9.2   6.8    -7.7   -4.1   -2.5
 Energy ..............................................................................................     11.0   128.0   9.4     7.3   11.1    1.3
 BPW .................................................................................................     34.3    24.2   6.5    23.8    6.0   18.3
Source: MEF


The primary industrial activities reside in agro-food business. Its share of GDP (excluding beverages and tobacco) was
5.2% in 2017, representing 25.5% of the secondary sector’s added-value. In 2018, the share of this business represented
4.1% of GDP and 19.4% of the secondary sector’s added-value. In 2019, the share of the agro-food business is estimated
at 4.1% of GDP and 19.2% of the secondary sector. The share of the agro-food business in 2020 and 2021 are respectively
projected at 4.0% and 3.9% of GDP and 19.6% and 19.1% of the secondary sector The agrifood sector has largely
diversified and is based primarily on cocoa and coffee products, the oilseed industry, dairy products, fruit and vegetable
products, beverages, meat and fish products, grain mill products and starch products, tobacco, sugar; bakery, pastry and
pastas. A variety of businesses, including subsidiaries of multinationals, share this growing market.

With respect to cocoa processing, twelve companies with a capacity of 746,000 tons per year operated in Côte d’Ivoire
in 2018, positioning the country as a world leader in the development of primary processing, together with the
Netherlands. In addition to these twelve companies, three companies for grinding non-standard cocoa beans, waste and
residues coexist with an annual grinding capacity of more than 20,000 tons. The quantity of grinded beans in 2018 was
559,239 tons, representing about 28.5% of production. In 2019, the cocoa processing rate is estimated at 27.4%,
representing 604,979 tons of processed cocoa.

The volume of processed cocoa over the 2016/2017 season is estimated at 577,000 tons as compared to 474,000 tons
over the 2015/2016 season, representing an increase of 21.7%. For the 2017/2018 season, the volume of processed cocoa
is estimated at 746,000 tons, representing an increase of 22.6% as compared to the previous season (a stable processing
rate of 27% in 2017 and 2018).

The Government’s objective has been to increase the cocoa processing rate from 31.1% in 2016 to 50% in 2020.
Additional efforts have been made toward this objective, representing a volume of about 1,000,000 tons of processed
cocoa. To this end, the Government put in place a package of measures in 2016 to improve the competitiveness of the
cocoa processing sector. These include:

      -      the elimination of the adjustment of certain items in the scale in favor of grinders, in particular the “transit” item
             and the “export bagging” item;

      -      the possibility for the mills to have a stock equivalent to one and a half months of their grinding capacity without
             having to cover this stock with releases;

      -      the possibility for shredders to carry over their stock from one marketing year to the next without any financial
             penalty;

      -      the application of the real rate of return to determine the taxable base for the Single Export Taxes (Droits Uniques
             de Sortie) (“DUS”) and for the collection of professional fees;

      -      the decision to reserve part of the intermediate harvest for the mills as from the 2015-2016 season, in order to
             sustainably settle the issue of mill supply; to this end, a secondary market reserved for mills has been open since
             the 2015-2016 season, making it possible to guarantee 70% of the mills' needs in export duties for the
             intermediate season, taking into account the installed grinding capacities;

      -      guaranteed supply of cocoa beans to processors at affordable prices;

      -      the introduction, through an ordinance issued in November 2016, of the differentiated DUS for cocoa products,
             taking into account the degree of processing of the beans;


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    -     the return to the application of a DUS rate differentiated by type of processed product;

    -     on the basis of a commitment to increase conversion rates, companies shall benefit from the following reduced
          differentiated rates of DUS:
                       - 13.2% by mass;
                       - 11% for butter and cake;
                      - 9.6% for powder;
                      - 6.95% for chocolate coating;
                      - 0% for chocolate and for other finished products as defined in article 16 of the fiscal annex of
                           Law n°2015-840 of December 18, 2015 on the State budget for the year 2016.

By the end of 2017, eight processing units (Cargill Cocoa SARL, Condicaf SA, Foragri SA, Ivory Cocoa Product, Tafi
SA, SACO, Unicao and Olam Cocoa Processing Côte D'ivoire) had already signed 5-year agreements with the
government to increase the quantity of processed cocoa. The assessment of the first year, in relation to the eight companies
benefiting from the differentiated DUS, shows that out of a target of 338,867 tons of cocoa beans to be processed, 345,288
tons were actually processed, representing an achievement rate of 102%. In particular:

    -    five companies have met their commitments;
    -    one has achieved 93% of its commitments, with a commitment to make up for the gap that remained unrealized
         in the second year; a draft amendment to the agreement for this company has been submitted for validation and
         signature by the relevant Ministers;
    -    two companies lost the benefit of the differentiated DUS;
    -    one new company (GPA Transformation) has requested to sign an agreement with Côte d'Ivoire to benefit from
         the differentiated DUS. This application is currently being approved by the relevant Ministries.

After the second year, pending the final evaluation of members of the OLAM Group, the signatory companies of the
agreements collectively grinded 455,9534 tons compared to a contractual objective of 486,067 tons, i.e. an achievement
rate of 94%.

The table below shows the results for the 2017/2018 and 2018/2019 seasons.

                                                                         Year 1                          Year 2
                                                                        2017/2018                       2018/2019
Contract targets (in tons)                                               454,873                         355,061
Achievements (in tons)                                                   468,780                         339,925
Achievement rate (%)                                                      103.6                            96

Five years after the implementation of the differentiated DUS and on the basis of the projections of the new grinding
units approved under the Investment Code, the volume of cocoa beans expected to be ground by the end of 2020 is around
846,571 tons, representing about 53% of the agricultural production recorded before the introduction of the conventions.
For an agricultural production of two million tons, this would represent a minimum processing rate of 42%. However,
such projections will likely be impacted by the Covid-19 pandemic and the extent of such impact is still being assessed
by the Government. The current challenge is to improve the competitiveness of primary processing, in particular by
increasing the utilization rate of current grinding capacities, which is around 78,9% in 2019, as compared to more than
90% for competitors in North America and Europe, which constitute the main destination markets for these products.
The other challenge is to engage in the upper segments of the value chain, especially the manufacturing of cocoa-based
products and their distribution, which account for respectively 35% and 44% of total value added.

The processing of cocoa into butter, cakes, powder and chocolate bars is carried out by major global groups. These
include the American multinationals Cargill and Archer Daniels Midland, the Barry Callebaut group from Zurich
(represented in Côte d’Ivoire by the Société Africaine de Cacao), the SN Chocodi (acquired in 2008 by the Ivorian group
CKG Holding), the French group Cémoi, as well as the Swiss group, Nestlé, which, for the past few decades, has


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dominated the processing of Robusta cherry into soluble coffee. In 2017, the Carré d’Or Group arrived in the soluble
coffee segment.

The fruit industry is controlled by subsidiaries of French groups such as Selecima, Compagnie Fruitière and the Société
Agricole Kablan–Joubin, which handle the conditioning and processing of fruit into juices within Côte d’Ivoire, before
exporting them to Europe. This industry is marked by an abundance and availability of raw materials, including dessert
banana (1st African producer), plantain banana (6th African producer), cola (1st African producer), pineapple and mango.
For the development of fruit and vegetable processing, the Government focused on the following: (i) promoting the
preservation and production of fruit juices and dried fruits, (ii) securing supplies to product processing units and (iii)
improving storage and preservation capacity. Since 2014, the Government, with the support of the African Development
Bank (ADB), has provided support for the industrial development of the fruit and vegetable sector within the framework
of the Support Project for Strengthening the Competitiveness of the Industrial Sector (Projet d’Appui au Renforcement
de la Compétitivité du Secteur Industriel or PARCSI). This support aims at promoting investments in the fruit and
vegetable sector, specifically in mango and pineapple, in order to increase the industrial processing rate, to improve
storage and preservation capacities, to strengthen the capacities of stakeholders in the sector on good storage and
preservation practices and to stimulate exports.

Since Unilever’s withdrawal from the oilseed sector in 2009, the Sifca group has been controlling the national production
of food oils. Since 2017, SARCI (Société Africaine de Raffinage en Côte d’Ivoire) has been operating in this sector with
products ranging from food oil to soap.

In the brewery segment, the French multinational Castel, through its local subsidiary Solibra, had a monopoly over this
sector until 2013. It acquired Les Brasseries Ivoiriennes in 2015, after it had been operating for two years. Solibra has an
annual production capacity of two million hectolitres of beer and 400,000 hectolitres of carbonated beverages.
Brassivoire, a joint venture established between Heineken and CFAO Côte d’Ivoire, was established in 2016 in Côte
d’Ivoire. It represents an investment of CFAF 100 billion, with an annual production capacity of 1.6 million hectolitres
of beer.

With three factories of canned tuna and spices (the Société des conserveries de Côte d’Ivoire and Pêche et froid de Côte
d’Ivoire, held by the ThunnusOverseas Group, and a factory owned by Italian company NuovaCastelli), Abidjan is one
of the main canned tuna exporting centres in Africa. This sector represented the fourth largest export of the country in
2016 with more than CFAF 80.0 billion of annual revenue (EUR 122.0 million) in 2016 and CFAF 97 billion (nearly
EUR 150 million) in 2017, and clearly prevails over the milk industry, represented by eight companies, namely Nestlé
CI, Eurolait, Microdis, Finamark, Sapled, Saprolait, Normandia and Cobci.

Today, many products from the Ivorian agro-food industry are exported to the WAEMU zone, despite competition from
products from Europe. The strong performance of the Ivorian agro-food sector relies on increased local demand
throughout the country, as well as from neighbouring countries. This sector aims to explore the larger market of
ECOWAS, in particular in light of the possibility to export in a customs duty free zone, since the entry into force of the
ECOWAS’ Common External Tariff (Tarif Extérieur Commun) in 2015

Côte d’Ivoire hopes to benefit from the African Continental Free Trade Area (“AfCFTA”) established by the African
Continental Free Trade Agreement, which officially entered into force on 30 May 2019. The operational phase of the
AfCFTA was launched on 7 July 2019, during the AU extraordinary summit in Niamey (Niger). The United Nations
Economic Commission for Africa (“UNECA”) and the AU estimate that the AfCFTA may increase trade levels amongst
African States by over 50% by eliminating import duties alone (more if non-tariff barriers are also addressed). As to Côte
d’Ivoire, the effective implementation of the AfCFTA is expected to improve exports of Ivoirian goods throughout the
African continent while attracting more investment inflows. The AfCFTA is also expected to enhance productivity and
stimulate the external competitiveness of the Ivorian economy. Initially scheduled for 1 July 2020, the implementation
of trading under the AfCFTA was delayed as a result of the Covid-19 pandemic. Intra-African trade relations under the
framework of the AfCFTA started on 1 January 2021.




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For certain products, in particular palm oil, all production is processed in Côte d’Ivoire, which is done across the entire
value chain. Rubber tree production undergoes 100% primary processing in Côte d’Ivoire. However, there still remains
potential for an increase in secondary processing and the manufacturing of much more sophisticated products.

With respect to rubber, the processing capacity is 530,000 tons of dry rubber for a production of 720,000 tons in 2018,
corresponding to the world’s sixth leading producer. Plantations almost doubled between 2011 and 2017, from 318,000
hectares to 600,000 hectares. Measures for the development of rubber and oil palm processing were taken in 2018. These
include : (i) the adoption of a law establishing rules relating to the regulation, control and monitoring of rubber and oil
palm sector activities, (ii) the promotion of secondary processing, (iii) the extension of the order laying down conditions
for the export of cup films and supporting the establishment of a college of producers with a view to setting up the rubber
inter-branch organization and (iv) the signing of specific investment agreements between the State and rubber processing
companies taking into account the granting of tax credits, over a maximum period of five years. To this end, an ordinance
was adopted in 2019 in order to allow industrial companies processing natural rubber that carry out an increase in their
machining capacities to benefit from provisions instituting specific tax incentives for investments made in the agricultural
processing sector. A study is underway, in conjunction with the IFC, in order to propose additional measures to develop
the value chain in the rubber sector.

Industries in the chemicals, rubber and plastics sector accounted for 2.8% of GDP and 10.7% of the secondary sector in
2019. This sector manufactures diverse products, ranging from intermediary goods to consumer goods destined for both
the local market and for export. It consists, in particular, of agrochemicals (including fertilizer and pesticides), cosmetic
products (including perfumes and creams) and processing of dampened rubber and plastic goods (including shoes, chairs
and tables). In most cases, the inputs for production are imported. The principal companies are AF-Chem Sofaco,
Callivoire, Polychimie, Stepc, Ghandour, 2CI, Najibco, SAI, Copaci, Africhim, Sadofoss, Saprochim, Themis and
Socida.

The “furniture and other” industries sector comprises all branches of industry that are not specified in the tables above.
In 2017, their share of GDP stood at 1.7% and they represented 7.1% of the secondary sector. In 2018, they represented
1.8% of GDP and 7.0% of the secondary sector. In 2019, they represented 1.7% of GDP and 6.7% of the secondary
sector. Products manufactured by these industries include furniture for household and office use, vehicles and machine
tools (fitting and assembling), barrels, trays, electrical cables and sheet metal. These products are primarily used for
national and sub-regional needs. The principal companies operating in this sector are Mobidis, Macaci, Sicable, Lassire
& Cie, Tôle Ivoire, Siem, Ivoiral, Metalux and Setr.

The following table shows the percentage share of the secondary sector and its principal components in the country’s
nominal GDP from 2015 to 2021:
                                                                                                                            2020     2021
 Share of GDP as a %                                                            2015   2016    2017   2018   2019 (Est.)   (For.)   (For.)
 Secondary sector.................................................              19.5   19.1    20.5   21.0      21.2        20.2     20.5
 Petroleum products ............................................                 0.5   -1.6    -0.8    2.1      2.3          1.6      1.7
 Mining extraction ...............................................               3.3    5.0     4.2    2.8      3.0          2.9      2.8
   Gold including diamonds and other extractions
                                                                                1.9    2.3     2.0    1.4       0.9         1.2      1.1
   ..........................................................................
 Manufacturing industries ..................................                    10.4   10.6    10.9   9.8       9.5         9.3      9.3
   Agro-food (excluding beverages and tobacco) .                                5.4    5.2     5.2    4.1       4.1         4.0      3.9
   Beverages and tobacco ....................................                   0.4    0.3     0.3    0.3       0.4         0.3      0.3
   Textiles and clothes .........................................               0.6    0.6     0.6    0.5       0.5         0.5      0.5
   Wood, paper and print .....................................                  0.8    0.6     0.4    0.4       0.4         0.4      0.5
   Chemicals, rubber, plastics ..............................                   0.2    0.4     1.2    1.2       1.1         1.0      1.0
   Non-metallic minerals .....................................                  0.3    1.0     0.9    1.0       1.0         1.0      1.1
   Furniture and others .........................................               2.8    2.3     2.3    2.4       2.1         2.0      2.0
 Energy .................................................................       0.9    1.1     2.5    2.6       2.7         2.5      2.4
 Building and public works .................................                    4.5    3.9     3.7    3.7       3.7         3.8      4.3
Source: MEF




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The following table shows the percentage share of the different branches of the secondary sector in the country’s nominal
GDP from 2015 to 2021:
                                                                                                                             2020     2021
 As a % of secondary sector GDP                                              2015    2016     2017    2018    2019 (Est.)   (For.)   (For.)
 Secondary sector..................................................          100.0   100.0    100.0   100.0     100.0       100.0    100.0
 Petroleum products .............................................             2.3     -8.2     -4.0   10.1       10.8         8.1      8.4
 Mining extraction ................................................           16.9    26.2     20.5   13.2       14.1        14.5     13.8
   Gold, including diamonds and other
                                                                              9.8    11.9      9.9     6.8       4.1         7.7      5.5
   extractions ........................................................
 Manufacturing industries ...................................                53.2    55.4     53.5    46.8       44.8       46.1     45.3
   Agro-food (excluding beverages and tobacco) ..                            27.5    27.5     25.5    19.4       19.2       19.6     19.1
   Beverages and tobacco .....................................               2.0     1.6      1.3      1.3       1.7        1.7      1.7
   Textiles and clothes ..........................................           2.9     3.3      2.8      2.5       2.4        2.4      2.5
   Wood, paper and print ......................................              4.2     3.2      2.0      1.8       2.0        2.1      2.3
   Chemicals, rubber, plastics ...............................               0.9     2.3      6.0      5.8       5.0        5.1      4.7
   Non-metallic minerals ......................................              1.5     5.3      4.3      4.6       4.6        5.2      5.5
   Furniture and others ..........................................           14.1    12.2     11.5    11.5       10.0       10.1     9.5
 Energy ..................................................................   4.5     6.0      12.1    12.5       12.8       12.3     11.5
 Building and public works ..................................                23.1    20.6     18.0    17.4       17.4       19.0     21.0
Source: MEF


After carrying out an assessment of the industrial sector with the UNIDO’s support, the Government adopted an industrial
policy in 2013 whose purpose was to significantly increase the contribution of the industrial sector to the creation of
wealth and jobs. To achieve this goal, the Government decided to: (i) strengthen the production-processing connection
in order to create more added value and sustainable jobs in large quantities and (ii) create new development centres for
the industrial sectors.
The industrial development strategy focuses on three axes: strong contribution from the private sector, use of comparative
advantages and targeted assistance from the State in terms of support (e.g., quality, norms, restructuring, access to credit
and industrial zones, targeted tax advantages). This strategy is centred around five key themes: (i) agro-industry; (ii) non-
agricultural natural resources; (iii) structuring industries; (iv) consumer products; and (v) light manufacturing industries.

The strategic axes for supporting industrial companies include two essential pillars, which are transversal measures and
sectoral measures.

Transversal measures involve: (i) reinforcing the incentive framework; (ii) improving the business climate; (iii)
improving the quality and strengthening measures against counterfeiting; and (iv) reinforcing industrial infrastructure.

To reinforce the incentive framework, a more attractive Investment Code (compared to the 1995 Code) was adopted in
2012 in order to increase and encourage private investment. In addition, the objectives of this Code are a reduction of
administrative procedures and a move toward paperless procedures and transparency. Over the 2013-2018 period, 1,196
companies were approved by the CEPICI, for an estimated total investment of CFAF 3,450 billion, and 38,700 jobs were
created. In addition, a new Investment Code compliant with international standards, and taking into account its ecosystem
and governance framework, was adopted by the Council of Ministers in August 2018; its purpose, for the Government,
is to promote investment in priority sectors, such as agriculture, agrifood, health and hotels. The new Code entered into
force on 1 January 2019. It provides full exoneration from customs duties for imported equipment and materials and an
exemption from VAT during the investment period. It also offers a tax credit during the period of operation, takes into
account the specificities of small and medium-sized companies and provides additional advantages associated with local
content. The Code also provides guarantees relating to freedom of investment, equal treatment, freedom of access to
foreign exchange, stability of benefits, protection of private property, freedom of access to raw materials, freedom to
appoint company directors, work and residence visas, transfer of assets, full repatriation of operating profits and access
to developed industrial zones and agricultural land. The implementation of this code in 2019 led to the registration of 174
intentions to create enterprises for a total investment of CFAF 379.69 billion, which should directly create 5,119 jobs. At
the level of industry, 57 intentions to create enterprises (32.75% of overall intentions) have been recorded, for CFAF
244.09 billion of investment (64% of overall investment), which should directly create 2,828 jobs. The distribution of


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investments by sub-sectors of industrial activities is as follows: agro-industry: 45%, food industry: 24.43%, construction
industry: 11.9%, other sectors: 18.67%. This distribution shows that the agro-industrial sub-sector remains the most
attractive as to industry.

With respect to improving the business climate, the reforms and actions undertaken aim to encourage private domestic
initiatives and private foreign investment (FDI). It involves, in particular: (i) the establishment of a Single Portal for
Business Formalities (Guichet Unique des Formalités des Entreprises) within the Centre de Promotion des
Investissements en Côte d’Ivoire (CEPICI), helping to reduce the time (from 32 days to 24 hours) and costs required to
create a company; (ii) the creation in 2012 of a Commercial Court to accelerate the processing of commercial disputes,
by making procedures paperless and reducing delays; (iii) the establishment of the Court of Appeal of the Commercial
Court in May 2018 with 13 new Consular Advisers (iv) the establishment, in December 2012, of a legal and institutional
framework on PPPs, which was reformed by Decree dated 29 March 2018 for a more effective institutional framework
and a greater impact on the national economy, (v) the establishment of the National Steering Committee for Public-
Private Partnerships (CNP-PPP), (vi) Côte d’Ivoire’s joining of the Open Government Partnership in 2015, (vii) the
Government’s adoption in July 2017 of a draft law on free trade zones and its submission to Parliament, (viii) the
streamlining of procedures, wait-times and costs associated with the delivery of building permits (the wait-time is
currently three months), (ix) the establishment of a bipartite Committee to monitor the payment of VAT credits pursuant
to a clearance plan arranged in agreement with the private sector, (x) the creation of a Single Portal for Foreign Trade to
reduce costs, wait-times and procedures in import and export operations in order to promote cross-border trade, (xi) the
revitalization of the Committee for Dialogue between the State and the Private Sector (Comité de Concertation Etat
Secteur Privé), (xii) the creation of a Single Portal for Investment Services in Côte d’Ivoire (www.225invest.ci) and the
introduction of a unique identifier for SMEs. In addition, to reduce administrative complexities, other reforms have been
initiated, such as the creation of a Single Portal for Building Permits to reduce wait-times for the delivery of building
permits, the deployment of the Commercial Court of Appeal of Abidjan and the opening of the Credit Information Bureau
(Bureau d’information sur le Crédit - BIC).

Improving the quality system and reinforcing the fight against counterfeiting is intended to reinforce consumer protection
and improve companies’ competitiveness, through the adoption of the law on standardization and quality and the law on
counterfeiting in 2013. In support of the National Laboratory of Metrology Quality Tests and Analysis (Laboratoire
National d’Essais de Qualité de Métrologie et d’Analyse or LANEMA) and Côte d’Ivoire Standardization (Côte d’Ivoire
Normalisation or CODINORM), for the implementation of this legal system, two structures were established: the Ivorian
Standardization Committee (Comité Ivoirien de Normalisation) (“CIN”) and the National Committee to Fight
Counterfeiting (Comité National de Lutte contre la Contrefaçon) (“CNLC”). The CIN is responsible for ensuring greater
coherence among different stakeholders in the field of quality and assessment with standards compliance. The CNLC
carries out awareness-raising and enforcement measures with respect to counterfeit products. In addition, each year, the
Ivorian Quality Award (Prix Ivoirien de la Qualité) and Award for Excellence (Prix d’Excellence) are given to encourage
companies to be part of and maintain a quality approach. All these measures led to the accreditation of 16 Conformity
Assessment Bodies, the entry into operational service of the SOAC (accreditation body of the WAEMU), the certification
of 200 companies under ISO 9001, ISO 14 001, OHSAS 18001 and Sustainable Development standards, the accreditation
of 150 auditors to CODINORM, the implementation of 22,000 national standards and 204 technical data sheets for
industrial products and the training of more than 400 companies in the quality approach.

In terms of reinforcing industrial infrastructure, the reforms and measures undertaken have allowed: (i) better control of
the management of industrial zones with the creation of the Industrial Infrastructure Management and Development
Agency (Agence de Gestion et de Développement des Infrastructures Industrielles); (ii) the implementation of resources
dedicated exclusively to industrial sites, with the creation of Industrial Infrastructure Development Fund (Fonds de
Développement des Infrastructures Industrielles); (iii) the implementation of new procedures to provide industrial sites
with the aim of speed, transparency and simplification; and (iv) the adoption of a draft law implementing a free trade
zone regime.

The actions undertaken by the Government include:

    •   Streamlining the use of industrial sites via:



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             o   implementing a withdrawal-reallocation mechanism for undeveloped sites;

             o   the creation of a monograph of industrial sites to indicate coordinates and information about companies
                 through a geolocation system (completed for Yopougon).

    •   Rehabilitating the industrial zones of Abidjan (Yopougon (645 hectares), Koumassi (120 hectares) and Vridi
        (120 hectares)):

             o   work on the Yopougon zone requiring investment of CFAF 24 billion, including work on roads and
                 miscellaneous network (24 km), the potable water network (8 km), the electricity network (28 km) and
                 the sewerage network;

             o   technical studies are underway for those of Vridi and Koumassi.

    •   Strengthening the availability of industrial sites through:

             o   the creation, in phases, of a new industrial zone of 940 hectares in Akoupé-Zeudji, Abidjan/PK24:

                         the ongoing development of 62 hectares for a cost of CFAF 12 billion (development rate is
                          90%), for which lots have been allocated and are being occupied;

                         the planned development, in the short term, of 227 hectares, broken down as follows: 100
                          hectares in public project ownership with the CHEC group and 100 hectares in PPP, in
                          connection with AFREXIMBANK. The work commenced in August 2019 for a period of 18
                          months;

                         the purging of customary rights and compensation for crops on the entire industrial zone for a
                          cost of CFAF 25.634 billion TTCA in 2019;

                         the launch of technical studies for the development of a 59-hectare zone dedicated to cement
                          manufacturers and a 64-hectare zone under phase 2 emergency development.

             o   the development of industrial parks within the country, namely Bouaké, San Pedro, Yamoussoukro,
                 Bonoua, Korhogo, Aboisso, Man. Thus, in 2019 technical studies for the development of the Bonoua
                 area on 334 hectares and Yamoussoukro on 250 hectares were launched and an agreement was signed
                 in January 2020 with the Orient International group for the realization of feasibility studies for the
                 development of a 100-hectare plot in Bouaké and the construction of a textile factory within the
                 framework of the Textile Development Program;

             o   the development of industrial parks dedicated to the processing of cashew nuts, as part of the BIRD-
                 Enclave Project, in Korhogo (25 hectares), Bouaké (15 hectares), Bondoukou (15 hectares) and Séguéla
                 (15 hectares);

             o   the establishment of a strategy for the development of industrial zones in Côte d’Ivoire, following the
                 approval of strategic studies conducted by Deloitte, with MCC funding;

             o   the completion of feasibility studies for the development of the duty-free textile zone in Bouaké;

             o   a survey, currently underway, of industrial businesses and their establishments, which will provide Côte
                 d’Ivoire with a national directory of industrial businesses and establishments listed by geographical
                 location, thus allowing it to easily measure the industrial sector’s contribution to the national economy.

Sectoral measures undertaken by the Government relate to three key pillars: (i) the agri-industry (including cocoa, cashew
nuts, coffee, cotton, palm oil, rubber, fruits and vegetables, and cereals among others), (ii) the structuring industries
(including chemistry, manufacturing of construction materials, cement, metallurgy and steel mills, automobile among



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others) and (iii) the light manufacturing industries (assembly, computers, equipment, clothing, shoes, and wood among
others).

The agrifood industry is the main value-added component of the manufacturing sector. It is dominated by cocoa and
coffee products (38%), oilseed industries (27%) and dairy and fruit and vegetable-based products (18%). The value added
of the manufacturing industry, in real terms, increased by an average of 8.3% over the 2012-2017 period. Its growth is
estimated at 8.5% in 2018. The primary products for which the development of processing remains a priority are cocoa
and cashew nuts.

For cocoa, the objective is to increase the processing rate from approximately 32.6% in 2016 to 50% in 2020. The volume
of cocoa processed in the 2016/2017 season is estimated at 577,000 tons as compared to 474,000 tons in the 2015/2016
season, an increase of 21.7%. For the 2017/2018 season, the volume of processed cocoa is estimated at 746,000 tons,
representing an increase of 22.6% compared to the previous season (for a stable processing rate of 27% in 2017 and
2018). The annual grinding capacity increased from 706,000 tons in 2017 to 820,000 tons in 2019, which leads to an
expected volume of crushed beans of more than 800,000 tons per season from 2022 onwards. In 2019, the quantity of
finished cocoa products manufactured and exported amounted to 598,670 tons, representing a processing rate of 27%.
As for coffee, this rate is 16%.

The measures taken to reinforce the competiveness of processing units relate to: (i) a cocoa bean supply guarantee to
processors at accessible prices and (ii) the implementation of a system of DUS differentiated according to the degree of
the cocoa beans’ processing. At the end of 2017, eight processing units had already signed five-year agreements with the
State to increase the quantity of processed cocoa. Results after the first year, with respect to the eight businesses that
benefitted from the differentiated DUS, show that, for a target of 338,867 tons of cocoa beans to be processed, 345,288
tons were actually processed, representing a completion rate of 102%. These results show the following:

    -   five businesses fulfilled their commitments;
    -   one business fulfilled 93% of its commitments, with an undertaking to compensate for the unrealized gap in the
        second year; a draft amendment has been submitted to the relevant Ministers for validation;
    -   two businesses lost the benefit of the differentiated DUS;
    -   one new business (GPA Transformation) required an agreement with the Government in order to benefit from
        the differentiated DUS. This request is currently under consideration by the relevant Ministers.

With regard to the grinding conventions signed between Côte d'Ivoire and processing companies, the evaluation of the
second year of implementation of these conventions for the benefit of the differentiated DUS by the nature of the
processed product shows that three companies out of five have achieved their contractual objectives: Cargill Cocoa
achieved 107%, Ivory Cocoa Product achieved 125% and UNICAO achieved 100% of its objective.

For cashew nuts, the objective is to increase the processing rate to 50% by the end of 2020 as compared to 6.2% in 2016.
In 2018, the installed processing capacity rose to 122,850 tons from 109,500 tons in 2017, representing an increasing of
12.1%. In 2019, the installed processing capacity increased to 137,190 tons and the quantity of raw nuts processed stood
at 55,974 tons, representing a processing rate of 9.1%. With a view to addressing the low processing rate of cashew nuts,
the Government has adopted various measures, including:

    •   the implementation of a mechanism to facilitate the processor’s access to financing for the acquisition of raw
        materials. In this framework, the West African Development Bank (“WADB”) granted a CFAF 5 billion short-
        term credit facility to BGFI Bank Côte d’Ivoire for the partial refinancing of the cashew nut 2019/2020 season;

    •   the signing of a World Bank loan for the implementation of the Cashew Nut Value Chain Competitiveness
        Promotion Project (Projet de Promotion de la Compétitivité de la Chaîne de Valeur de l’Anacarde or PPCA);

    •   tax exemptions and tax facilities for investments in cashew nut processing.




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       •   the implementation of a mechanism to regulate the price at which unprocessed cashew nuts are sold to processing
           units. For prices over CFAF 850 per Kg of unprocessed nuts, the difference is subsidized by the State, using the
           DUS on exports of unprocessed nuts;

       •   the implementation of a mechanism to regulate the price at which unprocessed cashew nuts are sold to processing
           units. For prices over CFAF 850 per Kg of unprocessed nuts, the difference is subsidized by the State, using the
           DUS on exports of unprocessed nuts;

       •   the organization of the International Cashew Nut Processing Equipment and Technology Fair (Salon
           International des Equipements et Technologies de Transformation de l’Anacarde (SIETTA)) every two years,
           to promote cashew nut processing technologies. The 2018 edition was held from 08 to 10 November 2018;

       •   the implementation of the Program for the Promotion of Competitiveness in the Value Chain (Programme de
           Promotion de la Compétitivité de la Chaîne de Valeur) in the cashew nut sector, financed by the World Bank
           Group for an amount of US$200 million to promote competitiveness in the cashew nut processing sector. As
           part of this Program, the development of industrial parks dedicated to cashew nut processing has been planned
           in Korhogo, Bouaké, Bondoukou and Séguéla.

Other measures have begun to be implemented by the Government in 2019 to facilitate processors’ access to raw materials
and strengthen their competitiveness:

   -        For cotton-textile, the measures and actions involve: (i) restructuring underperforming companies such as
            COTIVO, UTEXI and FTG Textile; (ii) the fight against fraud and counterfeiting; (iii) the sector’s promotion
            through the organization of an International Textile Fair called SICTHA 2019; and (iv) restoring the sector’s
            competiveness, namely through the creation of a free trade zone. The cotton/textile sector is an integrated sector
            that includes the agricultural production of seed cotton, ginning, spinning / weaving, finishing, garment making
            and crushing. Since the 2007-2008 season, seed cotton production has shown a positive evolution, increasing
            from 120,000 tons to 450,000 tons in 2014-2015 and 458,762 tons in 2018-2019. As a result of the Covid-19
            pandemic, the Government has revised its production objective to slightly below 500,000 tons of seed cotton
            for 2020 (compared to a pre-Covid-19 objective of 600,000 tons). The gearing activity is in fact held by 6 cotton
            companies or ginning facilities located mainly in the center and north of the country. They operate 13 ginning
            plants with a total capacity of 610,000 tons in 2019. They are: IVOIRE COTTON, which has 4 plants (Boundiali
            1 and 2, Dianra and M’Bengué), Compagnie Ivoirienne de Coton (COIC), which has 3 plants (Korhogo 1, 2
            and 3), Nouvelle Compagnie Ivoirienne pour le Développement des Textiles (Nouvelle CIDT), which has 3
            ginning plants (Bouaké, Mankono and Séguéla), the Société d’Exploitation de Coton d’Olam (SECO) which
            also has 1 plant (Ouangolodougou), the Société Industrielle Cotonnière des Savanes (SICOSA) which has 1
            plant located in Korhogo and Global Cotton (GLC) which also has 1 plant in Bouaké. For spinning or weaving,
            the installed capacity of the spinning / weaving units in Côte d’Ivoire in 2019 was 26,000 tons per year, operated
            by three companies located in Bouaké, Dimbokro and Agboville: Fillature Tissage de Gonfreville (FTG) and
            UTEXI-CI which has 2 plants (Dimbokro and Agboville). Two companies are active in the finishing activity
            and are located in Bouaké and Abidjan for a total capacity of 35 million meters of fabric per year in 2019: TEX-
            CI located in Bouaké and UNIWAX located in Abidjan, Yopougon industrial zone. The Ivorian crushing
            industry has two modern units, a medium unit and small semi-industrial cotton seed crushing units, with a total
            installed capacity of 345,000 tons of cotton seeds: OLHEOL in Bouaké, COTRAF in Korhogo, HCI (Huilerie
            de Côte d’Ivoire) in Bouaké and APMUT (Association des Petites et Moyennes Unités de Trituration). Finally,
            the garment sector is mainly composed of textile and fashion craftsmen.

   -        With respect to the development fruit and vegetable processing, the measures and actions involve: (i) promoting
            the conservation and production of fruit juice and dry fruit; (ii) securing the sourcing to product processing
            units and (iii) improving the storage and conservation capacity.

In terms of structuring industries, the Government has undertaken support measures to significantly increase cement
production in order to address the high demand for the development of infrastructure and real estate.



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The development of light manufacturing industries aims to create new industrial centres to catalyse the birth of new
industry clusters. Discussions are ongoing with external partners to set up labour-intensive industrial units.

All of these measures and actions taken by the Government are expected to effectively contribute to Côte d’Ivoire’s
industrial development to create an Ivorian economy that is more competitive. In terms of strengthening the
competitiveness of industrial companies, it should be noted that as part of the policy of opening markets, namely the
Economic Partnership Agreements (Accords de Partenariats Economiques), the WAEMU launched the Program for
Restructuring and Upgrade of Industries (Programme de Restructuration et de Mise à Niveau des Industries (“PNRMN”)
in order to improve local companies’ competiveness. The PRMN was replicated at a national level by the States.

In Côte d’Ivoire, the PRMN, at a total cost of CFAF 216.2 billion, benefitted from the support of the EU and UNIDO for
its design and pilot phase. The PNRMN, which was launched in 2014, received CFAF 8.2 billion from the AfDB in 2016
for a term of four years. The PRMN’s components relate to: (i) direct support to companies for their upgrades, (ii) the
development of quality infrastructure and (iii) the creation of Support Centres for Competiveness and Industrial
Development (Centres d’Appui à la Compétitivité et au Développement Industriel). As regards the support to companies:

       •   at the end of 2017, 59 companies benefitted from the PNRMN, out of a target of 120 companies. In the first half
           of 2018, 18 new industrial businesses acceded to the PNRMN, including nine for a strategic assessment, seven
           to receive support in the various procedural steps and in obtaining a certificate of quality and two for upgrade.
           Thus, the total number of businesses benefitting from this Program is now 77;

       •   at the end of 2019, this figure increased to 71 companies, all benefitting from global and strategic assessments,
           including four technical assistance missions in various fields (direction, marketing, maintenance, etc.). 308
           executives of the companies members of the PNRMN benefitted from trainings. Together with the companies
           for the preliminary phase, a total of 96 companies currently participate in the PNRMN.

To promote innovation and the wide-spread use of technology, a document presenting the Policy for Innovation and the
Widespread Use of Technology was drafted and adopted, with the support of the Japan International Cooperation Agency
(JICA). As part of this project, in addition to education, machine tools have been provided to the Société Ivoirienne de
Technologie Tropicale (I2T) to strengthen its capacity to manufacture agrifood equipment and replacement parts.
Additionally, as of the end of June 2018, 132 individuals from 18 SMEs have been trained in soldering techniques and
the machining of mechanical parts. Initiatives to raise awareness and provide training in technological innovation to
manufacturing SMEs are currently being implemented. In addition, Côte d'Ivoire set up laboratories and research centres
which are the main tools for the creation of ideas exploited by the production system. In addition to the research structures
of the public Universities and Grandes Ecoles, they encomprise the following:

   -        the Ivorian Tropical Technology Company (Société Ivoirienne de Technologies Tropicales or I2T), whose aim
            is to design equipment for the valorisation of agricultural products, to act as a consulting engineer for
            agricultural production management companies in terms of selection of agricultural equipment, studies and
            agro-industrial achievements;

   -        the Centre for the Demonstration and Promotion of Technologies (Centre de Démonstration et de promotion
            de Technologies or CDT) whose aim is to demonstrate and promote the technologies developed by I2T as well
            as Indian technologies;

   -        Côte d'Ivoire Engineering (CI Engineering), a company specialized in the manufacturing of industrial
            equipment;

   -        the Ivorian Intellectual Property Office (Office Ivoirien de la Propriété Intellectuelle or OIPI) for the protection
            of industrial property rights. Côte d'Ivoire is a member of the African Intellectual Property Organization (OAPI)
            and of the World Intellectual Property Organization (WIPO), organizations responsible for the management of
            patents and other intellectual property rights;




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   -        Côte d’Ivoire SME Agency (Agence Côte d'Ivoire PME), which supports the development of SMEs by
            promoting coaching, advice and support for innovation in SMEs.

However, the challenge remains to put in place coherent and effective policies for the commercialization of publicly
funded research results into viable and sustainable enterprises.

Building and Public Works Sector

Cement, sheet metal and containers, asphalt, electrical cables and wires, sand, gravel and concrete are, among others, the
materials used in the building and public works sector. The usage rate of these materials reflects the production status of
building and public works underway with the State’s major projects as well as real estate developments and private
entrepreneurs.

The building and public works sector has strengthened in recent years due to the completion of major Government
projects (the third Abidjan bridge or Henri Konan Bédié bridge, built in 27 months, the fourth bridge connecting the
Yopougon and Plateau municipalities and road infrastructure projects), the social housing program, the high demand
driven by economic growth, the numerous private projects as well as through the efforts of private economic operators.
International companies in the construction sector such as Colas, Bouygues, Bolloré or ArabContractors, have returned
to Côte d’Ivoire in order to accompany the efficient realization of major projects.

In 2019, the share of cement in the building and public works sector is estimated at 48.1%, followed at far lower levels
by sheet metal and containers (15.4%) and asphalt (10.6%). Cement production has been increasing since 2012, from
1,969,677.93 tons to 2,601,474 tons in 2014, before decreasing to 2,328,825 tons in 2015 and increasing again in 2016.
Cement production increased from 2.5 million tons in 2016 to 3.5 million tons in 2017, representing an increase of 17%.
This sharp increase is due to the entry into production of two industrial units with capacities of 1,000,000 tonnes per year
each. Taking into account investments underway, cement production capacity reached 9.4 million tons in 2018 and 13.3
million tons in 2019.

The development of the sector is due to the actions carried out by the Government since 2012. These include the
following:
          the search for solutions to the berthing problems encountered by cement manufacturers and addressing such
           problems thanks to coordinated work of the Ministry in charge of Industry and all stakeholders including
           producers, administrations and the Abidjan Port Authority (Port Autonome d’Abidjan).

          the completion of work to deepen the mineral wharves, which provided more operational wharves for cement
           and raw materials vessels to berth.

          the ongoing implementation of the Abidjan Port Authority (Port Autonome d’Abidjan)'s modernization of the
           mineral terminal.

          the implementation of a regulatory framework for cement quality control through the inter-ministerial order of
           5 January 2017 which also created the Commission for the Monitoring and Control of Cement Quality in Côte
           d'Ivoire operational since January 2017.

          the delimitation of a zone dedicated to the cement industry within the new industrial zone of PK24, with a
           surface area of 59 hectares, allowing the creation of a favorable framework for the industrial activity of cement
           production and the reinforcement of the competitiveness of companies. This new zone makes it possible to
           meet the ever-increasing demand for industrial plots for new cement plants.

          the adoption in 2018 of the Decree on Mandatory Standards, of which the cement standard is a part.

          the issuing of an order regulating the type of packaging used to package cement.




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In 2020, as a result of the actions and measures implemented by the Government, positive results have been achieved as
follows:

        the increase in only 7 years in cement production capacity from 2,400,000 tons in 2011 to 12,550,000 tons in
         2018, representing an increase of 423% from 2011 to 2018.

        the ongoing installation of seven new cement production units with a capacity of 7,782,000 tons, some of which
         have been operational since 2019 and others had been expected to be operational by the end of 2020 although
         operationalization of such production units have been delayed by the Covid-19 pandemic. These units are now
         expected to be fully operational by the end of 2021. Upon operationalization, these seven new cement production
         units are expected to bring total production capacity to 20,332,000 tons;

        an increase in investments made in the sector estimated at CFAF 232 billion from 2012 to 2018. These
         investments led to the creation of more than 3,600 direct and indirect jobs;

        the investments made in the sector are estimated at CFAF 125 billion in 2020;

        the provision of cement manufacturers with operational quays at the Abidjan Port Authority (Port Autonome
         d’Abidjan) to solve the problem of berthing ships;

        the protection of national industrial production units and securing the local market against fraudulent and
         uncontrolled imports and the marketing of good quality cement through the strict application of the inter-
         ministerial order of 5 January 2017;

        the absence of a cement deficit since 2017 thanks to the sharp growth of the number of industrial cement plants
         and production capacities installed;

        an approximately 10% to 20% drop in consumer prices on CPJ 32.5 and CPJ 42.5 cement by August 2019.
         Indeed, the 50kg bag which used to sell on average at 5000F/TM, was sold at between 4000 F/TM and 4300
         F/TM in August 2019.

The cement market has demanded more and more cement and therefore requires increased local production to sufficiently
supply it. In order to confront the current economic climate and reduce tension of prices, the Ivorian authorities decided
on 24 April 2017 to carry out an emergency import transaction of 150,000 tons of cement over the period from May to
July 2017. In addition, as part of the ongoing development of the new PK24 industrial zone, the State plans to grant 60
hectares for a cement plant.

The table below presents the national cement consumption during the 2014 to 2019 period:
                  Year                                                 Consumption (tons)


                  2014                                                      2,700,000
                  2015                                                      3,000,000
                  2016                                                      3,420,000
                  2017                                                      4,000,000
                  2018                                                      5,000,000
               2019 (est.)                                                  5,000,000
Source: Ministry of Industry and Mining

In 2018, local cement consumption was 5,000,000 tons. The commissioning of all project units currently under
construction planned for 2017 and 2018, particularly the construction of two last-generation cement plants by CIMAF,


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made it possible to meet local demand. The Moroccan company CIMAF-Côte d'Ivoire has made its ambition to satisfy
national consumption clear. To this end, it announced the start of the production of the San Pedro plant in June 2017 and
the launch of the construction of the Bouaké plant in May 2017, to increase the production capacity from 1 million tons
a year to 2.5 million extendable to 4 million tons, and the creation of more than 600 direct and indirect jobs. In addition,
LafargeHolcim’s local branch completed the construction of its sixth grinder, which will allow it to double its annual
production capacity to two million tons at the end of 2017. In short, these new investments will help increase domestic
cement production capacity to 5,800,000 tons per year. Thus, cement producers have invested more than CFAF 73 billion
over the 2015-2017 period to increase their production capacity. In addition, the Nigerian group Dangoté intends to invest
CFAF 150 billion in 2019 through its subsidiary, Dangoté Cement, in the construction of a cement plant in Côte d’Ivoire
and the acquisition of logistical means, which is expected to generate approximately 800 direct jobs for a production
capacity of 3 million tons with two lines of 1.5 million each; the plant is currently under construction and is expected to
open in 2020. In total, seven installation projects have been recorded for the following cement companies: CIMOD, the
Japanese-Ivorian cement company PCCI, OYAK, DANGOTE, Société de ciment de Côte d’Ivoire, ACA SARL and
LCB.

In addition, the majority of large construction projects is open to international tender bids. The State ensures that small-
and medium-sized enterprises participate in these projects through subcontracting in order to have a positive impact on
local employment.

With respect to the overall evolution of the building and public works sector, its added value, which measures the level
of activity in this sector, has recorded increases of 18.3% and 22.1% in 2015 and 2016, respectively, due in particular to
the continuation of numerous public sector projects. Investments continue to be made in this sector.

Financial Sector

The financial sector in Côte d’Ivoire is comprised of banks, insurance companies and microfinance institutions.

Banks and Microfinance Institutions

For information on the banking sector, see “Monetary System”.

Insurance Companies

Côte d’Ivoire’s insurance business is regulated by the Insurance Code of member states of the InterAfrican Conference
of Insurance Markets (Conférence interafricaine des marchés d'assurance – CIMA). The market participants, excluding
policyholders, include insurance companies (30) and insurance intermediaries (295 certified brokers). There are two
professional associations that assist in the development and the stabilization of the market. These are the Association of
Insurance Companies of Côte d’Ivoire (Association des Sociétés d’Assurances de Côte d’Ivoire – ASA-CI) and the
National Association of Côte d’Ivoire Insurance and Reinsurance Brokers (Association Nationale des Courtiers
d’Assurance et de Réassurance de Côte d’Ivoire). There are also several professional organizations that regulate the
sector: ASA-CI, the Regional Commission of Insurance Control (Commission Régionale de Contrôle des Assurances)
and the African Federation of Insurance Companies for African National Law (Fédération des Sociétés d’Assurances de
Droit National Africain).

The size of the insurance sector in Côte d’Ivoire is modest but in steady expansion, with CFAF 360 billion in revenue in
2018, compared to CFAF 325 billion in revenue in 2017, CFAF 302.9 billion in 2016, CFAF 278.9 billion in revenue in
2015, CFAF 251 billion in revenue in 2014, CFAF 236 billion in revenue in 2013, and CFAF 209 billion in revenue in
2012. However, it continues to be the main market in the CIMA. Its contribution to GDP (revenue/GDP) remained stable
at 1.5% from 2011 to 2015 (based on the 1996 GDP reference year). In 2017, revenue increased by 7.3% compared to
2016, well above the average rate in the CIMA zone, which is 0.9%. According to the Federation of African National
Insurance Companies, the penetration rate on the African continent is 4.31%.

Less than 30 insurance companies compete to attract the interest of a population that has not yet developed sufficient
interest in insurance products. In the distribution of their products, insurance companies work with intermediaries,
including brokers and general agents, such as Gras Savoye and Marsh & McLennan, that still largely dominate the market

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for company insurance. The Ivorian insurance market also includes a reinsurer and international reinsurance companies
or reinsurance representatives.

Tourism

After a period of relative growth, Ivorian tourism experienced a sharp decline from the end of 1999 to the end of the post-
electoral crisis in 2011, due to the departure of major actors in tourism, as a result of the unstable socio-political situation
and increasing insecurity throughout the political and military crisis that began in 2002. The sector experienced a decline
in offer and demand as well as a slowdown in marketing activities. In terms of demand, the crisis has resulted in a
significant decline in the number of tourists arriving at the Félix Houphouët Boigny international airport. In terms of
supply, several major hotels closed, and other tourism infrastructure and sites deteriorated. Travel agencies have lost
more than 80% of their revenue, resulting in the closure of many agencies.

Beyond socio-political instability, several factors were at the root of the decrease in tourist activity. According to the
IMF report 13/172 “Côte d’Ivoire: Poverty Reduction Strategy Paper” published in June 2013, the tourism sector is
affected by (i) weaknesses in the legal and institutional framework, (ii) inadequate financing of the sector’s activities,
(iii) the deterioration and inadequacy of tourist and road infrastructures. To these factors are added (iv) the fragility of
management structures, (v) inadequacy of the development of tourist products, (vi) price increases in air transport, (vii)
lack of an efficient marketing of Côte d’Ivoire as a destination spot and (viii) insufficient partnerships.

The return to socio-political stability has created a favourable environment for the contribution of the tourism sector to
the country’s economic growth, as demonstrated by the 2017 Tourism Statistics Bulletin published by the Ministry of
Tourism. According to this Statistics Information Bulletin, the tourism business’ contribution to GDP was 5.16% in 2015
(based on the 1996 GDP reference year). The Government estimates the tourism business’ contribution to GDP at 7.3%
in 2019, representing an annual average growth rate of 9.06% over the 2015-2019 period. The IMF Report 15/148,
published in July 2015, highlights that the main achievements of the Government included improving the legal and
institutional framework of the sector by validating and adopting the new Tourism Code. Moreover, according to the same
report, the private sector remains the main engine of the improvement of the tourist offer, mainly as regards the increase
in the number of hotels. Between 2012 and 2015, six luxury hotels respectful of international standards (Sofitel hôtel
Ivoire, Golf hôtel, hôtel golf club, hôtel le Président, hôtel les Parlementaires de Yamoussoukro et hôtel la Paix de
Daoukro) have been rehabilitated. The total number of rooms at the national level increased from 34,102 in 2015 to
49,536 in 2019, representing a growth rate of 45.26%.

Ivorian tourism provides significant financial resources to the Ivorian State. The Government estimates the growth in
tourism revenue at CFAF 1,174 billion in 2019 from CFAF 1,059 billion in 2015, representing a growth rate of 10.86%.
According to figures from Côte d’Ivoire Tourisme, the supervisory body, between 2000 and 2015 the number of hotels
virtually doubled, resulting in revenue of more than CFAF 500 billion, with a total amount of 2,038 hotel establishments.
In the five years following the crisis, the revival of the tourism sector made an important contribution, providing 3,000
direct jobs and 9,000 indirect jobs to more than 2% of the active population. The sector created a total of 113,000 direct
jobs in 2016 and 128,800 jobs in 2019.

The country received more than 470,000 foreign travellers in 2015, compared to 400,000 in 2014, which makes the
Ivorian tourism industry one of the most dynamic in West Africa. In order to stimulate tourism in Côte d’Ivoire, the
Government intends to capitalize on the country’s tourist assets, in particular the tropical forest and the beaches around
San Pedro. The Government aims to favour eco-tourism and contemplates creating an international airport and an
Aérocité in San Pedro. As for the Abidjan Aérocité, it will be an “airport city”, which will offer a range of amenities,
including commerce, hotels and housing. Located near the Félix Houphouët-Boigny airport in Abidjan, the Aérocité will
be developed on a unique site with exceptional natural qualities and located between the ocean and lagoon. In 2016, the
number of tourists was estimated to be 1,583,250, with 632,166 arriving by air and 951,084 arriving by land.

Continuing in the same vein, the tourism business performed well in 2018, due to large-scale events that were held in
Côte d’Ivoire and numerous investments made in recent years in the sector. The number of hotels and hotel residences
increased by 27.8%, rising from 2,040 in 2017 to 2,607 in 2018. In addition, according to “Hospitality report 2018”, the
third report prepared by Jumia Travel and presented on 27 September 2018 in Abidjan, the number of tourists in Côte

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d’Ivoire increased from 3.083 million in 2016 to 3.475 million in 2017, representing a 12.7% increase. In 2018, more
than 3.4 million tourists were counted. The number of tourist arrivals in Côte d'Ivoire reached 4.0 million in 2019 while
revenues from the activity amounted to about CFAF 1,174 billion in 2019 against slightly more than CFAF 1,114 billion
in 2018.

This improvement is the result of the Government’s commitment to prioritizing the rehabilitation of Côte d’Ivoire’s
image among tourists and business travellers. As part of this effort, the Ministry of Tourism has designed a strategic
development plan called “Sublime Côte d’Ivoire”, which has been integrated into the 2016-2020 NDP and will be
extended as part of the 2021-2025 NDP . This strategy aims to make Côte d’Ivoire the 5th largest tourist industry in Africa
and co-leader in business tourism by 2025. Achieving this goal will entail (i) improving the environment in the tourism
and leisure sector, (ii) augmenting the tourism and leisure services offered and (iii) strengthening Côte d’Ivoire’s
competitiveness as a tourist destination. The “Sublime Côte d’Ivoire” strategy can be broken down into nine essential
projects, which are expected to make tourism the third largest axis of economic development in Côte d’Ivoire by 2025
and generate over 600,000 jobs, making the tourism and leisure sector a source of job creation capable of participating
in the country’s overall development.

The tourism sector has been severely hampered by the Covid-19 pandemic in 2020. The pandemic had a negative impact
on the tourism as a result of the precautionary measures taken by governments, including travel restrictions, border
closures and lockdowns, which reduced international social mobility. In some instances, barrier measures have resulted
in the total or partial cessation of tourism activities to such an extent that the World Tourism Organization reported that,
for the 2020, the number of tourists will decrease by 60% to 80%, or even 90% compared to 2019. In this global context,
Africa, in general, and Côte d’Ivoire, in particular, has been affected by the downward trend in economic activity in
general and tourism and hotel activity in particular. While optimistic projections at the end of 2019 and early 2020
predicted a growth of tourism GDP of 8% in 2020, they have been revised downwards in light of this pandemic. Thus,
while the tourism contribution to GDP is expected at around 3.5% in 2020 (compared to an estimated 7.3% recorded in
2019), representing a contraction of -52%, tourism revenues are expected to record a decrease of 70-90% depending on
the sub-sectors concerned. The Covid-19 pandemic and related travel restrictions will likely continue to have an impact
on the tourism sector although the Government continue to monitor the extent of such impact. Despite the impact of the
Covid-19 pandemic on the sector in 2020, the pre-Covid-19 positive trend is expected to resume and continue until 2025.

The Government’s objective is to attract 5 million tourists by the end of 2025. The tourism sector represents potential for
growth in the Ivorian economy, and it recorded an increase by 0.65 percentage points of GDP between 2017 and 2018.
The Government aims to increase the share of tourism in the GDP to about 10% by the end of 2025, through the “Sublime
Côte d'Ivoire” strategy. The investments required for the implementation of this initiative are estimated at CFAF 3,200
billion. To fulfil this potential, the sector must continue to promote investment and improve its level of organization.

The Government has initiated a post-Covid-19 pandemic tourism recovery plan focussing on the development of
domestic and regional tourism with the aim of making Abidjan a hub of business tourism and an entertainment and leisure
destination for the West African region in particular. The Government is encouraging local businesses to organize and
engage in initiatives for the emergence of national champions in the sport sector and related activities in the context of
2023 Africa Cup of Nations to be hosted by Côte d’Ivoire. The Government’s plan also covers various projects and
initiatives, including the Beautiful Beaches for All, Villas Ivoires and Relais Paillottes projects; the development of
tourist routes such as the Route of the Kings, the Elephant Route, the Slave Route; the promotion of nature tourism and
ecotourism to promote and support environmental preservation; the development of holiday savings schemes and other
initiatives for the practice of tourism and the financing of vacation camps for young people in Côte d’Ivoire; the
construction of tourist souvenir stores for the marketing of handicrafts and other products made in Côte d’Ivoire; the
promotion and financing of start-ups; the creation of tourist villages based on authentic Ivorian models with a modern
touch; the creation of a fund dedicated to financing activities in the tourism sector.




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Economic Infrastructures

Road Transport

Côte d’Ivoire has approximately 82,020 km of road network, of which 7,000 km are asphalt roads and 75,000 unsurfaced
roads and a public urban road network with over 4,000 km of asphalt roads throughout the national territory. In addition
to these roads, it has approximately 200,000 km of rural tracks between villages, camps and plantations. Côte d’Ivoire
also has approximately 20 ferry boats and approximately 4,600 engineering structures, including over 300 bridges.

Currently, this network is in a state of significant deterioration, with 90% of roads exceeding their theoretical lifespan.
This state of deterioration, the result of more than 10 years of under-investment and insufficient maintenance, has major
consequences both at the economic and social level, with increased transportation costs, a reduction in exchanges between
the country’s different regions and the impoverishment of isolated rural populations.

However, since 2012, as part of the strengthening of road infrastructure, several projects were completed. These include,
in particular: (i) the third Abidjan bridge, (ii) the extension of the northern freeway (Singrobo-Yamoussoukro) and the
renovation of the Abidjan-Singrobo freeway segment, (iii) the construction of the Abobo-Anyama road, (iv) the
construction of a bridge over the Marahoué, (v) the improvement of urban roads in several major cities, (vi) the
construction of the Boundiali-Tengrela road, (vii) the construction of an interchange over the Valery Giscard d’Estaing
Boulevard in Abidjan, (viii) the construction of the Jacqueville bridge, (ix) the completion of the Abidjan-Bassam
highway, (x) the construction of the Béoumi and Bassawa bridges, (xi) the construction of the Bolona-Tengrela-Mali
border road and (xii) the improvement of the Pont Comoé-Agnibilekro-Abengourou road.

In 2017, 17,744 km of dirt roads were rehabilitated, including 7,740 km of heavy regrading and treatment of critical
points and 9,886 km of light regrading. This work has brought the total rehabilitated dirt roads to 41,867 km over the
2012-2017 period. The new constructions have brought total developed roads to 866 km over the 2012-2017 period,
including 752 km of new surfaced roads and 114 km of highways built.

In addition, the total percentage of surfaced roads in a state of significant deterioration (out of the total network of surfaced
roads) decreased from 15% in 2015 to 10% in 2017, as a consequence of the efforts that have been made to maintain
existing roads. However, additional efforts must be made to achieve the goal of 5% in 2020 for this indicator.

Moreover, since 2016, the Government has adopted an extensive National Road Development Programme (PNDR) for
the period 2016-2025, for an overall cost of CFAF 3,760 billion. The first phase of this programme covers the 2016-2020
period. This programme aims to improve traffic in Abidjan and the interior of the country and increase the
competitiveness of the Ivorian economy. This plan includes strengthening and extending urban roads and large-scale
infrastructure projects. In terms of mobility in the Greater Abidjan area, large infrastructure projects have been
announced. These include (i) the construction of the Japanese-Ivorian Friendship Interchange, (ii) the rehabilitation of
the Félix Houphouët-Boigny bridge, (iii) the construction of the 4th Yopougon-Adjamé bridge, (iv) the construction of
the Cocody-Plateau bridge, (v) the development of Boulevard de Marseille and (vi) the development of the Y4 by-pass
highway (Section 1: Boulevard Mitterrand-Anyama Road (24.4 km) / Section 2: Anyama Road - Pk 24 of the North
highway (12 km)). Nearly all of these projects were launched in 2018.

For the interior of the country, extending the paving of roads in district, regional and departmental capitals is planned.
The most important project of the 2016-2020 programme involves improving and renovating 3,916 km of interurban
asphalt roads at a cost of CFAF 1,246 billion, which were expected to be implemented between 2017 and the end of
2020. The Government also plans to build the Tiébissou-Bouaké section of the Yamoussoukro-Bouaké highway for an
estimated cost of between CFAF 215 billion and CFAF 292 billion. Work officially began in November 2018 and is still
ongoing. Construction of the Yamoussoukro-Tiébissou section (CFAF 64.5 billion) is ongoing. The construction and
asphalting of the Abidjan-Dabou section on the Abidjan-San Pedro highway, as well as the rehabilitation of the Grand
Bassam-Aboisso, are also planned.

To date, out of an estimated total of 1,500 km initially expected to be completed by the end of 2020, 72% have been built
or are in the process of being built.


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The Government also intends to develop the road network between large urban communities in Côte d’Ivoire, to allow
for harmonized development of the territory, and the major roads to the ECOWAS countries in order to deepen regional
integration, including a highway between Abidjan and Lagos.

Urban road transportation services are concentrated in the city of Abidjan and centred around mass urban transportation
by bus on specific sites (Bus Rapid Transit – BRT) for approximately 130 km operated by the Société des Transports
Abidjanais (“SOTRA”) and other private operators.

Intercity road transport services have developed following a series of business reforms in this sector. This reform was
put into effect through the preparation of legislation and regulations and the implementation of various actions, in
particular:

    •   law no. 2014-812 of 16 December 2014 on of domestic transportation;

    •   Decree No. 2019-100 of 30 January 2019 on the organisation and functioning of the Urban Mobility Authority
        in Greater Abidjan (Autorité de la Mobilité Urbaine dans le Grand Abidjan (AMUGA));

    •   Decree No. 2019-101 of 30 January 2019 on the organisation and functioning of the Regulatory Authority for
        Domestic Transport (Autorité de Régulation du Transport Intérieur (ARTI));

    •   Decree No. 2015-269 of 22 April 2015 establishing the conditions for admission to the transportation profession
        and conditions to carry out road transportation activities;

    •   Decree No. 2015-235 of 8 April 2015 establishing the conditions to create and use bus stations;

    •   the creation of the Road Transportation Development Fund (Fonds de Développement du Transport Routier) to
        drive the renewal policy for transporters’ vehicle fleets;

    •   the organization of road transportation professionals and of an umbrella organization known as the High Council
        of Employers of Road Transportation Companies (Haut Conseil du Patronat des Entreprises de Transport
        Routier) of Côte d’Ivoire;

    •   the delivery of 200 new taxis and 832 trucks to transportation companies as part of the renewal of the existing
        vehicle fleet;

    •   the reinforcement of SOTRA’s fleet with 1108 buses as at the end of June 2020. This project will continue the
        delivery of new buses until the end of 2021 for a total of 2,000 buses. The SOTRA’s service capacity was
        significantly improved in 2018 with the construction of a 130 km network of roads dedicated to the circulation
        of buses. SOTRA, due to its strengthened fleet, was able to transport approximately 86 million passengers in
        2017, 144 million passengers in 2018 and an estimated 300 million passengers in 2019. Current operating data
        report 120 city lines, 1,200 buses and an average volume of 800,000 passengers per day; and

    •   the commencement of work on a new international bus station for passenger transport by bus in Adjamé.

The reorganization of SOTRA’s road network through the project to create urban parking stations for woro-wôrô and
Gbaka on the outskirts of Abidjan around the BRT line network will optimize transportation of the population and
reinforce urban mobility. The major impact of this will be a reduction in the number of smaller vehicles in urban centres
and an improvement in Abidjan’s traffic.

With respect to the governance of the infrastructure and transport services sector, the Government adopted the Transport
Sector Investment and Adjustment Program (Programme d’Investissement et d’Ajustement du Secteur des Transports or
CI-PAST), to reorganize the institutional framework and reform the legal and regulatory framework of the sector. This
CFAF 12 billion program represents an important component of the Government’s efforts to promote road maintenance
and safety. Many other road infrastructure development projects are currently in progress. These projects include the



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construction of approximately 50 interchanges and 20 various transport infrastructures, including the Williamsville-
Adjamé pedestrian bridge in Abidjan.

Two recent structures regulating the inland transport sector (the Greater Abidjan Urban Mobility Authority (Autorité de
la Mobilité Urbaine du Grand Abidjan or AMUGA) and the Inland Transport Regulatory Authority (Autorité de
Régulation du Transport Intérieur or ARTI)) have been operational since the appointment of their first in charge officers
in January 2020.

River, Lagoon and Maritime Transport

Côte d’Ivoire has more than 500 km of coastline and two seaports in San Pedro and Abidjan, with San Pedro being a
deep sea port.

The Abidjan Port Authority handles approximately 87% of Côte d’Ivoire’s international trade. After the important
resumption of port operations in 2012, both 2013 and 2014 had been marked by a contraction in total traffic. However,
recent developments in maritime traffic indicate a recovery. Compared to December 2017, total cargo traffic in 2018
increased by 7.2%, reaching 24,177,261 tons. This positive performance, which was reflected in both imports (+6.5%)
and exports (+8.6%), was essentially driven by dynamic domestic traffic. Domestic traffic increased by 13.6%, in
connection with the steady performance of all of its components, which include general cargo (+11.3%), oil products
(+19.4%) and fishing products (+7.2%). In 2019, total cargo traffic was at 25,738,345 tons, representing an increase of
6.3% compared to 2018. This performance had an impact on national traffic (+5.2%), transhipment (+4.0%) and transit
(+24.1%).

The improvement observed in the Abidjan port is the result of numerous investments carried out. Indeed, in order to
improve its competitiveness, modernisation and extension work has been undertaken, notably the widening and
deepening of the Vridi canal, completed in December 2018, completion of the construction work of the second container
terminal as well as other projects such as a roll-on/roll-off (RORO) terminal, which is currently under way. The
completion of these investments should allow the Abidjan port to compete with its counterparts in South Africa and North
Africa and breathe new life into the Ivorian port maritime sector.

Concerning the Autonomous Port of San Pedro (Port Autonome de San Pedro), total cargo traffic decreased by 9.9% in
2018 compared to 2017, to reach 4,081,163 tons. This decrease is due mainly to the 37.9% contraction of the transhipment
business. Nevertheless, this decrease was attenuated by a 21.7% increase in domestic traffic.

In 2019, total global traffic increased by 24.1% to reach 5,065,685 tons. This increase results from activities outside of
transhipment (+30.9%) as well as from transhipment (+3.5%). Traffic benefited from numerous trade measures
implemented in order to attract new products with high potential which were not transiting through the Autonomous Port
of San Pedro, especially fertilizers, nickel and manganese. In addition, several projects for the extension and
modernization of the port were implemented, such as construction of a multipurpose industrial terminal and of a cold
room for seafood products. In 2019, maritime transportation confirmed its strength with a volume of cargo traffic which
increased by 9.0%, to reach 30,804,030 tons, compared to 28,258,424 tons in 2018 . This positive performance is
attributable to both ports.

River and lagoon transport had been provided since the 1980s by the Société des Transports Abidjanais (SOTRA) and
by private small boats known as “pinnaces”. However, since 2013, the Government has lifted the exclusivity on the
operation of the lagoon held by the SOTRA, aiming to strengthen the multiple modes of urban transport to facilitate the
movements of populations, as such movements are increasing significantly every year. As part of this effort, the State
has established concession agreements with two lagoon transportation companies, Société de Transport Lagunaire
(“STL”) and Compagnie Ivoirienne de Transport Lagunaire (“CITRANS”).

The effective entry into operation of the two new structures in 2017 boosted lagoon transportation in Abidjan. The recent
development of the sector has improved mobility among the populations (Yopougon, Koumassi, Marcory and
Treichville) by reducing travel time.



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These new structures have produced clear results; the total number of transported passengers has risen from 1,923,352 in
2017 to 3,948,058 in 2018, representing an increase of 105.3%. With 20 boats, the total number of passengers transported
by STL increased from 3,494,966 in 2018 to 3,736,403 in 2019, representing an increase of 6.9%.

For the years to come, companies are forecasting:

    •   the construction of new stations and the acquisition of new boats to meet growing demand, in accordance with
        the commitments of the agreement with the State;

    •   the development of a strategy to attract the middle class (lagoon transport for people with vehicles);

    •   the provision of additional services in the stations (catering, Internet café, banking services, etc.)

When they became active in 2017, the operators (STL and CITRANS) were using more than 15 boat buses, which were
able to transport approximately 25,000 passengers per day. These transportation capacities are expected to increase to
100,000 passengers per day in the coming years with the commissioning of new stations, currently under construction,
and the opening of new lines.

Future plans to maintain a positive dynamic in the lagoon transportation sector include (i) the construction of new stations
and the acquisition of new boats to respond to growing demand, in line with the commitments set out in the agreement
between the operators and the State, (ii) the development of a strategy to capture middle class populations (transportation
via the lagoon of individuals with cars) and (iii) offering additional services in stations (restaurants, internet cafés,
banking services, etc.).

In parallel to this formal sector, a network of pinnaces provide daily, informal and relatively significant passenger services
in Abidjan , as well as substantial merchandise traffic, carried out on approximately fifteen lines, in uncertain safety and
comfort conditions. Beyond the Abidjan district, other pinnaces provide intercity and even interstate transport on the Aby
and Ebrié canals. This method of transport is used by passengers in the lagoon zone going from the Ghana border to the
city of Grand-Lahou. Efforts to promote multimodal urban transportation in Abidjan include the future completion of
line 1 of the Abidjan Metro, for which Côte d’Ivoire has decided to establish a public service concession agreement
relating to the design, financing, completion and operation of this line. Construction work was launched on 30 November
2017. Studies and preparatory work are underway, and the public procurement process began in February 2018. The
project will be delivered in instalments from 2020 to 2022. The total cost of the project is estimated at CFAF 918 billion.

Rail Transport

Côte d’Ivoire has a 639 km railroad line that links it to Burkina Faso. This railway, which is made up of only one track,
(except in Abidjan where there are dual tracks), passes through several cities in Côte d’Ivoire, with 35 stations and 18
stops. The operation of the rail infrastructures, which was awarded to the Société Internationale de Transport Africain
par Rail (“SITARAIL”) in 1994, has resulted in a growth in merchandise traffic that doubled over five years, increasing
from 504,000 tons in 1996 to more than 1 million tons in 2001. However, the rail transport remains confronted with the
shortfalls and obsolescence of the infrastructures and of the operating stock. As a result, in constant decline, railway
activity has not yet reached its 2001 level.

However, in 2018, the global traffic of merchandise by rail transport reached 928,243.7 tons, representing a 16.2%
increase compared to the previous year. This good performance was driven by both trade with Burkina Faso which
recorded an increase of 4.6%, and domestic traffic which increased sharply from 7,820 tons in 2017 to 101,068 tons
(+1,192.4%). In 2019, the global traffic of merchandise increased by 9.0%, to reach 1,015,874 tons.

This improvement is the result of various reforms undertaken with the aim of revitalizing this sector. Indeed, the
continued slowing of business due to the poor condition of infrastructure, the Government signed an agreement with the
Bolloré group for the rehabilitation of the railway for an amount of approximately CFAF 300 billion. This work will
contribute to modernizing and developing services for the transportation of cargo and passengers by rail.




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The Government intends to pursue the rehabilitation of the Abidjan-Kaya line to facilitate the transit of minerals from
Burkina Faso to the port of Abidjan.

Rehabilitation work on the historic Abidjan-Ouagadougou-Kaya (1,210 km) railway was started on 5 December 2017.
The Investment Program of the Revised Concession Agreement (Programme d’Investissements de la Convention de
Concession Révisée) (“CCR”) was signed on 29 July 2016 between the Licensing Authority (Côte d’Ivoire and Burkina
Faso) and Bolloré, and will be realized in two tranches. The first tranche will end by 31 December 2021 at the latest. The
project’s total cost is CFAF 262.4 billion.

The implementation of this project will improve access to areas through which this railway passes. With the reopening
of closed stations, economic activity will be boosted through the transportation of production from formerly-isolated
areas toward consumer areas. Work on the first tranche has begun and is scheduled to end by 31 December 2021 at the
latest.

In addition, as part of the search for long-term solutions to public transportation difficulties within the Abidjan District,
the State of Côte d’Ivoire decided on the public service concession for the design, financing, completion and operation
of Line 1 of the Abidjan Metro. Construction work on line 1 of the Abidjan metro was started on 30 November 2017.
Studies and preparatory work are underway and the grant of rights of way was completed in February 2018. The project
will be progressively completed between 2020 and the end of 2022. The project’s total cost is estimated at CFAF 918
billion. A concession agreement was signed on 6 July 2015. An amendment to the concession agreement is being drafted
to reflect the replacement of the Korean companies Hyundai Rotem and Dong san by Alstom and Colas Rail. With respect
to line 2 (Yopougon - Bingerville section), discussions are ongoing for the selection of an operator.

Furthermore, studies and fundraising efforts are underway to help complete several projects including integrated projects
for ore mining in both Côte d’Ivoire and neighbouring countries such as Mali and Guinea. These involve the construction
of the Pedro-Man-Touba-Odienné-Bougouni-Bamako railway for iron ore mining in the Klahoyo and Gao mountains,
nickel in Biankouma, Man, Sipilou and Touba, manganese in Odienné and iron and bauxite in Mali. This construction
requires the completion of preliminary design studies and the research of technical and financial partners. These
prerequisites must be met as of 2018. The project’s total cost is estimated as CFAF 332 billion.

As for the construction of the Ouangolodougou-Niellé-Sikasso-Bougouni-Bamako railway, the terms of reference for
detailed technical studies were adopted by the WAEMU’s railway experts. The WAEMU Commission is waiting to
launch a call for bids to hire a firm to carry out these detailed technical studies for an amount of approximately CFAF 60
billion.

The line is 338 km, of which 86 km is on Ivorian territory, for an estimated cost of CFAF 240 billion, including CFAF
60 billion at Côte d’Ivoire’s expense. Other projects include (i) the construction of the 181 km long Man-Nzérékoré
(Guinea Conakry) railway for an estimated cost of CFAF 127 billion, of which CFAF 105 billion at Côte d’Ivoire’s
expense (151 km), for joint mining of Guinea’s iron ore and (ii) the “Rail City” project to improve the real estate assets
of the SIPF in Abidjan Plateau, representing an investment of approximately CFAF 300 billion.

Airport Transport

Côte d’Ivoire has eight operational airports and airfields (Abidjan, Yamoussoukro, Bouaké, Daloa, San Pedro, Man,
Korhogo and Odienné) three of which are international (Abidjan, Yamoussoukro, Bouaké). Excluding Daloa and
Yamoussoukro, the national company Air Côte d’Ivoire currently services six other local destinations and 19 international
destinations.

With the creation of Air Côte d’Ivoire in 2012 and the opening of the Ivorian airspace, the number of airline companies
servicing Côte d’Ivoire increased from nine in 2010 to approximately 20 in 2017. At the end of 2018, the number of
commercial passengers increased by 4.9% compared to 2017, reaching 1,971,978. Air cargo and direct transit have also
increased by 5.9% and 15.5%, respectively. Traffic is dominated by flights to the ECOWAS region (39.4%), Europe
(28.4%), particularly France (20.6%), and the rest of Africa (21.7%). The main airlines that account for this traffic are
Air Côte d’Ivoire (780,652 passengers; 39.6%) and Air France (294,069 passengers; 15.9%).


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These advances are the result of (i) investments made in the Abidjan Félix Houphouët Boigny (FHB) airport, (ii) the
development of the national airline, Air Côte d’Ivoire, (iii) the addition of new commercial routes and (iv) the
rehabilitation of domestic airports and airfields.

As a result the numerous investments made, Côte d’Ivoire has received certification from the Transportation Security
Administration (TSA), allowing it to open a direct line to the United States as of 13 May 2018, in collaboration with
Ethiopian Airlines. In addition, as part of its expansion program, the national airline, Air Côte d’Ivoire, has ordered five
Airbus, including two A320 aircraft delivered in 2017, a third one, initially expected to be delivered at the end of 2020,
have been delayed to an unspecified date, and two additional A319 aircraft are expected in 2021. Finally, the reopening,
in March 2018, of the San Pedro airport, which had been closed for construction, boosted domestic air traffic, which
increased by 29.5% in the third quarter of 2018, after having decreased by 29.7% and 6.7%, respectively, in the first and
second quarters of 2018.

In 2019, a total of 2,271,700 passengers passed through Abidjan international airport, representing an increase of 3.8%
compared 2018. The total number of commercial passengers increased by 4.7% to reach 2,064,216. These increases relate
to all destinations. For instance, traffic with Africa increased by 1.8% despite a general decrease of 0.9% within
ECOWAS. Traffic with Europe increased by 5.7%, primarily due to the increase of traffic with France (+5.3%). Domestic
air traffic benefited from the rehabilitation of San Pedro airport and of interior aerodromes, which led to an increase of
28.3% to reach 93,906 passengers.

To support Air Côte d’Ivoire during the Covid-19 pandemic and mitigate its impact on the airline, the Government
adopted a dedicated support and recovery plan with a budget of CFAF 15 billion. As of 30 June 2020, a total amount of
CFAF 14.0 billion was disbursed to help Air Côte d’Ivoire cover cash deficits and fixed costs, as well as debt repayments
from April to June 2020. While the Government is confident that the dedicated support and recovery plan will help to
keep Air Côte d’Ivoire afloat pending the lifting of travel restrictions and gradual resumption of air travel in the western
Africa region and worldwide, it is currently preparing a post-Covid-19 support plan with a budget of CFAF 20 billion.
The post-Covid-19 support plan is designed to support the development of Air Côte d’Ivoire, including the modernization
of its fleet through acquisition of additional and more fuel efficient aircraft and the opening of new routes.

Other projects are also planned, both in Abidjan and in the country’s interior. These include:

    •   the creation of the Aérocité consisting of the construction of an Abidjan airport zone;

    •   feasibility studies for the creation of an international airport in San Pedro that will be dedicated to freight;

    •   the certification of the Yamoussoukro and Bouaké airports;

    •   the rehabilitation of certain infrastructure of the Abidjan airport and interior aerodromes;

    •   the creation of an aerodrome in the east of the country (Bouana or Bondoukou); and

    •   continuing the reinforcement of the Air Côte d’Ivoire fleet, initiated with the acquisition of three aircraft in 2017,
        one aircraft in 2019 and the contemplated acquisition of three aircraft between 2020 and 2021. With regard to
        the capital increase of Air Côte d'Ivoire, out of the CFAF 67 billion subscribed in 2016, only CFAF 50 billion
        or 75% had already been effectively paid up. On 31 March 2019, the shareholders (West African Development
        Bank and Air France Finance) paid up the last quarter of their subscription, in cash (West African Development
        Bank) and through compensation (Air France Finance). Côte d'Ivoire paid up the last quarter of its subscription,
        i.e. CFAF 5.2 billion in 2020, and Goldenrod, another shareholder of Air Côte d’Ivoire, is still expected to pay
        up its subscription of CFAF 11.8 billion, the disbursement date of which has not been confirmed by Goldenrod.

Environment

Since the 1992 Earth Summit, Côte d’Ivoire, as a stakeholder, has endeavored, within its means, to comply with its
international commitments in the field of the environment and sustainable development. To this end, the Ivorian
Government drew up the National Environmental Actions Plan (Plan National d’Action pour l’Environnement) in 1994.

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This led to the strengthening of the Government’s policy promoting environmental protection, through the ratification of
and accession to the Rio Multilateral Agreements, specifically the United Nations Framework Convention on Climate
Change and the related Kyoto Protocol, the Convention on Biological Diversity, the Convention to Combat
Desertification/Land Degradation and the 2016 Paris Climate Agreement. These international instruments have all been
provided with strategic documents required for the planning and coordination of their implementation. The first National
Development Plan (NDP) 2012-2015 integrated actions in favour of the environment and sustainable development.
Despite its efforts, Côte d’Ivoire’s environmental heritage is threatened and has been deteriorating over the years.

Indeed, Côte d’Ivoire faces environmental challenges relating in general to climate factors, poverty exacerbated by global
crises, soaring population growth, the excessive expansion of cities and human activity. Specifically, these difficulties
are linked to: (i) regulatory and institutional deficiencies (such as no implementing decrees for the Environmental Code
and lack of rigor of the authorities in applying regulations); (ii) the reduction of forest cover, which has decreased from
12 million ha in 1960 to 3,427 million ha in 2016 (representing 10.64% of the national area), representing a 71.44% loss
over the past 50 years; (iii) a loss of biodiversity linked to the significant pressure exerted by humans (deforestation,
poaching); (iv) pollution of marine and lagoon ecosystems related, among other things, to the use of toxic products in
continental fishing; (v) pollution of lagoon bays (Cocody, Banco, Bietry, etc.) as a result of untreated industrial and
household runoff; and (vi) a failure to integrate sustainable development into sectoral policies and plans.

In response to these challenges, the environmental actions as defined in the 2016-2020 NDP are intended to: (i) reinforce
the institutional and regulatory framework of the environment, (ii) raise awareness among the population about the
protection of the environment, (iii) strengthen biodiversity conservation, (iv) contribute to the fight against coastal
erosion, (v) promote green sectors, (vi) strengthen sustainable protection of the environment and (vii) reduce the risk of
disaster.

With regard to the reinforcement of the institutional and regulatory framework, a road map for sustainable development
was adopted in 2014. The national policy document on the environment is in the process of being adopted by the Council
of Ministers. The Environmental Code, which dates back to 1996, is being updated. A legislative text introducing an
environmental taxation scheme is currently being developed in collaboration with the Conférence des Grandes
Entreprises de Côte d’Ivoire (CGECI) and the Committee for Dialogue between the State and the Private Sector (Comité
de Concertation Etat Secteur Privé). To this end, two studies to facilitate the introduction of this tax system were
approved at the beginning of January 2019 by all stakeholders. At the international level, Côte d’Ivoire has ratified several
international treaties, including the recent Kyoto Protocol to the United Nations Framework Convention on Climate
Change and the 2016 Paris Climate Agreement, and implements common policies with other WAEMU or ECOWAS
countries, as reflected by the creation of two international authorities to protect the Niger river. In addition to these ratified
treaties, Côte d’Ivoire has joined certain mechanisms, the most recent of which include: (i) the Global Methane Initiative
(GMI) in March 2018, (ii) the Global Green Growth Institute (GGGI), to which it submitted its Expression of Interest in
August 2018 and (iii) the accession of Côte d’Ivoire to the Ministries of Finance coalition for climate action in January
2020, aiming at assisting the member states in order to better comprehend the challenges of climate change in public
finances policies.

With regard to the preservation and promotion of national biological diversity and the support of ecological processes,
major initiatives have been taken, including: (i) the creation of committees for local management of natural reserves and
parks, composed of representatives from populations in areas surrounding these parks (Mount Nimba, Mount Sangbé
National Park, Mount Péko, the Haut Bandama Fauna and Flora Reserve, the Lamto Scientific Reserve and the Marahoué
National Park), (ii) the construction of a monitoring station for the Mount Nimba Natural Reserve, (iii) the manual
maintenance of 320.5 km of tracks, 763 km of conventional boundaries, the regrading of 12.5 km of boundaries and the
installation of 66 boundary landmarks in the Comoé and Taï National Parks, (iv) the preparation of 219 ha of land for
natural regeneration in the Mount Péko National Park and (v) the production and distribution of over 11,000 forest fruit
tree seedlings to more than three organizations in the area surrounding the Taï National Park.

Concerning efforts to combat coastal erosion and reducing the risk of natural disaster, Côte d’Ivoire has an online geo-
portal to improve the system through which environmental information is managed and to develop the coastal region. In
addition, in view of strengthening the resilience of Ivorian populations living along the coastline, the investment project
to promote the resilience of coastal regions that is part of the West Africa Coastal Areas Management Program (WACA)


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has been under implementation since November 2018. Investigations for the collection of socio-economic data are
underway for the socio-economic assessment of the Grand-Lahou pilot zone as part of the implementation of the WACA
project. In connection with this same project, a firm was hired to quantitatively assess the natural risks and install an early
warning system (EWS) in the Grand-Lahou pilot zone.

With regard to climate change, Côte d’Ivoire’s strategy to combat this scourge is based on the Nationally Determined
Contributions (NDC) in the framework of the Paris Agreement. Côte d’Ivoire thus intends to implement measures of
reduction of greenhouse gas emission and adaptation measures in order to reinforce its resilience against harmful
consequences of climate change. One of the main activities consists in raising awareness in rural communities (NGOs,
growers) and urban communities with respect to climate change and the solutions for adaptation in the agricultural world,
training on inventories for emissions of gas and climate and air quality-related pollutants and training on the Quality
Assurance/Quality Control management system for greenhouse gas inventories. The first Payment for Environmental
Services (PES) contracts were also signed with 200 producers as part of the PES pilot project. This project will help to
simultaneously improve agricultural productivity, food security and living conditions for growers, while also protecting
residual forests and biodiversity. To develop a national strategy to mobilize climate finance resources, Côte d’Ivoire,
through its technical ministries, is implementing a project to pave the way for access to climate finance. This project
entails improving the institutional framework that governs interactions with climate finance, updating priority sectors to
attenuate and adapt to climate change and designing and providing national procedure manuals.

As regards the promotion of sustainable development and green industries, Côte d’Ivoire, in collaboration with its
Technical and Financial Partners, has finalized the report on indicators monitoring the progress of SDGs in September
2018. This report concerns the mapping of these indicators, the baseline status of SDG monitoring indicators and the
work carried out to prioritize SDG targets with the indicators used to monitor the SDGs implementation. The final report
was presented at the United Nations High-Level Summit in July 2019.

In an effort to protect Ivorian forests, the Government adopted a new forest policy in May 2018: the Declaration of Policy
for the Preservation, Rehabilitation and Expansion of Forests (Déclaration de Politique de Préservation, de
Réhabilitation et d’Extension des Forêts). This policy, which is based on four principles and organized around six main
objectives, addresses both the country’s goal of achieving 20% forest cover and its land development and agricultural
performance policies. This policy is supported by a new Forestry Code, adopted by the Government in 2019, which
introduced the innovative approach of classifying forests to categories according to their level of deterioration. The new
forest policy’s objectives are the following: (i) to preserve biodiversity, (ii) to preserve a “national climate” conducive to
agricultural activities and quality of life, (iii) to honour Côte d’Ivoire’s commitments in favour of a “world climate”; and
(iv) to gather the necessary forest resources to maintain and sustainably develop a competitive timber industry that will
satisfy the domestic wood fuel needs. In addition, in view of restoring its forest cover, Côte d’Ivoire has been engaged,
since June 2011, in the REDD+ process. This international mechanism aims to reduce greenhouse gas emissions from
deforestation and the deterioration of forests, including through sustainable development of natural resources, the
reinforcement of forest carbon stocks and the conservation of forests. Côte d’Ivoire has also become a member of two
international platforms for technical and financial support for REDD+: the UN-REDD program (an FAO/UNDP/UNEP
partnership) and the FCPF (World Bank). In addition, Côte d’Ivoire has benefitted, since 2013, from the support of
several technical and financial partners, including the French Development Agency (AFD), through the C2D and the EU
REDD+ Facility. The National REDD+ Strategy, approved in 2017, has led to the implementation of several projects,
including one concerning the monitoring of Côte d’Ivoire’s land from space. Several major results have been obtained
through this project, such as the availability of: (i) a land-cover database (maps of forests and land use); (ii) maps of
changes in forest cover and land use on pilot sites, and (iii) a reliable system for monitoring and controlling land use.

The environment in urban zones has deteriorated as a result of industrial and domestic effluent wastes without prior
treatment. The urban environment is further affected by the lack of an adequate wastewater system, with the poor areas
hardly having any wastewater equipment. These issues are compounded by the rapid growth of the urban population,
which now represents more than half of the total population. To implement the new system of collection and
transportation of household and similar waste in the Abidjan District and definitively close the Akouédo landfill, an
international tender process was launched in 2016. This process led, in 2017, to the selection of two private international
operators, ECOTI SA and ECO EBURNIE, with which public service contracts for cleaning and sanitation services (in
the form of PPPs) were signed and approved by the Council of Ministers on 25 October 2017. To implement these new

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services, the selected operators have mobilized new equipment and have built and operated, pursuant to technical and
environmental requirements, modern waste management infrastructure (pooling sites and transfer centres). The new
sanitation services in the Abidjan District were launched in the second half of 2018 under 7-year contracts. In addition,
Côte d’Ivoire signed a service delegation agreement (in the form of a PPP) with CLEAN EBURNIE for the design,
construction, financing and operation of a technical landfill in Kossihouen, which was approved by the Council of
Ministers on 21 December 2017. This process aims to provide the District of Abidjan with modern infrastructure for
ecological disposal of household and similar waste, with a view to launch waste recovery in subsequent years. The
technical landfill in Kossihouen became operational in August 2018, also under a 7-year contract. The establishment of
a sector dedicated to the ecological management of Waste Electronic and Electrical Equipment (WEEE) and used tyres
began with the selection of the SGS Group (Société Générale de Surveillance) and the SAR (Société Africaine de
Recyclage) through a service agreement in April 2017, the communication of this contract to the Council of Ministers on
21 December 2017 and the signature of a memorandum of understanding in January 2018. The project launched in
November 2018.

With respect to water resources, Côte d’Ivoire has four primary tributaries (the Cavally, the Sassandra, the Bandama and
the Comoé) and three main lagoon systems as well as many coastal rivers (the Ebrié, Grand-Lahou and Aby lagoon
systems and the Mé and Agneby rivers). These lagoon systems and basins are the recipients for industrial effluents as
well as agricultural and urban ground leaching. These areas are made up of invasive aquatic plant species and
concentrations of algae.

Subterranean water is available throughout Côte d’Ivoire, often with varied supply and accessibility conditions, in the
main geological formations which are the granitic bedrock and the sedimentary basin, occupying 97% and 3% of the
territory, respectively. This water is used primarily for water supply through urban and village hydraulic systems. During
the 2011 post-election crisis, the hydrological observation networks were destroyed. This situation was very detrimental
to quality of data and especially to the supervision of hydrometric stations calibration. As part of a policy of sustainable
development and preservation of water tables, the Government is concentrating on linking provincial villages and rural
areas to rivers in close proximity, to ensure their drinking water supply. The Government thus expects to resolve the
drinking water supply issue for the Abidjan area. It is in this context that it engaged in the construction and the
inauguration in December 2014 of the water treatment facility of Yopougon Niangon and in March 2015 of the provision
centre for drinking water in Bonoua. Additional projects designed to provide drinking water to the rest of the country are
underway.

As part of the effort to monitor the quality of surface waters in rural areas, measurements and analyses are regularly
carried out in Ivorian waters, particularly in the Aby lagoon, along the Ivorian coast and in the Comoé and Bandama
rivers. Also, as part of the preparation for possible accidental pollution, a simulation exercise of the National Oil Spill
Contingency Plan is organized in Abidjan and Jacqueville on an annual basis in order to develop the reflex of the plan's
stakeholders. As part of the project to safeguard and enhance the value of the Cocody Bay, a feasibility study on the
clean-up of Abidjan's lagoon bays was carried out in 2018, after which the identified the sanitation work was carried out.

In terms of fishery production, the use of toxic products in continental fishing has also resulted in the destruction of
fishing areas. This situation has contributed to a drastic reduction in the number of species, some of which are threatened
with extinction. Due to the lack of an adequate treatment system for contaminated waste coming from domestic,
industrial, agricultural, mining and maritime activities, the sea and lagoon ecosystems are strongly affected by pollution.

The implementation of the first generation NAIP has also led, in general, to a net increase in fishery production (fishing
and aquaculture), which has recorded cumulative growth of 90.76% over the 2012-2016 period. Environmental matters
and sustainable development were not sufficiently taken into account in the first generation NAIP. However, efforts have
been made in terms of raising awareness and training for (i) NGOs involved in climate change matters, as noted above
and (ii) producers in environmentally safe agricultural practices, soil conservation and environmental protection
techniques using renewable energy and the proper agrochemical products. In the agricultural sector, a project aiming to
manage obsolete pesticides and related waste has led to the establishment of a national inventory of pesticides in 90% of
the country and the identification of 6,000 repositories. Approximately 1,000 tons of obsolete pesticides have been seized
through voluntary declarations and the control of illegal pesticides. A pesticide database has been created and is currently
being consolidated in preparation for its use.

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The Government has prepared the second phase of the NAIP, whose major goals are the local processing of agricultural
production, an integrated way of addressing production questions with full water control, agricultural mechanization,
professional training and marketing.

This second generation NAIP, covering the 2018-2025 period, for a total estimated cost of CFAF 11,905 billion, takes
environmental matters and sustainable development further into consideration. This investment program intends to
address the need for a coordination of action and results between the various activities concerned. The innovation
introduced by this second phase of the NAIP is the establishment of nine agropoles covering the entire national territory.
It will improve agricultural production and address the needs of private and public actors in terms of conservation,
processing and sales.

Information and Communication Technologies (ICTs)

ICTs have experienced a notable expansion since the privatization of the telecommunications sector at the end of the
1990s. The telecommunications sector today counts three mobile telephone operators, two fixed telephone operators,
four Internet providers and many value-added service providers. The sector is supported by high-quality and modern
infrastructure as well as an expanding market. It represented 3.6% of nominal GDP in 2016 and generated approximately
CFAF 1,021.1 billion of revenue the same year. In 2017, this sector contributed 3.8% of GDP. It is estimated at 3.5% of
GDP in 2018, according to the data of the National Accounts. The contribution of the telecommunications sector to GDP
is estimated at 3.4% in 2019 and is projected at 3.6% in 2020.

In 2013, the investment in this sector was CFAF 146.5 billion, of which CFAF 131.4 billion were for mobile telephony
and CFAF 15.1 billion for fixed telephony and Internet. In 2014, investments in the sector reached CFAF 131.7 billion,
of which CFAF 106.6 billion were for mobile telephony, CFAF 21.3 billion for fixed telephony and CFAF 3.8 billion for
Internet. In 2015, investments came to CFAF 108.3 billion, of which CFAF 94.4 billion were for mobile telephony, CFAF
12.9 billion for fixed telephony and CFAF 937.5 billion for Internet. In 2016, investments significantly increased to reach
CFAF 280.3 billion, primarily in connection with the acquisition of 4G licenses by the three mobile telephony operators
and the completion of significant investments to deploy such technology. In 2017, investments decreased by 39% by
comparison to the significant investments carried out in 2016. Investments in this sector amount to CFAF 174.1 billion
in 2018 and CFAF 68.2 billion in 2019 and cumulative investments over the 2012-2019 period are estimated at
approximately CFAF 1,265.6 billion. The number of jobs created in December 2015 was 2,310 as compared to 2,620 in
December 2016.

The sector is dominated by mobile telephony with revenues of CFAF 743.3 billion in 2013, or 78.0% of total revenues
for the sector (mobile telephony, landline telephony and internet), which reached CFAF 952.6 billion in 2013. In 2014,
mobile telephony revenues reached CFAF 776.1 billion, fixed telephony revenues reached CFAF 172.1 billion and
Internet revenues stood at CFAF 34.3 billion. In 2015, revenues reached CFAF 852.3 billion for mobile telephony, CFAF
142.4 billion for fixed telephony and CFAF 34.9 billion for Internet. In 2016, mobile telephony recorded revenues of
CFAF 852.3 billion, or 79% of the sector’s overall revenues, fixed telephony revenues reached CFAF 196.5 billion, or
18.2% of the sector’s overall revenues, and CFAF 30.0 billion for fixed Internet (the revenue connected to mobile Internet
and to mobile money are included in the revenues of mobile telephony operators), or 2.8% of the sector’s overall
revenues. In 2017, revenue from mobile telephony, fixed telephony and fixed Internet were CFAF 927.8 billion (89.2%
of the sector’s total revenue), CFAF 81.6 billion (7.8%) and CFAF 30.9 billion (3%), respectively. Fixed and mobile
telephony respectively count 272,145 and 19.4 million subscribers in 2013. In 2014, the number of mobile telephony
subscribers was 22.1 million and 5.2 million subscribers to the internet service (including mobile internet). In 2015 and
2016, mobile telephony comprised 25.4 million and 27.5 million subscribers, respectively. In 2017, the number of mobile
telephony subscribers was 31.8 million, an increase of 15.6% compared to 2016. In 2018, the number of subscribers of
mobile telephony was 33.8 million, an increase of 6.3% compared to 2017. In 2019, the number of subscribers of mobile
telephony was 36.8 million, an increase of 8.9% compared to 2018. In order to further increase their number of
subscribers, private operators continue to extend their telecommunications services to users living in rural areas.

The services offered to clients of the sector include mobile telephony 2G/3G/4G, fixed telephony (with and without
cable), data transmission, access to fixed and mobile Internet as well as added value services (games, multimedia
downloading and virtual currency).


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In 2013, the number of Internet subscribers in Côte d’Ivoire was 133,955, an increase of 12.1% as compared to 2012.
From 2009 to 2013, the revenue generated by the activities of Internet providers increased from CFAF 16.9 billion to
CFAF 30.2 billion, which reflects the expansion of the Internet market in Côte d’Ivoire. In 2014 and 2015, taking into
account mobile internet, the number of subscribers to internet services rose to 5.2 million and 8.7 million, respectively.
In 2017, the number of internet subscribers rose to 17.2 million. In 2018, the number of internet service subscribers stood
at 16.8 million, and it is estimated to increase to 17.2 million in 2019. International connectivity passes through four
undersea cables (SAT-3, WACS; ACE and MainOne) while national connectivity passes through the National Internet
Exchange Point (CIVIX). Some mobile telephone operators also offer mobile Internet solutions, by using technologies
such as GPRS/EDGE, CDMA (EVDO protocol), 3G, Wimax and LTE. The means of connection used are USB data
Internet, boxes and WIFI stations.

The table below presents the number of telephone lines as well as Internet subscriptions from 2014 to 2019:


  Year                                                               2014      2015          2016         2017         2018         2019
  Mobile Telephones (in millions) ..............                        22.1        25.4         27.5         31.8         33.8         36.8
  Fixed Telephones .....................................             242,684     277,248      289,108      305,562      302,398      305,086
  Internet(1) ..................................................   5,232,831   8,712,464   10,490,997   17,227,389   16,827,974   17,240,006
Source: Ministry of Communication, the Digital Economy and the Post Office
(1)
       2014, 2015, 2016, 2017, 2018 and 2019 data take into account mobile internet.

The audio-visual space is comprised of multiple private and public television channels as well as private, public and local
radio channels. In the audio-visual sector, the leading national channel covers the entire country, as compared to a 80%
coverage before the political and military crisis than began in 2002. The written press includes approximately 30 dailies,
weeklies, monthlies, bimonthlies and quarterlies.

The 2016-2020 NDP provides for the elaboration of a new Telecommunications Code and a new Postal Code to allow
for the creation of a legal and regulatory framework promoting access to information and communication technologies
as well as a universal postal service.

The Government is also planning certain measures to encourage the population’s access to a high-quality, low-cost
telecommunications service, including (i) the realization of a project to develop the country’s optic fibre network, (ii) the
reopening of 66 postal offices, and (iii) the reopening the Institut Supérieur Africain des Postes et Télécommunications,
that occurred in 2012 (and is now called Ecole Supérieure Africaine des Technologies de l’Information et de la
Communication). With AFD’s support, Côte d’Ivoire is building an optic fibre network, reaching 5,435 km in 2019, with
an objective of 7,000 km. Côte d’Ivoire also reopened 40 postal offices in 2019, with an objective of 66.

Labour Market

The labour market in Côte d’Ivoire is divided into two branches: the formal sector and the informal sector. The formal
sector involves the public sector and the private formal sector. Save for surveys on the employment situation and
registrations with Social Security Institutions, information about Côte d’Ivoire’s labour market (particularly the informal
sector) is limited by the lack of available statistical data. However; experts from the Labour Markets Information System
(Système d’Information sur le Marché du Travail, “SIMT”) are working to set up an independent national observatory
for employment capable of developing such tools.

After the November 2012 study of the employment situation, the Government carried out a second study for which the
indicators were determined by the new rules adopted by the International Labor Office at the end of the 19th International
Conference of Labor Statisticians in October 2013. This second study found an unemployment rate of 5.3%, as compared
to 5.8% in the previous study. However, the results of the 2016 National Survey on Employment and the Informal Sector
(Enquête Nationale sur la Situation de l’Emploi et le Secteur Informel “ENSESI”) found that Côte d’Ivoire’s
unemployment rate was 2.8%. The 2017 Regional Integrated Survey on Employment and the Informal Sector (Enquête
Régionale Intégrée sur l’Emploi et le Secteur Informel, “2017 ERI-ESI”) established the unemployment rate at 3.3%.




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According to this survey, the unemployment rate remains high in urban areas (8.6% in Abidjan, 2.8% in other cities)
compared to rural areas (0.6%). It is also higher among young people. The unemployment rate is higher among women
(3.9%) than men (2.9%).

This survey showed that the employed population is 7,646,169 persons, including 40.3% women and 59.7% men, and
comprises 51.1% of uneducated persons. The district of Abidjan concentrates nearly a quarter (24.2%) of the employed
population.

An analysis of the characteristics of employment in Côte d’Ivoire found that 41.8% of the jobs are in the agricultural
sector (31.2% women and 68.8% men), 12.5% in the industrial sector (33.2% women and 66.8% men), 22.3% in trade
(62% women and 38% men) and 23.4% in the service industry. Among surveyed women, 91.7% hold informal jobs. The
2017 ERI-ESI shows that employment in Côte d’Ivoire remains mostly informal (88.4%), although informal employment
has been steadily decreasing, from 96.6% in 2014 to 93.6% in 2016 until it reaches its present value. Salaried employment
accounts for less than a quarter of employment (22.8%).

The 2017 ERI ESI shows that the average remuneration from employment in Côte d'Ivoire in 2017 is CFAF 95,712. The
lowest incomes are concentrated in jobs as family helpers and apprentices. Their average monthly remuneration is CFAF
55,490. The highest incomes are those of senior managers or engineers, with an average monthly income of CFAF
516,766. More than half (56.7%) of the jobs are paid below the guaranteed minimum wage (SMIG).

Côte d’Ivoire is involved in eradicating child labour, through an international and national legal framework. The
international framework includes the African Charter on the Rights and Welfare of the Child (since February 2003), the
ILO Convention no. 138 on Minimum Age (since February 2003), the ILO Convention no. 182 on the Worst Forms of
Child Labour (since February 2003), the UN Optional Protocol on the Involvement of Children in Armed Conflict (since
August 2011) and the Ten-Year Action Plan to Eradicate Child Labour, Forced Labour, Human Trafficking and Modern
Slavery in Africa (2020-2030). On a national level, an inter-ministerial and a national committee are both dedicated to
fighting child labour. Since 2011, actions implemented and related initiatives have enabled Côte d'Ivoire to be
consistently ranked in category 2 of the value scale established by the U.S. Department of State to evaluate the efforts of
states worldwide. This category corresponds to that of States whose efforts are recognized in the fight against child
labour. The country has thus met the ILO's criteria, in 2019, to become a "Pioneer Country" of the 8.7 SDG Alliance.
The Government's current efforts aim at significantly reducing the worst forms of child labour by 2025. Côte d’Ivoire
also benefits from the active support of the ILO through the “accelerating action for the elimination of child labour in
supply chains in Africa” (ACCEL Africa) regional project with particular focus on specific supply chains, namely cacao,
coffee, cotton and gold. The ACCEL Africa project is designed to accelerate action against child labour as part of the 8.7
SDG Alliance on the elimination of child labour by 2025.

Informal Sector

According to the 2017 ERI-ESI, Informal Production Units (“IPUs”) relating to trade employ 40.5% of employed persons
in the IPUs, and the IPUs relating to industry and services sectors employ respectively 34.2% and 22.3% of paid jobs in
IPUs. Employment in IPUs is strongly focused on self-employment (63.5% of IPUs). The rate of salaried employment
in the IPUs is very low (11.5%).

The proportion of women in jobs in the informal sector averages 57.7%. They are more represented in the trade sector
(67.6%) but account for only 34.5% of jobs in industry. In rural areas, women account for 62.3% of employment in the
informal sector, compared to 55.3% in urban areas.

The average age of the workforce in the informal sector is 33.8. However, differentials in the average age can be observed
depending on the employment sector. Young people under the age of 25 account for 28.7% and 22.4% of workforce
respectively in industry and services. The workers of these two sectors have an average age of 32.2 and 33.2 respectively.
In trade, where the average age of the workforce is 34.8, only 18.2% are under 25.




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The informal sector exists in industry, trade and services. The tables below present the structure by branch of IPU:

    Place of Residence and                                         Self-
        Business Area                Employment rate            employment        Non salaried        Salaried        Mixed
                                                                             (as a percentage)
 Abidjan
          Industry                             29.7                42.5              22.9               29.7            4.9
          Trade                                16.7                66.1              15.7               16.7            1.5
          Services                             26.8                53.5              16.0               26.8            3.8
          Total                                23.2                55.8              18.0               23.2            3.1
 Other Urban
          Industry                             17.5                42.8              37.8               17.5            1.9
          Trade                                 6.6                74.3              17.4                6.6            1.7
          Services                             14.2                55.2              28.2               14.2            2.4
          Total                                11.5                60.8              25.7               11.5            2.0
 Total Urban
          Industry                             20.7                42.7              33.8               20.7            2.7
          Trade                                 8.9                72.4              17.0                8.9            1.7
          Services                             17.0                54.8              25.5               17.0            2.7
          Total                                14.3                59.6              23.9               14.3            2.2
 Rural
          Industry                             12.4                59.6              27.6               12.4            0.4
          Trade                                 4.8                74.6              19.4                4.8            1.2
          Services                              7.6                69.2              21.0                7.6            2.2
          Total                                 7.7                68.9              22.2                7.7            1.2
 Total
          Industry                             17.1                50.1              31.1               17.1            1.7
          Trade                                 7.2                73.3              18.0                7.2            1.5
          Services                             13.2                60.7              23.7               13.2            2.5
          Total                                11.5                63.5              23.1               11.5            1.8
Source: 2017 ERI ESI




                          non-         unpaid                                                                          Average
     Place of          related to      workers        workers                                               Average    length of
  Residence and         the head      or paid in       under                                                 age of   successful
  Business Area          of IPU          kind           25       women                   Job tenure         workers     studies
                              (as percentage)                                                           (in years)
 Abidjan
       Industry          24,1           25,9           28,3       35,5                       6,4               32,1     7,8
       Trade             9,9            34,1           14,7       64,0                       6,3               34,5     10,4
       Services          20,0           31,1           20,5       45,7                       5,2               33,2     9,7
       Total             15,6           31,4           19,3       53,0                       6,1               33,6     9,6
 Other Urban
       Industry          29,7           47,3           32,7       30,1                       7,9               31,4     7,6
       Trade             4,9            36,4           19,6       68,2                       6,2               34,9     10,3
       Services          17,3           47,0           24,7       61,2                       5,5               32,8     9,1
       Total             14,0           41,7           24,1       57,0                       6,5               33,5     9,3
 Total Urban
       Industry          27,4           38,5           30,9       32,3                       7,3               31,7     7,7
       Trade             7,0            35,5           17,5       66,4                       6,3               34,7     10,3
       Services          18,3           40,9           23,1       55,3                       5,4               32,9     9,3
       Total             14,7           37,5           22,2       55,3                       6,3               33,6     9,4
 Rural
       Industry          15,2           39,1           24,0       38,9                       7,9               33,4     9,1
       Trade             5,6            37,5           19,5       69,9                       5,8               35,1     10,5
       Services          5,1            39,9           21,0       68,3                       6,1               33,6     9,9
       Total             7,7            38,5           20,9       62,3                       6,4               34,3     10,0


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 Total
       Industry        23,5         38,7        28,7       34,5                     7,5             32,2          8,1
       Trade           6,5          36,2        18,2       67,6                     6,1             34,8          10,4
       Services        13,6         40,6        22,4       59,9                     5,7             33,2          9,5
       Total           12,3         37,8        21,8       57,7                     6,3             33,8          9,6
Source: 2017 ERI ESI
Analysis of the data in the above table shows that only 12.3% of the persons employed in IPUs are not related to the head
of the IPU in which they work. Industry is the sector in which employed persons are least related to the heads of the IPUs
in which they work (23.5%).

In addition to the low wage rate in the informal sector, 37.8% of workers in this sector are unpaid or paid in kind.

As for the under-25s, they account for 21.8% of those employed in the informal sector.

Employment continues to be at the centre of the Government’s priorities and has been subject to several reforms in order
to offer more quality jobs to young people and further reduce job precariousness. After having adopted a National
Employment Policy (Politique Nationale de l’Emploi) on 7 June 2012, and an Employment Revival Strategy (Stratégie
de Relance de l’Emploi) on 26 November 2013, the Government, in its desire to promote the creation of sustainable
employment, established the Youth Employment Agency (Agence Emploi Jeunes) in April 2015. This organization,
arising from the desire to rationalise operational employment systems, is responsible for organizing the contributions of
various participants in order to address the issue of youth employment. The Youth Employment Agency has already
provided employment opportunities to over 120,000 young people since its creation.

After the implementation of the SRE in 2015, the Government, placing particular emphasis on youth employment,
adopted a 2016-2020 National Employment Policy (Politique Nationale de l’Emploi 2016-2020) as well as National
Strategy for the Youth Employment and Integration (Stratégie Nationale de l’Emploi et de l’Insertion des Jeunes), the
adoption and implementation of which have improved the employability of young people and offered them more quality
employment opportunities. Thus, the Government has carried out and continues to carry out major reforms aimed at
renewing the supply of training leading to qualifications and diplomas in order to ensure the employability and integration
of young people. In addition, since 2017, various tax benefits have been granted to businesses based on their contributions
to improving employability or creating jobs for young people. In addition, a Fund to Support Youth Professional
Integration and Employment (Fonds d’Appui à l’Insertion Professionnelle et à l’Emploi des Jeunes) was established to
support, in particular, the National Program to Support the Integration of Vulnerable Individuals (Programme National
d’Appui à l’Insertion des Personnes Vulnérables) (women, handicapped individuals, individuals over 35 years of age)
and the 2016-2020 Decent Employment Country (Pays du Travail Décent) program.

The Government, with the support of technical and financial partners, is gradually adapting professional training to the
needs of the labour market by carrying out reforms to professional training. Since 2019, after adopting the texts that
should govern the institutional framework, the Government has been implementing a reform aiming at (i) meeting the
demands of technical and professional training, (ii) providing training adapted to the qualification needs expressed by
the labour market, (iii) strengthening the school and company partnership, (iv) ensuring the conditions for the sustainable
integration of job seekers and individuals in precarious situations, (v) setting up a skill certification mechanism, in
cooperation with professional communities and (vi) promoting and implementing an effective and efficient governance
of Technical and Professional Training (Formation Technique et Professionnelle), while emphasizing the autonomy and
responsibility of educational and training institutions. The Government is currently preparing a project on the Validation
of Acquired Experience (Validation des Acquis de l’Expérience –VAE). This initiative is designed to help all economic
actors who do not necessarily have an initial technical or professional training, to increase their productivity and improve
employability.

The labour market in the modern sector (i.e. the sector covering workers registered in social protection structures) in Côte
d’Ivoire recorded since 2012 an annual registration of approximately 860,579 new employees. Estimated at 83,906 in
2014, the number of new registrations in the modern sector reached 101,072 in 2018 before decreasing to 94,750 in 2019.
In 2020, despite the Covid-19 pandemic, the number of new registrations, at the end of October 2020 stood at 100,911.


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Most of the new registrations (85.48%) came from the private sector, whose performance supported the upward trend in
registrations until 2018 before a decrease in 2019 and positive growth trends in 2020. The private sector registered 79,629,
76,072 and 83,764 employees respectively in 2015, 2016 and 2017, 89,041 employees in 2018, 83,625 employees in
2019 and 79,432 as of October 2020 (the Government projects the number of new registrations at over 90,000 at the end
of December 2020).

The table below presents the evolution of registrations for the private sector as well as the inclusions to the Public
Administration payroll file from 2014 to October 2020:
                                     2014      2015           2016          2017      2018      2019     Oct. 2020     Total
 Private sector .............         73,610    79,629         76,072        83,764    89,041   83,625      79,432     735,626
 Public sector...............         10,296    17,313         10,123        11,946    12,031   11,125      21,479     124,953
 Total ...........................    83,906    96,942         86,195        95,710   101,072   94,750     100,911     860,579
Source: Tableau de bord Emploi, CNPS and CGRAE


The table below presents the distribution of new registrations in the private sector in 2019. The sectors represented are
those constituting approximately 96.15% of worker registrations in 2019:
                                                              (as percentage (%))
 Trade                                                                                                         29.84
 Manufacturing industry                                                                                        16.26
 BPW                                                                                                           12.55
 Ground and air transport                                                                                       5.75
 Private education                                                                                              5.26
 Agriculture                                                                                                    4.62
 Forest-based agriculture                                                                                       2.99
 Engineering office                                                                                             2.84
 Agrobusiness                                                                                                   2.73
 Hotel-restaurant                                                                                               2.10
 Financial institution                                                                                          1.95
 Cooperative group                                                                                              1.72
 Extractive industry                                                                                            1.30
 Health centers                                                                                                 1.28
 Pharmaceutical business                                                                                        1.13
 General administration                                                                                         1.02
 Public service and ministries                                                                                  0.97
 Electricity                                                                                                    0.95
 Logging and sawmilling                                                                                         0.90

Source: CNPS data; General Directorate of Employment calculations

The chart below presents the evolution in the rate of employees in the modern sector (i.e. the sector covering workers
registered in social protection structures) and the evolution in average jobs created per month in the private sector from
2014 to 2019:




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 * “Emploi dans le secteur privé” means employment in the private sector
   “Emploi dans le secteur moderne” means employment in the modern sector
 Source : General Directorate of Employment, CNPS, SOLDE

In Côte d’Ivoire, the institutional framework is constantly being improved to provide an optimal production environment
for the worker, the employer and the Government. Thus, complying with its international commitments through the
relevant ratified instruments, Côte d'Ivoire, through its Labour Code of 2015, enables workers to organize themselves to
defend and promote their rights. Union legislation, in particular the right to strike, is guaranteed by the Constitution.
There are five trade union federations in Côte d’Ivoire which are the General Union of Côte d’Ivoire Workers (Union
Générale des travailleurs de Côte d’Ivoire (UGTCI)); the Federation of Autonomous Unions of Côte d’Ivoire
(Fédération des syndicats autonomes de Côte d’Ivoire (FESACI)); and the Confédération des syndicats libres de Côte
d’Ivoire, also known as “Dignité”, the Humanism Trade Union Federation (Centrale Syndicale Humanisme (CSH)) and
the National Union of Côte d’Ivoire Workers (Union Nationale des Travailleurs de Côte d’Ivoire (UNATRCI)). To these
five trade union centres are affiliated various trade unions working for the interests of corporations, ministerial entities
or other entities. In addition, in accordance with Annex II of the Tripartite Declaration of Principles concerning
Multinational Enterprises and Social Policy (Declaration on MNEs), Côte d'Ivoire has designated tripartite focal points
and adopted an action plan in order to promote such Declaration. Within the framework of the Declaration and tripartite
consultations, Côte d'Ivoire has established four structures, namely the Consultative Labor Commission (Commission
Consultative du Travail – CCT), the National Council for Social Dialogue (Conseil National du Dialogue Social - CNDS),
the Technical Consultative Committee for the Study of Questions related to the Health and Safety of Workers (Comité
Technique Consultatif pour l’étude des questions intéressant l’hygiène et la sécurité des travailleurs – CTC-HST) and
the Tripartite Consultative Committee on International Labor Standards (Comité Consultatif Tripartite sur les Normes
Internationales du Travail – CCTNIT).

Promotion of SMEs

The implementation of the 2016-2020 NDP, which aims to change Côte d’Ivoire into an emerging economy, establishes
the private sector as the engine of economic growth and the principal provider of jobs. As such, the Government has
drafted a strategy with respect to SMEs, which accounted for 91% of the formal economic fabric, 20% of GDP, 17% of
national investment and 25% of the active population in 2017. This strategy seeks to establish a series of measures to
facilitate the creation, development and improved access to credit for SMEs, which represent approximately 50,000



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companies). The goal is to create by 2020 a critical mass of competitive, dynamic and innovative SMEs, significantly
contributing to Côte d’Ivoire’s sustainable socio-economic development.

To this end, in view of stabilizing the SME environment, the Ivorian State adopted (i) Law No. 2014-140 of 24 March
on the National Policy for the Promotion of SMEs (Politique Nationale de Promotion des PME) in 2014 as part of the
implementation of the recommendations stemming from Decision No. 16/2003/CM/WAEMU relating to the Action Plan
for the Promotion and Financing of SMEs in the WAEMU Region (Programme d’Actions pour la Promotion et le
Financement des PME dans l’UEMOA), (ii) Decree No. 2015-525 of 15 July 2015 modifying Decree No. 2009-259 of 6
August 2009 on the Public Procurement Code, as amended by Decree No. 2014-306 of 27 May 2014, setting a quota for
procurement contracts to be awarded to SMEs and introducing a margin of preference of 5% for local subcontracting,
(iii) the tax credit that entered into force in 2016, (iv) Law No. 2017-802 of 7 December 2017 relating to leasing
agreements, (v) the subcontracting and joint contracting charter signed on 12 August 2015 at the office of the Prime
Minister in the presence of the Minister of National Entrepreneurship, the Promotion of SMEs and Crafts and the
executives of the Ivorian Federation of SMEs (Fédération ivoirienne des PME (FIPME)), (vi) the creation of a Credit
Information Bureau, on the basis of Decision No. CM/UEMOA/007/06/2013 of 28 June 2013 on the adoption of the draft
uniform law on the regulation of Credit Information Bureaux (Bureaux d’Information sur le Crédit (BIC)) in the member
States of the WAMU, (vii) the creation of the Caisse des dépôts et consignations during the Council of Ministers held on
10 January 2018 and the subsequent Law No. 2018-574 of 13 June 2018 on the creation, role, organization and
functioning of the Caisse des Dépôts et Consignations de Côte d’Ivoire (Cdc-CI), adopted by the National Assembly,
(viii) and finally, the Development Strategy for Ivorian SMEs, entitled the Phoenix Program, at the meeting of the Council
of Ministers on 18 September 2015.

The Phoenix Programme is a global strategy for the development of SMEs. The coherence of this strategy adopted by
the Government is ensured by the adoption of a road-map for the promotion and development of SMEs, and the creation
of a SMEs Development Agency (Agence de Développement des PME). Its role will be to coordinate strategic actions to
promote SMEs.

The Phoenix Programme focuses on four strategic axes: (i) facilitating access to financing and to public and private
markets, (ii) reinforcing technical and managerial capacities, (iii) improving the business environment for SMEs, and
(iv) developing a culture of entrepreneurship and innovation. The plan was adopted by the Council of Ministers on 25
February 2014. At an expected cost of between CFAF 150 and 250 billion, the plan is designed to facilitate the creation
and development of a fabric of innovative, dynamic and performing SMEs, that could amount to between 100,000 and
120,000 enterprises by 2020 and would contribute to the creation of jobs and wealth in the long term. With respect to
public procurement, the State and the banks signed a convention on 11 March 2015 to facilitate access to bank loans for
SMEs participating in public procurement.

The Phoenix Programme is currently being implemented. For this purpose, the Côte d’Ivoire SME Agency, in charge of
implementing the Programme, was created and is now operational, which has contributed to accelerating the
implementation of the Programme in order to promote and provide support for SMEs. Several initiatives have been
launched as part of its implementation, including: (i) the creation in August 2017 of the Committee for the Identification
of Support and Aid Structures on the initiative of the BCEAO and with the aim of supporting the financing of SMEs by
establishing special dedicated windows in lending establishments through a mechanism for loan refinancing and
assistance for eligible SMEs, (ii) the creation of a credit bureau for SMEs, established in 2016, which takes into account
the specific characteristics of SMEs, (iii) the creation of an effective guarantee fund (under a public-private arrangement)
for banks and the IMF, a decree on the organization and functioning of which was signed on 8 January 2020 and entered
into force on 11 May 2020 and a management committee was created on 18 February 2020, (iv) the execution of a CFAF
5 billion agreement to finance Ivorian women entrepreneurs and a CFAF 10 billion agreement for artisans and local
merchants with the Banque Atlantique Côte d’Ivoire (BACI) and Coris Bank, respectively, which has provided 80 women
entrepreneurs with over CFAF 1.317 billion from the BACI, (v) the establishment of a collaborative platform with the
Public Procurement Directorate (Direction des Marchés Publics (DMP)) to improve SMEs’ access to the public
procurement process, (vi) the signature of a framework agreement with the Bourse de Sous-Traitance et des Partenariats
(BSTP) for the implementation of the SME development programme through the reinforcement of subcontracting in June
2016 with the FIPME, the CGECI, the Ministry of Economic Infrastructure, the Ministry of Budget and the Ministry of
Economy and Finance, (vii) the establishment in Côte d’Ivoire of “entrepreneur status” (statut de l’entreprenant), (viii)

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the establishment of a collaborative platform with the Ministry of National Education in view of designing and
implementing a programme for the promotion of entrepreneurial culture in schools, (ix) the organization of National
SME Promotion Days by the FIPME; (x) the organization of the first edition of the women’s financing day on 17 October
2017; (xi) the launching of the 100,000 women entrepreneur “caravan” by the FIPME in Dabou in May 2018 and (xii)
the annual organization of the CGECI Academy, which began in 2012.

In addition, as part of the completion of a mapping of SMEs, the Agency is overseeing the establishment of an electronic
identification platform and the “entrepreneur status” (statut de l’entreprenant). With regard to SMEs’ access to financing,
two agreements have been signed with two private banks, for a total financing of CFAF 15 billion, and two other
agreements have been signed with two other banks for a total financing of more than CFAF 350 billion. With the support
of Bpifrance, a French organization centred on business financing and development, the Agency is also establishing a
guarantee fund with a SME risk rating system. In addition, as a result of an agreement planned with the Regional
Incubator of Aquitaine-Bordeaux (Incubateur Régional d’Aquitaine-Bordeaux (IRA)), an internationally renowned
structure, Côte d’Ivoire is equipped with four pilot incubators (Abidjan, Yamoussoukro, Bouaké and San Pedro). The
Abidjan incubator has been operational since 2018. The opening of the San Pedro incubator initially scheduled for March
2020 has been delayed to a later date to be determined due to the ongoing Covid 19 pandemic. The building housing the
Bouaké incubator has been acquired and is waiting to be rehabilitated and equipped. In addition, a multi-year capacity-
building program for managers, executives and associations of SMEs is currently being implemented.

Furthermore, the Government will continue to implement the Financial Sector Development Strategy (Stratégie de
Développement du Secteur Financier) driven by the Financial Sector Development Program (Programme de
Développement du Secteur Financier) to build a stable, attractive financial sector that responds to the economy’s growing
financing needs. The strategy’s major initiatives relate primarily to stabilizing and developing the sector and improving
financial inclusion. In this context, the final options concerning the portfolio restructuring of public banks and the
microfinance sector will be finalized and implemented. Furthermore, improving the business framework, strengthening
the transparency and availability of financial information and developing innovative financing for SMEs will be pursued,
in addition to implementing the National Financial Inclusion Strategy (Stratégie Nationale d’Inclusion Financière) and
strengthening the supervision of the insurance sector. The PDESFI is expected to help entrench the stability of the
financial sector over time and allow for increased financing of the economy by increasing the bank usage rate and
improving access to loans by households and SMEs.

The Government will also pursue the stabilization and strengthening of the supervision of the microfinance sector in
order to facilitate financing of SMEs. In this respect, it will continue to carry out the National Microfinance Strategy
(Stratégie Nationale de la Microfinance) to consolidate the stability of the microfinance institutions sector, improve the
sector’s governance and boost small savers’ confidence.

To support SMEs in their search for financing, BRVM created on 19 December 2017 a compartment dedicated to SMEs
on the stock exchange. To this end, it has launched a support programme called "ELITE BRVM LOUNGE", similar to
the programme implemented by the London Stock Exchange and the Casablanca Stock Exchange. According to BRVM,
this programme is designed to help the most efficient and effective companies in the industry to prepare and structure the
next stage of their growth. The selection of issuers is in progress.

The Government is also focused on increasing the share of the SMEs in public procurement. The Government has thus
adopted a competition management framework for public procurement below the procurement threshold of CFAF 100
million and completed in 2017 the creation of Public Procurement Departments (Cellules de Passation des Marchés
Publics) within different ministries, with a view to gradually decentralizing public procurement procedures in order to
facilitate competition by SMEs for public procurement.

Lastly, the Government plans to strengthen the attractiveness of its economy by pursuing the implementation of “Focus
Doing Business” reforms designed to develop and strengthen the role of the private sector as an engine of economic
growth and a job provider. In this respect, several reforms have already been implemented: (i) the Single Portal for
Building Permits and the Credit Information Bureau (Bureau d’Information sur le Crédit), (ii) enhancing minority
shareholder rights against agreements involving a conflict of interest, (iii) facilitating the repayment of VAT credits and
(iv) implementing special procedures to settle small disputes.


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The Government has implemented the 2018-2020 Reform Agenda, which has enabled Côte d'Ivoire to occupy the 110th
place in the Doing Business 2020 report and to increase its ranking by 12 places as compared to the previous year.
Building on these achievements, the Government adopted the 2020-2022 reform agenda in February 2020. This agenda
integrates the unfinished reform projects and emphasizes the popularization of the implemented measures so as to make
them visible in the field and for the Doing Business 2021 report. The 2020-2022 reform agenda includes 44 measures
grouped into 12 projects. In addition, two additional projects have been initiated and aim at measuring the effectiveness
and impact of the reforms.

Projects to improve the business environment include the following:
   -    introducing the Unique Identifier to newly registered companies within the country;

   -    regularizing formerly registered companies by assigning them a unique identifier in Abidjan and within the
        country;

   -    streamlining the dematerialization of licenses and business permits;

   -    establishing a support mechanism for newly created companies;

   -    establishing the collaborative platform and removing the requirement for proof of ownership, Topographical
        Extract Visas (Visas Extrait Topographique, VET) and Urban Planning Certificate (Certificat d’Urbanisme, CU);

   -    operationalizing the Unique Parcel Identifier and setting up a unified Geographic Information System;

   -    carrying out studies relating to electrical connections, international trade and updating of urban planning
        easements;

   -    improving the effectiveness of tax procedures;

   -    strengthening the effectiveness and transparency of the judicial system;

   -    strengthening business regulation and supporting companies in difficulty;

   -    regularizing the mass of untitled plots in the Autonomous District of Abidjan; and
   -    monitoring other reforms with stakeholders, in particular electricity and water companies, social security
        institutions, tax authorities, courts and the Ministry of Trade.
Private Investment Promotion

Strategy

Faced with the challenge of economic development, Côte d’Ivoire is committed to making the private sector the engine
of its growth. The promotion of the private sector, begun in the 1990s with the policy of Government withdrawal from
productive sectors, has accelerated over the years with the implementation of reforms aiming to increase Côte d’Ivoire’s
attractiveness. Since the implementation of the first 2012-2015 NDP, the private sector has contributed to more than two-
thirds of GDP and to the creation of jobs. The Government has focused on consolidating the business climate. The “Doing
Business 2019” ranking positions Côte d’Ivoire 122nd out of 190 countries in 2019 compared to 139th out of 190 countries
in 2018, representing an increase of 45 ranks between 2012 and 2019. Côte d'Ivoire is once again among the top 10
reformers worldwide according to this report. In terms of good governance, according to the 2020 Mo Ibrahim index
report, Côte d’Ivoire is among the eight nations that progressed in each of the four categories of the IIAG. It rose from
46th place to 18th place from 2010 to 2019. In addition, Côte d’Ivoire received the Anti-Corruption Award from the
African Union during its 32nd ordinary session of the Assembly in February 2019. In terms of achievements, the
investment rate was 19.8% in 2018 compared to 20.1% of GDP in 2017 and 21.5% of GDP in 2016, reflecting efforts



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undertaken by the Government to simplify procedures to create business, good governance and the fight against
corruption. This rate is expected to be 21.1% of GDP in 2019 and projected to be 22.7% in 2020 and 22.8 in 2021.

In addition, a Foreign Direct Investment (FDI) strategy was prepared by the Government. It is based on recent reports
that present Asia and North America as the largest providers of FDI in the world. As such, the Government’s efforts are
targeted toward these geographic areas without forgetting its traditional partner, Europe.

According to the 2019 United Nations Conference on Trade and Development report on worldwide FDIs covering the
2017-2018 period, global FDI flows to Africa increased by 11% to reach US$46 billion in 2018. However, FDI flows to
West African countries decreased by 14.6%, reaching US$ 9,565 million. Among them, Côte d’Ivoire recorded a 6.2%
decrease from 2017 to 2018, from US$ 973 million to US$ 913 million (representing a 58.2% increase from 2016, where
the FDI inflows stood at US$ 577 million). Nevertheless, Côte d’Ivoire remains the most attractive country in the
WAEMU with 28.8% of FDI attracted over the period.

Furthermore, the Government intends to continue attracting private investments and to maintain the dynamic of strong,
sustained and inclusive growth through (i) the restoration of security throughout the entire country, (ii) the consolidation
of national reconciliation, (iii) the continued improvement of the business environment, with a view toward consolidating
the confidence of households, economic operators and investors and (iv) the promotion of good governance. This
framework is designed to encourage strong involvement of the private sector in building and public works, port and
airport sectors, agriculture, energy, road infrastructure and housing. These investments are expected to help reduce the
poverty rate and to revive employment, especially in the youth.

Investment Incentive Measures

The Government’s private investment promotion strategy is strengthened by a set of investment incentive measures
provided by the Investment Code, the Mining Code, the Telecommunications Code, the Environmental Code and the
Labour Code. In this context, fiscal reductions were agreed upon in order to create the conditions necessary for a
sustainable revival of the private sector. As such, the tax rate for industrial and commercial profits was reduced from
35% to 27% for individuals and to 25% for companies and legal persons. Furthermore, in the context of regional economic
integration, customs, fiscal and sector-specific reforms were initiated to benefit companies.

The Investment Code, adopted through law 2012/487 of 7 June 2012 significantly improved the business climate and
encouraged the flow of foreign capital, due, in particular, to (i) specific advantages to small and medium enterprises, (ii)
lower investment caps, (iii) lengthening of the duration of guarantees (five, eight and 15 years) and (iv) the possibility to
grant more favourable advantages to investors than those under the 1995 Code. In order to promote investments in the
priority sectors of agriculture, agri-food, health and hotels, a new Investment Code was adopted in 2018. This new Code
places a higher priority on regional development and the promotion of local content.

The Government adopted Decree No. 2012-05 of 11 January 2012, defining Small- and Medium-Sized Enterprises
(SMEs) for better targeting of policies. In 2013, the Government established a Single Portal for Business Formalities
(Guichet Unique des Formalités des Entreprises) which aims to reduce the time required to set up businesses to a
maximum of 48 hours and a minimum of 24 hours while simplifying procedures; and a Single Portal for Foreign Trade
(Guichet Unique de Commerce Extérieur) to simplify formalities for the import of goods and reduce the number of
documents required and deadlines for approvals.

Furthermore, on 2 May 2013, the Government adopted a new competition law to combat anti-competitive cartels and the
abuse of dominant positions. In addition, the Government has carried out an in-depth reform of the public procurement
law. Except for strictly regulated exceptions, public procurement contracts are the subject of a competitive tender bid
process. The National Authority of the Regulation of Public Markets (Autorité Nationale de Régulation des Marchés
Publics), an independent administrative authority, is in charge of ensuring fair and independent attribution procedures.
Furthermore, a guideline to strengthen public markets was adopted on 27 May 2014 and provides for a separation of
regulatory, executive and control functions in contracting as well as a procurement plan for credit administrators for
greater transparency in the implementation in the budget. The public procurement system is now operational and will
continue to be improved, in particular, by establishing Public Procurement Units (Cellules de Passation des Marchés


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Publics (“CPMPs”)) throughout the ministries and putting the Integrated System for Public Procurement Management
(Système Intégré de Gestion des Marchés Publics) online, which is intended to make transactions more accessible and
accelerate their processing. All CPMPs have now been installed within the various ministries.

In addition to these measures, the implementation of a single form and other measures related to online procedures (online
payments and statements) are effective and operational since January 2017. In addition, online tax reporting and payment
were extended in 2018 to all medium and large companies. Payment of taxes and duties by mobile phone for property
tax payers and combined tax payers has been in effect since February 2018. The Government has also intensified the
implementation of reforms which have encouraged the move towards paperless procedures. In this respect, the single
portal for investment services in Côte d’Ivoire is operational as of 8 December 2018 and features information on real
estate property. The virtual electricity connection desk has been operational since 18 October 2018. Procedures for
requesting electricity connections can now be completed online and Unit Price Slips (Bordereau de Prix Unitaire (BPU))
for connections are available, in addition to a quotation calculator and user access to Electricity Sector services.
Capitalizing on these achievements, the Government is continuing to improve the business climate through the
implementation of its new Reform Agenda for the 2018-2020 period, adopted by the Council of Ministers in September
2018. Thus, in 2019, the E-Cadastre application has been deployed, the statistics of the judicial activity of the Commercial
Court of Abidjan are now online, the deadlines for carrying out geotechnical studies have been reduced from 25 to 10
days, the deadlines for issuing the fire safety notice have been reduced from 10 to 2 days, the deadlines for issuing the
certificate of conformity have been reduced from 73 to 10 days and the online declaration of social contributions is
currently operational.

Several targeted actions have been undertaken to favour the private sector, including the continuation of fiscal measures
to support economic recovery, within the framework of the 2011, 2012, 2013 and 2014 tax annexes; the establishment of
a bipartite committee to monitor VAT credit payments resulting in the non-accumulation of new VAT credits in 2012;
the continuation of efforts to clear internal arrears; the regular payment of capital expenditure within 90 days to stimulate
economic recovery by increasing investment through a system of isolation of resources allocated to the payment of
investments with dedicated monitoring; the improvement of the conditions under which economic activity is carried out
in order to fight against smuggling and counterfeiting and strengthen customs risk analysis; the strengthening of the fight
against money laundering, with the creation of the National Cell for Financial Information Processing (Cellule Nationale
de Traitement de l’Information Financière) and the operationalization of the Intergovernmental Action Group Against
Money Laundering (Groupe Intergouvernemental d’Actions contre le Blanchiment d’Argent); the strengthening of
private initiative dedicated structures such as the Investment Promotion Center in Côte d'Ivoire (Centre de Promotion
des Investissement en Côte d’Ivoire), the Exportation Promotion Association in Côte d'Ivoire (Association pour la
Promotion de l’Exportation en Côte d’Ivoire), the Ivorian Fund for Development of National Enterprise (Fonds Ivoirien
pour le Développement de l’Entreprise Nationale), the Laboratory of Metrology and Analysis (Laboratoire de Métrologie
et d’Analyses); and the creation of credit offices (Bureaux de credit).

Reforms of the legal system have also been undertaken to improve the business climate, including the adoption in 2012
of a regulation on the recognition of arbitration judgments and the creation of commercial courts which issue decisions
within a maximum period of 90 days. The Court of Appeal of the Commercial Court has been operational since April
2018.

Public-Private Partnerships

The Government considers PPPs to be a major tool for the fulfilment of the NDP and an important factor of growth and
job creation. In addition to facilitating the realization of major infrastructure projects, PPPs are expected to boost Ivorian
production, particularly in the agricultural sector, to stimulate the core of local SME/SMIs and develop the private sector.
They are also expected to reinforce the Government’s decentralization policy by fostering the creation of local regional
economic poles.

Côte d’Ivoire already has a long tradition in PPPs in various forms, particularly in the sectors of water (SODECI), energy
(CIE, AZITO, CIPREL), transport (AERIA, SITARAIL, BIVAC and WEBB FONTAINE) and road infrastructure
construction (third bridge of Abidjan, Henri Konan Bédié). PPPs have also been put into place for the hydraulics and
sanitization sectors (wastewater treatment and household waste collection). Concessions have been signed in the


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telecommunications sector between the State and Orange Côte d’Ivoire (formerly Côte d’Ivoire Telecom). Some PPPs
have also been entered into in the domain of public health (such as the Mère-Enfant de Bingerville Hospital).

To capitalize on the country’s strong potential to attract private investors and realize such partnerships, and to assist the
Government’s PPP strategy, a specific legal framework was implemented, in addition to the Investment Code and the
Public Procurement Code, via three decrees: Decree No. 2012-1151 of 19 December 2012 relating to PPP contracts;
Decree No. 2012-1152 of 19 December 2012 on the responsibilities, organization and functioning of the institutional
framework for managing PPPs; and Decree No. 2014-246 of 8 May 2014 amending Decree No. 2012-1152 of 19
December 2012. Furthermore, a National Steering Committee responsible for the promotion and development of PPPs
was officially created on 23 August 2011. It is currently operational and constitutes a decision-making, validation and
policy-making body for PPPs.

In December 2017, the CNP-PPP proposed draft texts to its upper management intended to replace the legal and
institutional regime of public-private partnerships that has prevailed since 2012 with a new regulatory framework based
on feedback on the implementation of PPP projects over the past four years.

The proposals of the CNP-PPP were approved, and the Council of Ministers, in its meeting on 29 March 2018, adopted
two new decrees:

    -    Decree No. 2018-358 of 29 March 2018 establishing rules relating to public-private partnership agreements; and
    -    Decree No. 2018-359 of 29 March 2018 on the responsibilities, organization and functioning of the National
         Steering Committee for Public-Private Partnerships.
These new decrees intend to improve and strengthen the legal and institutional framework of PPP agreements with a
view to encouraging and simplifying the execution of this specific type of public agreement in Côte d’Ivoire, in particular
by providing a clear definition of PPP agreements and reinforcing the role of the CNP-PPP, which is now placed under
the authority of the Prime Minister.

The CNP-PPP aims at improving and reinforcing the legal and institutional framework of PPP agreements in order to
stimulate development and simplify the execution of these specific public agreements in Côte d’Ivoire. Of the
approximately fifty PPPs in force, only three provide for a state guarantee to the lenders. The only agreement having
enforced such guarantee in relation to the non-achievement of a minimum monthly traffic is the concession agreement
for the third bridge of Abidjan; which is already being closely monitored. The payments made by the State are recorded
in the budget each year since their occurrence.

Privatizations

In order to promote the private sector and efficiently manage the State’s portfolio, the Ivorian Government adopted a
strategy on 26 May 2012 in order to restructure public companies. The strategy’s goal was to reduce the State’s portfolio
by 25% through privatization, merger and liquidation. At the 2 December 2013 Council of Ministers, the Government
established a list of 15 companies to be privatized: SIB, BIAO-CI, BFA, VERSUS-BANK, SMI, NEI-CEDA,
SUCRIVOIRE, CI-ENGINEERING, SN-SOSUCO, SIVAC, SONITRA, TRCI, CI-TELECOM, IPS-WA and
PALMAFRIQUE.

To successfully accomplish this goal, a Privatization Committee was created in May 2013 by the President of the
Republic, via Decree No. 2013-321 of 21 May 2013 appointing nine members, later supplemented by 11 members via
Decree No. 2014-315 of 4 June 2014. This committee became operational in November 2013. It is responsible for
implementing the privatization strategy prepared by the Government. From 2013 to 2019, it carried out eight asset sale
transactions concerning the SMI, SIB, NEI-CEDA, the 10 villas of the Indénié hotel, Sucrivoire, the CIDT, NSIA bank
and the BHCI. These transactions provided Côte d’Ivoire with total proceeds of circa CFAF 90 billion. However, as
regards the BHCI, the buyer failed to fulfil its commitments. The Government thus decided on 13 November 2019 to
cancel the transfer of the State’s shareholding. Furthermore, BFA bank was liquidated on 30 September 2014.

To date, the status of progress of privatizations is as follows:

    Process completed: eight companies

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    •   Société Ivoirienne de Banque (SIB)
    •   Nouvelle Edition Ivoirienne – Centre d’Edition et de Diffusion Africaine (NEI-CEDA)
    •   Adjoining villas of the Hôtel Indénié d’Abengourou
    •   Compagnie Ivoirienne de Développement des Textiles (CIDT)
    •   SUCRIVOIRE
    •   Société Nouvelle Sucrière de la Comoé (SN SOSUCO)
    •   Société des Mines d’Ity (SMI): sale of 25% to ENDEAVOUR MINING CORPORATION
    •   Nouvelle Société Interafricaine d’Assurance (NSIA) Banque
    In progress: seven companies

    •   Société des Mines d’Ity (SMI): sale of 5% of the share capital of the Didier DROGBA group
    •   CI-ENGENEERING
    •   PETROCI – Gas
    •   La Loyale Vie: sale of the stake held by Caisse Nationale des Caisses d’Epargne (CNCE)
    •   Société Nationale Ivoirienne des Travaux (SONITRA)
    •   Orange Côte d’Ivoire (formerly, Côte d’Ivoire TELECOM)
    •   Palmafrique

    Awaiting review: two companies

    •   Versus Bank
    •   Banque de l’Habitat de Côte d’Ivoire

    Suspended: two companies

    •   Tropical Rubber Côte d’Ivoire (TRCI)
    •   Industrial Promotion Services Côte d’Ivoire (IPS WA)


Free Trade Zones

The development of free trade zones or of special economic zones plays an increasing role in Ivorian economic policy.
It targets two main objectives: (i) creating a regional development centre and (ii) increasing the labour sector’s potential.
The creation of the first free trade zone, initially planned in Grand Labou (152 km from Abidjan), was finally completed
in 2007 in the city of Grand Bassam (43 km from Abidjan). A company with a minority public shareholding, Village des
Technologies de l’Information et de la Biotechnologie, was created in November 2007 to develop and coordinate the
activities of this free trade zone, known as the “Free Trade Zone of Biotechnology and Information and Communication
Technologies” (Zone Franche de la Biotechnologie et des Technologies de l’Information et de la Communication (the
“ZBTIC”)) of Grand-Bassam. To date, approximately 30 companies are licensed users and there is one authorized
facilitating company within the Free Trade Zone.

In addition, since 2015, development works of 180 hectares are underway to establish high-quality, viable facilities that
are easy to access and less than 10 minutes from the Abidjan airport, thereby making the ZBTIC the most attractive zone
for investment within the region. Within this framework, general earthworks, roads and various networks dedicated to
biotechnology and ICT companies have been completed. The building of the business hotel has been constructed and


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houses about ten companies. The fence securing the VITIB space has been rehabilitated and biotechnology equipment
and ICT infrastructures have been installed on the site.

The Government intends to exports goods to the region from this free trade zone and thereby strengthen its business
leadership. In this respect, VITIB’s development plan will take place over 20 years. The Government’s objective is to
involve the country in the knowledge-based economy of the future and offer foreign and multinational companies an
economic space favourable to their investments.

In this respect, Law No. 2018-985 relating to the free trade zone regime was adopted by the National Assembly and
promulgated by the President of the Republic on 28 December 2018. This law is intended to (i) strengthen the domestic
economy’s competitiveness, (ii) develop export-oriented economic activities and (iii) strengthen job and wealth creation.
This law is consistent with the broader goal of the Government’s industrial policies. It will involve developing new
centres of economic growth in Abidjan and inside the country, seizing the opportunity of the relocation of numerous
export-oriented international companies and accelerating the transfer of technologies and developing new sectors of
activities, namely in the sectors of fitting, assembly, electro-mechanics and electronics.




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                                FOREIGN TRADE AND BALANCE OF PAYMENTS

Introduction

Balance of Payments

The balance of payments is used to record the value of the transactions carried out between a country’s residents and the
rest of the world. The balance of payments is composed of:

    •   the current account, which comprises:

        o      net exports of goods and services (the difference in value of exports minus imports);

        o      net factor income;

        o      net transfers;

    •   the capital account, which represents the balance of non-financial assets and capital transfers between residents
        and non-residents; and

    •   the financial account, which represents the difference between financial inflows and outflows of direct
        investments, portfolio investments, derivatives and reserve assets.

Current Account

The current account records (i) flows of goods and services, (ii) flows of primary revenue and (iii) flows of secondary
revenue between residents and non-residents. The balance of these accounts is known as the current account balance.

One of the most important components of the current account is the trade balance. The four primary factors that drive the
trade balance are:

    •   the relative rate of economic growth of a country as compared to that of its trading partners generally: if a
        country’s economy grows faster than that of its trading partners, its relative level of consumption of goods and
        services will tend to increase, and its level of imports will tend to increase more rapidly than its level of exports;

    •   the relative level of domestic prices against foreign prices, as reflected by the real exchange rate: generally, if a
        country’s domestic prices increase relative to those of its trading partners, there is a tendency for the country’s
        level of exports to decline, and for its level of imports to increase;

    •   changes in production costs, technology and worker skills: more efficient production will tend to lower
        production costs, which in turn will tend to lower prices. As prices fall, there will be a tendency for the country’s
        level of exports to increase; and

    •   changes in consumer tastes, which may affect the demand for a country’s goods and services abroad, and the
        demand for foreign products in the domestic market.

Côte d’Ivoire’s current account deficit was CFAF 119.1 billion in 2015 (0.5% of nominal GDP), CFAF 245.5 billion in
2016 (0.9% of nominal GDP), CFAF 609.2 billion (2.2% of nominal GDP) in 2017, CFAF 1,153.9 billion in 2018 (3.9%
of nominal GDP), and is estimated at CFAF 1,082.4 billion for 2019 (2.4% of nominal GDP).

Capital Account

The capital account records the financial flows linked to project grants and includes (i) capital transfers to be received
and to be paid between residents and non-residents and (ii) the acquisition and sale of non-financial, non-produced assets
between residents and non-residents.



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Côte d’Ivoire received CFAF 137.3 billion, CFAF 156.4 billion and CFAF 110.9 billion of capital transfers in 2014, 2015
and 2016, respectively. This amount stood at CFAF 111.8 billion and CFAF 87.8 billion in 2017 and 2018, respectively.
In 2019 capital transfers amounted to CFAF 107.6 billion and are estimated at CFAF 171.4 billion in 2020.

Financial Account

The financial account describes the way in which net financing capacities/needs are allocated or financed. It serves to
quantify (i) FDIs, (ii) portfolio investments, (iii) financial derivatives and (iv) other investments.

Balance of Payments

As a member country of the WAEMU, Côte d’Ivoire’s balance of payments is established by the BCEAO.

The table below presents balance of payments data for Côte d’Ivoire from 2015 to 2020:
                     (in CFAF billions)                                                       2015          2016        2017        2018        2019         2020 (Est.)
  a. Current account (1+2+3) ................................................                  (119.1)       (245.5)     (609.2)    (1,153.9)    (790.3)         (940.6)
    1. Goods and services                                                                        680.2         638.4       584.7        60.2       533.2           555.7
         Balance of goods ..............................................                       1,874.0       1,817.8     1,959.4     1,363.7     1,846.4         2,250.4
         Exports of goods FOB(1) .................................................              6,938.0       6,449.3     6,899.7     6,619.6     7,399.2        7,871.9
         Imports of goods FOB ....................................................            (5,064.0)     (4,631.5)   (4,940.3)   (5,255.9)   (5,552.8)      (5,621.5)
         Imports of goods CIF(2) ..................................................           (5,957.6)     (5,448.8)   (5,758.5)   (6,183.4)   (6,111.8)      (6,613.5)
         Balance of services ........................................................         (1,193.9)     (1,179.5)   (1,374.6)   (1,303.4)   (1,313.2)      (1,694.7)
           Credit .........................................................................       453.0         541.6       565.2       624.8       680.9          629.1
           Debit ..........................................................................   (1,646.8)     (1,721.1)   (1,939.8)   (1,928.3)   (1,994.1)      (2,323.9)
      2. Primary income ...........................................................             (595.5)       (637.8)     (893.7)     (904.9)     (985.8)      (1,186.0)
      3. Secondary income .........................................................             (203.7)       (246.1)     (300.1)     (309.3)     (337.8)        (310.3)
          Public administrations ...................................................              98.1          83.4        88.6        86.5        94.4           103.5
          Other sectors ................................................................       (301.8)       (329.5)     (388.7)     (395.8)     (432.1)         (413.8)
  b. Capital account (4+5) ......................................................                156.4         110.9       111.8        84.7       105.3           172.4
    4. Acquisitions/sale of non-financial assets ....................                              0.0           0.0          0.0       (3.1)       (2.3)            1.0
    5. Capital transfers ..........................................................              156.4         110.9       111.8        87.8       107.6           171.4
       Public administrations ...................................................                128.6         106.2       115.2        87.4       107.4           171.4
       Other sectors ..................................................................           27.8           4.7        (3.4)         0.3         0.0            0.0
  c. Balance of current account and capital account (a+b)                                         37.4       (134.6)     (497.4)    (1,069.2)    (685.0)         (768.2)
  d. Financial account (6+7+8+9) .........................................                     (250.3)         (87.4)    (496.7)    (1,356.3)   (1,164.2)        (863.6)
     6. Direct investments .......................................................             (283.8)       (325.5)     (173.6)     (264.2)     (433.4)         (380.3)
     7. Portfolio investments ...................................................              (574.2)       (349.3)     (783.6)     (888.7)       (9.4)         (581.1)
     8. Derivative financial instruments ................................                          0.0           0.0        (3.0)         0.5        0.0             1.0
     9. Other investments ........................................................               607.7         587.4       463.5     (203.8)     (721.4)            96.8
        Public administration ....................................................             (174.5)        (53.6)     (314.3)     (340.7)     (601.7)         (372.6)
        Other sectors ..................................................................         782.2         640,9       777.7       136.9     (119.7)           469.4
  e. Errors and omissions (net) .............................................                   (39.1)           5.8        (2.9)       (2.5)      (1.5)             0,0
  f. Overall balance (c-d+e) ...................................................                 248.5         (53.1)       (3.6)      284.6       477.7            95.4
  g. Valuation Difference .......................................................
                                                                            0.0            0.0          0.0            0.0                             0.0           0.0
(1)
    FOB – “Free on board” exports, without transportation fees and other fees and related taxes and without insurance.
(2)
    CIF – Cost, insurance, freight (FOB + freight, insurance, travel and other nonfactor services).
Source: BCEAO


Balance of Payments in 2015

The balance of payments recorded a surplus of CFAF 248.5 billion at the end of 2015, after recording a global surplus of
CFAF 273.8 billion a year before.



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In particular, the current account balance recorded a deficit of CFAF 119.1 billion (-0.4% of GDP), compared to a surplus
of CFAF 252.2 billion in 2014, in connection with a deepening of the deficit in services, primary and secondary income,
combined with a decrease in the surplus of the balance of goods.

The surplus of the balance of payments decreased by 2.1% compared to the level reached in 2014, in connection with a
less significant rise in exports than in imports.

The deficit of services grew by 11.8% compared to 2014, due to an increase in freight payments, consumption of
construction and public works services and a strong demand in various specialized services.

Similarly, the primary income deficit worsened by 32.5% in 2015, due to an increase in public debt interest and
investment income payments, as a result of increased financial liabilities of companies towards foreigners.

With regard to secondary income, the deficit worsened by 40.1% compared to 2014, due to a decrease in budgetary aid
received by the Public Administration and an increase in contributions to the functioning of international organizations,
in particular the payment of community contributions and an increase in migrants’ remittances issued.

The capital account surplus improved, in particular, with an increase of project grants received by the private sector.

The financial account showed a deficit of CFAF 250.3 billion, after a surplus of CFAF 89.9 billion in 2014, reflecting
increased financial liabilities due to growth in foreign direct investments and portfolio investments.

Balance of Payments in 2016

At the end of 2016, the balance of payments showed a deficit of CFAF 53.1 billion, after recording a surplus of CFAF
248.5 billion in 2015, primarily as a result of an increase in the current account deficit.

The current account recorded a deficit of 0.9% of GDP due to deficits in primary and secondary incomes, as well as in
services, despite the surplus of the balance of goods.

The surplus in the balance of goods decreased by 3.0% compared to 2015 in connection with a drop in the value of
exports, which outweighed the drop in imports. Exports decreased by CFAF 488.7 billion in 2016 compared to 2015, due
to a drop in the prices of several products, such as crude oil, oil products, rubber, processed wood, and green coffee. In
addition, the quantities exported decreased in connection with the decrease in production of main export crops,
particularly cocoa, cashew nuts, cotton and certain processed products (palm oil, processed cocoa and oil products).
Imports of goods decreased by CFAF 432.5 billion in 2016 compared to 2015. They showed a rise in the volume of goods
and a decrease in prices. The quantities of equipment goods, food products, and intermediate goods grew in connection
with the implementation of the second NDP (2016-2020) and the increase in household consumption. Conversely, prices
of goods fell, due to the lowering prices of food products, energy products, intermediate goods and equipment goods.

The structural deficit of the balance of services decreased by 1.2% in 2016, after having risen by 11.8% in 2015. This
reduction reflects a rise in exports of services that more than offset a rise in imports of services. In addition, expenses
linked to freight payments decreased due to a decline in imports of goods.

The deficit in the balance of primary income rose by 7.1%, in connection with a rise in investment income payments, due
to a rise in financial liabilities of the economy with respect to foreign countries.

Similarly, the deficit in the balance of secondary income increased by 20.8% compared to 2015 as a result of an increase
in amounts paid to sub regional bodies for community contributions and increased outward transfers of migrants.

The capital account recorded a reduced surplus compared to 2015, as a result of a decline in inward project grants.

The financial account showed a deficit of CFAF 87.4 billion, compared to CFAF 250.3 billion in 2015. This situation
reflects a rise in financial liabilities of the economy with respect to foreign countries, due to inflows from portfolio
investments and a rise in foreign direct investments.



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Balance of Payments in 2017

At the end of 2017, having recording a deficit of CFAF 53.1 billion a year earlier, the balance of payments showed a
deficit of CFAF 3.6 billion.

In particular, the current account balance recorded a deficit of CFAF 609.2 billion (-2.0% of GDP), compared to a deficit
of CFAF 245.2 billion (-0.9% of GDP) in 2016, in connection with a deepening of the deficit in services and income,
despite a recovery in the trade balance.

The surplus of the balance of payments rose by 7.8%, in connection with a greater rise in exports than in imports. Exports
of goods (on the basis of the balance of payments) stood at CFAF 6,899.6 billion, compared to CFAF 6,449.3 billion a
year earlier, representing an increase of CFAF 450.3 billion (+7.0%).

This performance resulted from an increase of CFAF 442.1 billion (+7.4%) in exports of general goods. These exports
have been driven, on the one hand, by an increase in the quantity of cocoa, gold and rubber sold and, on the other hand,
by a rise in prices across a number of raw materials, such as cashew nuts, uncombed cotton, rubber and crude oil.

Imports increased by 6.7% due to an increase in the purchase of food products (+12.3%) and other consumer goods
(+16.3%).

The deficit in services grew by 16.5% in 2017 in connection with an increase in freight payments, specialized services,
technical services, particularly in the extraction industry, and construction services.

Similarly, the primary income deficit grew from CFAF 637.8 billion in 2016 to CFAF 893.7 billion in 2017, due, in
particular, to an increase in investment income, as a result of a rise in financial liabilities of the economy with respect to
foreign countries.

With regard to secondary income, the deficit worsened by 22.0% compared to 2016 due mainly to an increase in migrants’
remittances issued.

The capital account surplus improved by 0.9%, with an 8.5% increase in the surplus of capital transfers from the Public
Administration due to an increase in project grants received and a deficit in capital transfers from other sectors.

The financial account showed a net foreign capital inflow of CFAF 496.6 billion, compared to CFAF 87.4 billion in 2016.
This development can be explained mainly by a rise in financial inflows from portfolio investments in connection with
the issuance of CFAF 1,143.5 billion in Eurobonds by Côte d’Ivoire in June 2017.

Balance of Payments in 2018

In 2018, the current account recorded a deficit corresponding to 3.6% of GDP, compared to a deficit of 2.0% of GDP in
2017. This outcome reflected the continuation of the structural deficits in services and incomes as well as the strong
decline in the balance of goods.

Indeed, the balance of goods fell by 30.4% as a result of the combined effects of a 4.8% decrease in exports and a 6.4%
increase in imports. The change in exports of goods is due to the decrease in value of cocoa bean sales (-CFAF 225.2
billion or -12.4%), processed cocoa (-CFAF 117.1 billion or -13.8%), non-monetary gold (-CFAF 32.4 billion or -6.6%),
cashew nuts (-CFAF 20.8 billion or -3.4%), and rubber (-CFAF 70.4 billion or -14.4%). These developments result from
a decrease in the export price of cocoa, cashew nuts and rubber and a drop in the quantity of non-monetary gold exported.

The increase in imports is due to the rise in imports of intermediate goods (+32.0%), of other consumer goods (+29.9%),
of food products (+20.9%) and of equipment goods (+17.1%).

The deficit in primary income deteriorated, going from CFAF 893.7 billion in 2017 to CFAF 904.9 billion in 2018, due
to an increase in payments of investment income as a result of an increase in financial liabilities of the economy with
respect to foreign countries.



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As for secondary income, the deficit increased by 3.0% as compared to 2017. The deterioration of the deficit was
essentially due to the increase in personal transfers, mainly funds issued by migrant workers.

The capital account surplus diminished by 24.3% due to a decrease in project grants received by the Public Administration
throughout the year.

The financial account recorded a deficit of CFAF 1,356.3 billion, as compared to CFAF 496.6 in 2017, thus showing a
higher net increase of the liabilities of the economy with respect to foreign countries in 2018 as compared to 2017. This
development resulted in particular from higher financial inflows related to portfolio investments, in connection with the
issuance of Eurobonds by the Public Administration for CFAF 1,115 billion in March 2018 and the mobilization of debt
in view of delivering on the Côte d’Ivoire’s projects.

Balance of Payments in 2019

In 2019, the total balance of payments recorded a surplus of CFAF 477.7 billion (1.4% of GDP), as a result of high levels
in the mobilization of external financial resources.

The trade balance surplus rose by 35.4% after having decreased by 30.4% in 2018, due to a good recovery in exports
(+11.8%) and a decrease in imports (-1.2%). The deficit in the services balance decreased by 0.7%, following the 5.2%
decrease recorded in 2018.

The deficit in the primary and secondary income balances continued to worsen by 8.9% and 2.1%, respectively.

The surplus in the capital account increased to CFAF 105.3 billion (0.3% of GDP) in 2019, compared to CFAF 84.7
billion (0.3% of GDP) in 2018.

Finally, the financial account recorded a decrease in net capital inflows, from CFAF 1,356.3 billion in 2018 to CFAF
1,164.2 billion in 2019, in connection with an active management of liabilities. Direct investments increased by 64.0%,
while portfolio investments decreased by 98.9%. Other investments recorded a net capital inflow of CFAF 721.4 billion
in 2019, compared to a net inflow of CFAF 203.8 billion in 2018.

Balance of Payments in 2020 – Estimates

The total balance of payments is expected to record a surplus of CFAF 810.4 billion (2.3% of GDP) in 2020 due to
mobilization of external financial resources for portfolio investments and public administration.

The trade balance surplus is expected to decrease by 5.8% after having risen by 35.4% in 2019, due to a decrease in
exports (-3.6%) that was greater than in imports (-2.9%). The deficit in the services balance is expected to decrease by
4.0%, following the 0.7% increase recorded in 2019.

The deficit in the primary income balance is expected to continue to worsen by 13.4%, as compared to the deficit in the
secondary income balance, which should decrease by 4.5%.

The surplus in the capital account is expected to increase to CFAF 172.4 billion in 2020, compared to CFAF 105.3 billion
in 2019 (+ 63.7%).

Finally, the financial account is expected to record an increase in net capital inflows, from CFAF 1,164.2 billion in 2019
to CFAF 863.6 billion in 2020, due to an increase in the net inflow of portfolio investments and other investments, in
particular for public administration.

For 2021, the Government’s projects an overall economic recovery, following a year 2020 disrupted by the Covid-19
pandemic. Projections in connection with the balance of payments are subject to assumptions in the real economy as part
of the national macroeconomic framework. See “ –The Economy”.


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Foreign Trade

Trade Policy

Foreign trade in Côte d’Ivoire is not regulated by a specific law. Most trade policy tools were instituted by presidential
decree, sometimes supplemented by orders from the relevant ministry or by decrees and administrative rulings. Questions
of trade policy are the responsibility of the Ministry of Trade, which oversees its coordination. Other ministries that
exercise jurisdiction in this domain include the Ministries of Agriculture and Animal Resources, Economy and Finance,
Industry, Foreign Affairs, Mining and Energy and Transportation and the promotion of SMEs.

The major objective of Côte d’Ivoire’s trade policy is to consolidate its economic growth, particularly through foreign
trade. Côte d’Ivoire is pursuing a policy aimed at encouraging exports and further liberalizing imports in order to stimulate
the external competitiveness of the Ivorian economy and lower consumer prices.

Côte d’Ivoire’s tariff policy is primarily governed by the Common External Tariff (“CET”) regime of the ECOWAS.
The ECOWAS CET requires members to harmonize ad valorem tariff rates into four bands: (i) zero duty on social goods
such as medicine and publications, (ii) 5% duty on imported raw materials, (iii) 10% duty on intermediate goods, and
(iv) 20% on finished goods. The four-band CET was subsequently revised in June 2009 to include a fifth band of 35%
duty on finished goods that are manufactured locally and which are considered to require some protection in the interest
of promoting local industries. In September 2008, Côte d’Ivoire’s trade regime was amended to lower tariffs for a wide
range of goods and to replace a number of import bans with tariffs. The CET was confirmed in October 2013 in Dakar
by ECOWAS Member State Presidents and came into force on 1 January 2015. The CET is regularly amended as the
international market evolves. Accordingly, to adapt to technological developments, environmental constraints and
international trade requirements, a new CET, based on the 2017 version of the harmonized system, was adopted and
entered into force on 1 January 2018.

Measures in support of the CET

    1. Enforcement of the customs value rule
According to Article 4 of Regulation No. 05/99/CM/UEMOA, the customs value of imported goods is the transactional
value in application of Article VII of the GATT, i.e. the price effectively paid or to be paid following adjustments. In
2019, the transactional value rule was applied by Côte d’Ivoire for most commercial transactions. In support of such
enforcement of the transactional value, Côte d’Ivoire put in place a Value Arbitration Committee (Comité d’Arbitrage de
la Valeur), an appeal body jointly representing the Customs Administration and the private sector, in charge of dispute
resolution in respect of customs value. Consequently, Circular 2007/SEPMBPE/DGD dated 29 March 2019 put an end
to the role of the inspection company WEBB FONTAINE in the inspection, valuation and tariff classification of imported
goods with an FOB value superior to CFAF 1 million. Thus, since 1 April 2019, powers initially conferred to the Customs
Administration and exercised by this company returned to the Customs Administration. However, in order to fight against
under-invoicing and protect certain industrial units, administrative values remain applied in some cases.
    2. Process of acknowledgement of community origin
In Côte d’Ivoire, goods originating from WAEMU and ECOWAS member countries can move freely without being
subject to customs. Requests for acknowledgement of community origin are treated by the National Approval Committee
(Comité National d’Agrément), which is chaired by the Minister of Industry and within which the Customs Administration
has a seat.

The Customs Administration can take any measure to fight against and put an end to any obstacle to the free movement
of approved goods originating from the WAEMU and ECOWAS zones (Circular No. 1981/SEPMBPE/DGD dated 11
December 2018).
    3. Application of harmonised rules in respect of exemptions
With respect to exemptions, Côte d’Ivoire applies the WAEMU directives relating to VAT harmonization, in particular
(i) Directive No. 02/2009/CM/UEMOA amending Directive No. 02/98/CM/UEMOA dated 22 December 1998 on
harmonization of the Member States with respect to Value Added Tax (VAT), and (ii) Directive No. 06/2002/CM/UEMOA

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dated 19 September 2002 setting a common list of drugs, pharmaceutical products, and specialized goods and materials
for medical activities, exempted from VAT within the WAEMU.
Pursuant to Article 14 of the Investment Code adopted on 1 August 2018, companies approved under the investment
regime benefit from tax and customs advantages during the early stage of the realization of their investment program for
the creation or the development of their activities. These advantages include:
    -   an exemption from customs duties except for the statistical charge and community and continental duties; and
    -   a 2-year temporary suspension of the VAT on acquisitions of imported goods.
These advantages are conditioned upon the investor presenting to the Customs Administration an approval certificate
delivered by the Centre for the Promotion of Investments in Côte d’Ivoire (Centre de Promotion des Investissements en
Côte d’Ivoire, CEPICI), duly signed by the Director General of the CEPICI and the Director General of the Customs
Administration.
    4. Utilisation of the harmonised customs instruments
As part of its utilisation of the harmonised documents, Côte d’Ivoire complies with the WAEMU’s recommendations on
the utilization of a single model for declarations, namely the Single Customs Declaration (Déclaration en Douane Unique,
DDU), as well as the utilisation of a single certificate of origin for all the countries of the WAEMU, namely the
harmonised model of certificate of origin. However, harmonisation efforts remain to be done in terms of codification of
the regime.
    5. Other measures
Tariff measures on exportations

With respect to tariff measures on exportations, Côte d’Ivoire applies a single ad valorem exit duty, mainly on cocoa
beans and cocoa-derived products (14.6% and 6.95% of the value, respectively), coffee cherries (5%), cola (14% of the
CIF reference price), logged wood and some wood products (between 1% and 49%). Other tariffs concern residues and
wastes of cocoa, namely CFAF 25 per kilogramme of cocoa butter or non-processed cocoa, and CFAF 10 per kilogramme
of cocoa shells. For exportations of cashew nuts, a single exit duty has been set at 7% of the CIF reference value (Circular
No. 2014/SEPMBPE/DGD dated 19 April 2019).

Besides, a tax on exportation of scrap metal and iron by-products has been created. Such tax is due by the exporters of
scrap metal to the Ministry of Trade (Circular No. 1541 dated 16 July 2012). It amounts to CFAF 100,000 per ton.

A tax is also due on the exportation of rough diamonds. It amounts to 3% of the market value of the diamond, as indicated
on the valuation report prepared by the Permanent Secretariat of the Kimberley Process’s Representing Body in Côte
d’Ivoire.

Tariff measures on goods in transit

Transit is not subject to any levy. There is consequently no tariff measure concerning goods in transit.

Implementation of the Verification of Compliance (VOC) programme

A new verification of compliance programme concerning goods imported to Côte d’Ivoire was implemented in
replacement of the Import Verification Programme (Programme de Vérification à l’Importation, (“PVI”)), which ended
in 2013. This Verification of Compliance (“VOC”) programme consists of ensuring, before loading, that the goods
intended for the Ivorian market comply with the standards applicable in Côte d’Ivoire.

The programme aims at (i) reducing the fraud and forgery opportunities in import transactions; (ii) improving security
and quality of imported goods in compliance with Ivorian standards and specifications; (iii) ensuring the traceability of
foreign goods placed on the Ivorian market, ensuring a certain quality to the consumer population, safeguarding the local
industrial production, and opposing unfair competition practices.


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With the end of the PVI in 2013, the goods brought into the Ivorian territory were not subject to any quality control, thus
exposing the Ivoirian market to all possible abuses. To tackle this situation, in accordance with letters No. 1656 dated 3
June 2013 and No. 2373 dated 9 August 2013, the Ministry of Trade led negotiations with several potential contractors
for the implementation of a verification of compliance programme in Côte d’Ivoire. As a consequence, by decree No.
2017-567 dated 6 September 2017 approving the public service concession agreements for the verification of compliance
of goods shipped to Côte d’Ivoire, the Government decided to implement the VOC programme.

The launch of the VOC programme, initially planned on 16 April 2018, effectively took place on 16 July 2018 (date of
the bill of lading, airway bill or waybill) but, in the interest of flexibility and support for operators, the programme started
with a 3-month pilot period, from 16 July 2018 to 16 October 2018.

During this pilot period, 13 categories of goods were subject to mandatory control: food products, electric, electronic or
renewable energy products, cosmetic and body hygiene products, construction materials, packages, automobile spare
parts and lubricants, machines, pressure equipment, personal protection equipment, other products related to health,
security and the environment, fabrics, shoes and toys.

Following three months of operation, the VOC programme was suspended on 12 October 2018 in order to expand the
consultations of private sector actors, consumer associations and public administrations involved in the implementation
of the programme. The VOC programme resumed on 15 February 2019 and is fully operational as of the date of this
Prospectus.

As regards the operation of the VOC programme, depending on the nature of the goods and the results of the risk analysis,
the contractor shall apply one of the following three verification routes:

    -    Route A: non-regular suppliers/exporters or shipments of “sensitive” goods for which a quality control is
         necessary on a regular basis.

    -    Route B: regular suppliers/exporters having previously registered their goods. A certificate of registration
         remains valid for one year. At least one verification of compliance must have been performed in order to request
         a certificate of registration. Occasional controls may be performed following such registration, the frequency of
         which depends on the risk associated with the goods.

    -    Route C: licensed products are subject to a mechanism of verification through audit of the manufacturing process
         and testing of samples collected in factories. The certificate of compliance delivered on the basis of such
         verification is valid for one year.

The private contractors’ fees are set according to a percentage of the reported FOB value, from 0.30% to 0.45%,
depending of the case, with a minimum fee between CFAF 167,450 and CFAF 197,000 and a maximum fee set between
CFAF 2,281,400 and CFAF 2,684,000, also depending on the case.

Côte d’Ivoire’s trade policy may benefit from the African Continental Free Trade Area (“AfCFTA”) established by the
African Continental Free Trade Agreement, which officially entered into force on 30 May 2019. The operational phase
of the AfCFTA was launched on 7 July 2019, during the African Union (“AU”) extraordinary summit in Niamey (Niger).
The United Nations Economic Commission for Africa (“UNECA”) and the AU estimate that the AfCFTA may increase
trade levels amongst African States by over 50% by eliminating import duties alone (more if non-tariff barriers are also
addressed). This is expected to increase investment flows within Africa and thus support the economic development all
members. A number of other potential benefits have been identified, including access to markets (African and global)
particularly for small and medium-sized companies, intra-African supply chain integration, job creation and an increase
of sustainable exports. As for Côte d’Ivoire, the effective implementation of the AfCFTA is expected to improve exports
of Ivoirian goods throughout the African continent while attracting more investment inflows. The AfCFTA is also
expected to enhance productivity and stimulate the external competitiveness of the Ivorian economy.




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Initially scheduled for 1 July 2020, the implementation of trading under the AfCFTA was delayed as a result of the Covid-
19 pandemic. Intra-African trade relations under the framework of the AfCFTA started on 1 January 2021.

Exports and Imports

In 2015, exports of goods (excluding exceptional goods) stood at CFAF 6,729.1 billion, compared to CFAF 6,141.5
billion the year before, i.e. an increase of CFAF 587.6 billion (+9.6%). This progression was due to an increase in the
export of cocoa beans (+593.8 billion; +39.4%), processed cocoa (+141.4 billion; +19%), cashew nuts (+35.5 billion;
+9.1%) and gold (+99.3 billion; +28.6%). The five main exports comprised: cocoa (beans and processed cocoa),
petroleum products (crude and processed goods), cashew nuts, gold and rubber. These goods represented 76.8% of export
revenues in 2015.

Imports in 2015 stood at CFAF 5,227.7 billion, compared to CFAF 4,951.7 billion in 2014, representing an increase of
5.2%, in connection with an increase in the purchase of food products (+16.2%) and growth in the acquisition of
equipment goods (+33.6%). The principal goods acquired from suppliers were crude oil, mechanical machinery, iron,
cast iron, steel and steel works, refined oil products, rice, plastics and fish. Together, these goods represented 50.0% of
purchases from abroad.

In 2016, exports of goods (excluding exceptional goods) stood at CFAF 6,404.2 billion, compared to CFAF 6,729.1
billion in 2015, representing a decrease of CFAF 324.9 billion (-4.8%). They decreased due to the effects of diminishing
values in the sale of primary goods (-3.8%) and processed goods (-6.3%).

This decrease in value of primary goods originated from industrial agriculture and export products (-6.8%), in particular
cocoa beans (-CFAF 281.3 billion; -13.4%) and uncarded, uncombed cotton (-CFAF 25.0 billion; -18.0%). However,
this decrease was attenuated by growth in exports of cashew nuts (+CFAF 42.2 billion; +9.9%) and rubber (+CFAF 26.6
billion; +9.9%), as well as mining products, such as gold (+CFAF 35.1 billion; +8.5%) and crude oil (+CFAF 23.3 billion;
+7.2%).

The decrease in value of processed goods was primarily evident in oil products (-CFAF 199.3 billion; -31.2%), processed
cocoa (-CFAF 9.2 billion; -1.0%) and essential oils (-CFAF 0.9 billion; -0.7%). This decrease in processed goods was
offset by an increase in exports of certain products, in particular, palm oil (+CFAF 12.5 billion; +13.6%).

Imports in 2016 represented CFAF 5,087.1 billion, compared to CFAF 5,227.7 billion in 2015, in connection with a
decrease in the associated sub-components: food products (-0.4%), intermediate goods (-23.5%) and equipment goods (-
2.8%). The main imported goods, which represented close to 50%, evolved as follows: crude oil (-32.3%), mechanical
machinery (-13.8%), iron, cast iron, steel and steel works (-36.1%), refined oil products (+3.9%), rice (+6.4%), plastics
(-11.1) and fish (-0.7%).

In particular, consumer goods increased by 2.4% due mainly to increases in pharmaceutical products (+40.4%), rice
(+6.4%), oil products (+3.9%) and automobiles (+4.5%). These increases were countered by a decrease in imports of
rubber (-20.3%), plastic products (-11.1%), dairy products (-15.4%), meat and edible offal (-15.8%) and wheat (-8.3%).

Intermediate goods decreased due to the diminished value of crude oil (-32.3%), iron, cast iron, steel and steel works (-
36.1%), clinker (-11.2%) and metal products (-13.8%). However, this decrease was offset by increased purchases of
chemical products (+2.0%), essential oils and plant extracts (+5.4%) and cement (+15.9%).

Equipment goods decreased due to diminished acquisitions of mechanical machinery (-15.0%), electrical machinery
(+5.0%), road transportation equipment (-28.6%) and air navigation equipment (-44.0%).

In 2017, the exchange of goods through special trade, which refers to the goods that have been cleared through customs
(excluding exceptional goods), increased by 12.2% compared to 2016. Despite the congestion observed in the Abidjan
port area in the first half of 2017, which contributed to hindering trade, exports increased by +CFAF 560.8 billion (+8.8%



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and imports by +CFAF 169.5 billion (+3.3%. This has resulted in a trade surplus (FOB-CAF) (excluding exceptional
goods) of CFAF 1,708.4 billion, up by 29.7% (+CFAF 391.4 billion) from the surplus recorded in 2016.

The 8.8% increase in exports (excluding exceptional goods) was due to primary goods, which grew by 15.1%, despite a
slight decrease in processed goods (-0.6%). This increase in the value of primary goods stemmed from agriculture,
particularly cocoa beans (+CFAF 238.5 billion; +13.1%), cashew nuts (+CFAF 137.0 billion; +29.2%), rubber (+CFAF
160.9 billion; +48.9%) and uncombed cotton (+CFAF 5.9 billion; +5.2%). However, this increase was offset by a
decrease in the value of processed goods (-4.8%), particularly exports of processed cocoa (-CFAF 74.2 billion; -8.1%)
and palm oil (-CFAF 10.3 billion; -9.9%).

Imports (excluding exceptional goods) stood at CFAF 5,256.6 billion in 2017, compared to CFAF 5,087.1 billion in 2016,
an increase of 3.3%. Equipment goods increased by CFAF 200.6 billion (+17.6%) compared to 2016. However,
intermediate goods decreased by CFAF 80.2 billion (-5.4%). Consumer goods also increased by CFAF 384.85 billion
(+23.0%), due mainly to a rise in rice imports (+CFAF 19.5 billion; +6.3%), oil products (+CFAF 318.2 billion; +229.6%)
and plastics (+CFAF 38.5 billion; +16.2%). These increases were offset by a decrease in imports of pharmaceutical
products (-CFAF 46.0 billion; -18.6%).

Intermediate goods declined due to a drop in crude oil (-CFAF 135.3 billion; -22.3%). However, this decrease was partly
compensated by an increase in purchases of chemical products (+CFAF 13.5 billion; +12.8%), as well as cast iron, steel
and steelworks goods (+CFAF 1.3 billion; +0.5%).

Equipment goods increased due to purchases of road transportation equipment (+CFAF 6.1 billion; +3.3%), printing
machinery (+CFAF 1.4 billion, +8.5%), transportation equipment for air navigation (+CFAF 14.7 billion, +99.5%), and
marine transportation and navigation equipment (+CFAF 224.4 billion, +168.5%). These increases were attenuated by
decreases in acquisitions of mechanical machinery (-CFAF 17.6 billion; -3.8%) and electrical machinery (-CFAF 24.1
billion; -11.1%).

In 2018, foreign trade of goods through special trade, excluding exceptional goods, recorded a decrease in the value of
exports of CFAF 417.8 billion (-6.0%) and an increase of CFAF 747.9 billion (+14.2%) in the value of imports. At the
end of December 2018, exports (excluding exceptional goods) reached CFAF 6,547.2 billion, while imports (excluding
exceptional goods) amounted to CFAF 6,004.5 billion. This caused the trade surplus (FOB-CIF) to decline to CFAF
542.7 billion in 2018 compared to CFAF 1,708.4 billion in 2017, representing a decrease of (-68.2%). The rate of
coverage of imports by exports was 109.0% in 2018.

A decrease in value of exports resulted from the reduction of sales of primary goods (-CFAF 253.2 billion; -5.8%) and
processed goods (-CFAF 164.5 billion; -6.4%). This decrease in primary goods was due to a decrease (-7.3%) in prices,
despite a slight increase in volume (+1.6%). The decrease in exports of processed goods resulted from a decrease in price
(-4.0%) and volume (-2.5%).

A decrease in value of primary goods is mainly the result of a decline in industrial and exported agriculture goods, in
particular, cocoa beans (-CFAF 255.2 billion; -12.4%), cashew nuts (-CFAF 20.8 billion; -3.4%) and rubber (-CFAF 70.5
billion; -14.4%). These three products recorded a decrease in prices of (-13.3%), (-7.9%) and (-17.7%), respectively.

The decrease in value of processed goods is due to the decline in products of primary processing (-CFAF 101.9 billion;
-7.6%) and in manufactured goods (-CFAF 389.4 billion; -26.5%). Specifically, the sale of processed cocoa decreased in
value by CFAF 117.3 billion (-13.8%), while the sale of essential oils and plant extracts increased by CFAF 9.8 billion
(+7.6%), despite a 2.3% decrease in their price. Moreover, the price of palm oil, processed wood and processed coffee
decreased by (-15.0%), (-11.2%) and (-8.3%), respectively.

Imports (excluding exceptional goods) amounted to CFAF 6.004.5 billion for 2018, representing an increase of CFAF
747.9 billion (+14.2%) compared to 2017. This is due to an increase in volume (+7.5%) and in price (+6.3%). In addition,
this increase in imports reflected an increase in associated sub-components: consumer goods and intermediate goods,
with the exception of equipment goods, which decreased.


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Intermediate goods increased in value by CFAF 507.2 billion (+35.9%), driven by a 12.7% increase in volume and a
20.6% increase in price. The principal intermediate goods recorded an increase in imports are crude oil (+CFAF 387.9
billion; +82.2%), cast iron, steel and steelworks goods (+CFAF 75.3 billion; +30.1%), metal products (+CFAF 40.8
billion; +52.8%), chemical products (+CFAF 8.5 billion; +7.1%) and paper and cardboard (+CFAF 7.1 billion; +7.1%).
The value of purchases of crude oil was affected by an increase in quantity and price of imports of 51.9% and 20.0%,
respectively.

With regard to the purchase of equipment goods in 2018, the CFAF 113.0 billion (8.4%) decrease is the result of that of
prices (-22.2%). The main goods that recorded the highest increase in imports are electrical machinery (+CFAF 66.2
billion; +34.4%), mechanical machinery (+56.5 billion; +12.6%) and road transportation equipment (+CFAF 29.4 billion;
+15.4%).

In 2019, foreign trade of goods through special trade, excluding exceptional goods, recorded an increase of CFAF 800.9
billion (+12.0%) in the value of exports and of CFAF 138.8 billion (+2.3%) in the value of imports. At the end of
December 2019, exports reached CFAF 7,348.1 billion, while imports amounted to CFAF 6,143.3 billion.

The increase in value of exports of 12.2% in 2019 resulted from the increase in sales of primary goods (+CFAF 334.6
billion; +16.7%), mining products (+CFAF 357.5 billion; +39.6%) and processed goods (+CFAF 109.1 billion; +4.5%).
Primary goods recorded an increase in prices (+1.0%) and in volumes (+9.2%). Processed goods recorded a decrease in
price, offset by an increase in volume (+8.0%).

The increase in value of primary goods resulted mainly from industrial and exported agriculture goods, in particular,
cocoa beans (+CFAF 193.2 billion; +16.3%), rubber (+CFAF 112.7 billion; +26.9%), and uncombed cotton (+CFAF
53.1 billion; +33.4%). Prices of cocoa beans and uncombed cotton increased respectively by 9.4% and 4.3%, contrary to
rubber, the prices of which decreased by 0.5%. The increase in cocoa exports was due to a global rise in cocoa prices.

Exports of mining products increased significantly due to the strong performance of exports of gold (+CFAF 187.2
billion; +42.1%) and crude oil (+CFAF 136.0 billion; +34.7%). Gold export benefited from a global rise in gold prices
while crude oil export was subject to price fluctuation related to recurrent geopolitical tensions and measures adopted by
OPEC and the United States in view of regulating supply.

The increase in value of processed goods was due to the rise in products of primary processing (+CFAF 36.1 billion;
+2.9%), which recorded an increase of 4.2% in volume, and in manufactured goods (+6.9%), the volume of which
increased by 13.5%.

Imports increased by 2.3% in value in 2019 due to an increase in all its component, namely consumer goods (+CFAF
21.1 billion; +0.7%) intermediate goods (+CFAF 99.7 billion; +5.2%) and equipment goods (+CFAF 18.2 billion;
+1.6%). In addition, this increase in exports reflected a similar increase in price (+0.2%) and volume (+2.1%).

The increase in consumer goods was mainly due to enhanced preference for food products, in particular fish (+CFAF
12.9 billion; +4.4%), plastics and plastic works (+CFAF 18.6 billion; +7.3%), soft wheat (+CFAF 8.7 billion; +8.8%)
and pharmaceutical products (+CFAF 2.8 billion; +1.3%) in connection with the importers’ will to provide consumers
with a diversified range of products.

By contrast, the increase in value of consumer goods was reduced by the decrease in value of oil products other than
crude oil (-CFAF 39.9 billion; -8.6%) and purchase of rice (-CFAF 30.9 billion; - 8.0%).

Intermediate goods increased in value by 5.2%, driven by a 3.2% increase in volume and a 1.9% increase in price. The
principal intermediate goods of which the import price increased are crude oil (+CFAF 10.6 billion; +1.2%), chemical
products (+CFAF 17.4 billion; +13.6%), and fertilizers (+CFAF 42.0 billion; +95.2%). In addition, in order to meet the
needs of the construction industry, the demand in cast iron, steel and steelworks goods (+CFAF 8.7 billion; +2.7%)
increased slightly. The value of purchases of crude oil decreased due to the combination of a 4.5% decrease in quantity


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and a 6.0% increase in price of imports. With regard to the purchase of equipment goods in 2019, the 1.6% increase in
value was the result of an increase of volume (+5.9%) and a decrease of prices (-4.0%). The main equipment goods which
contributed to the increase in import prices are electrical machinery (+CFAF 9.1 billion; +3.5%) and mechanical
machinery (+23.9 billion; +4.7%), showing the new orientations of the economic policy implemented in the country,
which aim at a structural change of the economy.

However, the increase in value of equipment goods was reduced by the decrease in value of road transportation equipment
(-CFAF 9.8 billion; -4.5%).

In 2020, according to Government estimates, foreign trade of goods through special trade, excluding exceptional goods,
is expected to record a decrease of CFAF 180.3 billion (-2.5%) in the value of exports and of CFAF 30 billion (-1.5%)
in the value of imports. As of 31 December 2020, exports are expected to reach CFAF 7,167.8 billion while imports
should reach CFAF 6,113.3 billion. The decrease in the value of exports is due to the decrease in sales of cocoa beans (-
0.4%), crude oil (-51.5%), oil products other than crude oil (-33.7%) and uncombed cotton (-22.2%). However, the
decrease in exports is expected to be mitigated by the increase in exports of rubber (+12.5%), non-monetary gold
(+33.4%) and cashew nuts (+13.9%). Foreign trade during the year has been affected by the Covid-19 pandemic, which
prompted various containment measures worldwide and in Côte d’Ivoire, including the closure of land and air borders
by the Government.

In 2021, the Government projects an increase in exports and imports by around 5.1% and 8.6%, respectively, compared
to the 2020 levels, as result of the expected resumption of the global economic activity and a gradual lifting of the various
containment measures adopted in the context of the Covid-19 pandemic, including lockdowns, border closures and travel
restrictions.

The table below presents Côte d’Ivoire’s imports and exports of goods from 2015 to 2021:

                                                                     2015       2016           2017             2018         2019       2020 (Est.)   2021 (For.)
                                                                                                          (CFAF millions)
 Exports
 Cocoa beans ..............................................         2,099,744   1,818,438     2,056,926        1,801,704    2,094,868    2,085,000     1,921,800
 Green processed coffee                                               109,947     101,105        76,374          114,974      133,228       90,413        79,602
 Green coffee..............................................            60,559      67,343        41,546           76,601       95,088       51,739        53,633
 Cashew nuts ..............................................           427,352     469,546       606,501          585,678      428,166      487,683       638,892
 Cotton, not carded or combed .................                       139,198     114,191       120,070          158,795      211,874      164,870       253,137
 Rubber ......................................................        299,782     329,341       490,272          418,347      531,853      597,241       669,934
 Crude oil ..................................................         322,172     345,521       363,208          392,335      538,364      256,422       283,765
 Gold .........................................................       446,953     482,086       489,931          444,110      631,277      811,202       830,530
 Processed cocoa .......................................              930,910     921,691       847,467          730,618      804,810      885,830       915,823
 Palm oil .....................................................        91,462     103,941        93,612          104,816      118,095      122,851       133,709
 Essential oils and vegetal extracts ............                     131,329     130,387       140,772          137,862      125,063      145,812       118,673
 Petrol products ..........................................           639,107     439,721       558,522          650,349      722,985      479,210       503,076
 Total principal products ..........................                5,588,568   5,222,206     5,808,827        5,500,727    7,068,157    4,093,273     4,480,774
   Total exports (excluding exceptional
                    goods – FOB)                                    6,729,065   6,404,152     6,964,984        6,547,207    7,348,130    7,167,811     7,428,326
 Imports
 Fish ...........................................................    230,393     228,772       266,485          295,020      307,916       329,788          N/A
 Semi-milled rice ......................................             290,838     309,420       328,901          385,033      354,160       317,451          N/A
 Petrol products .........................................           133,413     138,595       456,792          465,429      425,492       347,058          N/A
 Pharmaceutical products ..........................                  175,882     246,901       200,868          214,169      217,012       276,757          N/A
 Plastics ......................................................     266,652     237,164       275,685          256,584      275,213       296,729          N/A
 Crude oil ..................................................        897,472     607,204       471,939          859,831      870,444       825,733     1,009,846
 Iron, cast iron, steel and construction .......                     389,466     248,860       250,113          325,418      334,104       316,272          N/A
 Mechanical machinery..............................                  547,161     471,774       448,446          504,943      528,876       466,617          N/A
 Electrical machinery ................................               205,918     263,325       192,224          258,409      267,513       312,365          N/A
 Road transportation equipment ...............                       258,925     196,466       190,883          220,263      210,430       232,250          N/A
 Total principal products ..........................      3,396,120             2,948,481     3,082,336        3,785,099    3,791,160    3,721,020           N/A
 Total imports (excluding exceptional
 goods – FOB) ........................................... 5,227,747             5,087,149     5,256,625        6,004,505    6,143,289    6,113,280     6,575,998
Source: MEF/DGD/BCEAO
N/A: Not available as of the date of this Prospectus


                                                                                        179
Principal Trading Partners

Based on customs statistics, in 2017, sales to Europe stood at CFAF 3,119.0 billion, CFAF 1,561.4 billion for Africa,
CFAF 1,200.8 billion for Asia and CFAF 923.7 billion for North and Latin America. In 2016, these figures stood at
CFAF 2,979.4 billion for Europe, CFAF 1,622.9 billion for Africa, CFAF 917.2 billion for Asia and CFAF 837.8 billion
for North and Latin America.

Europe was thus the main market for Côte d’Ivoire exports in 2017. The share of this continent stood at 45.4% in 2017,
compared to 46.5% in 2016. Europe is followed by Africa, with a share of 22.7% in 2017, compared to 25.3% in 2016.
Asia is next, with a share of 17.5% in 2017, compared to 14.3% in 2016, followed by North and Latin America with a
13.4% share in 2017, compared to its 13.1% share in 2016.

In Europe, the main clients of resident economic operators were the Netherlands (11.8% of total exports and 26.1% of
sales to the area in 2017, compared to 11.6% and 25.0% respectively in 2016), France (5.9% of total exports and 13.0%
of sales to the area in 2017, compared to 5.4% and 11.7% respectively in 2016) and Germany (5.2% of total exports and
11.5% of sales to the area in 2017, compared to 5.1% and 10.9% in 2016, respectively).

In Africa, Burkina Faso remained the leading recipient of Ivorian products (4.5% of total exports, compared to 4% in
2016).

In North and Latin America, goods were shipped mainly to the United States (10.0% of total exports in 2017, compared
to 8.9% in 2016) and Canada (1.7% of sales, compared to 2.2% in 2016).

In Asia, the most significant buyers were India (2.8%, compared to 3.5% in 2016) and China (1.0% of exports to this
area in 2017, after 0.7% in 2016).

In 2018, Europe continued to be the main recipient of Ivorian products, accounting for CFAF 2,773.2 billion (42.3%),
followed by Africa with CFAF 1,537.6 billion (23.5%), Asia with CFAF 1,303.4 billion (19.9%) and North and Latin
America with CFAF 839.7 billion (12.8%).

In Europe, the principal partners remained the same as in 2017, namely the Netherlands, Germany and France, which
should account for 11.4%, 6.4% and 5.8% of total exports, respectively.

In Africa, Burkina Faso remained the main partner with 5.2% of total exports, followed by Mali, which accounted for
4.8%.

In North and Latin America, goods were shipped mainly to the United States (9.1% of total exports) and Canada (2.2%).

Finally, in Asia, India remained the most significant buyer (4.4%), while China’s share of Ivorian exports was 1.5% in
2018.

In 2019, according to Government estimates, Europe should continue to be the main recipient of Ivorian exports,
accounting for CFAF 3,461.0 billion (45.8%), followed by Africa with CFAF 1,726.1 billion (22.8%), Asia with CFAF
1,488.3 billion (19.7%) and North and Latin America with CFAF 778.0 (10.3%).

In Europe, the principal partners should remain the same as in 2018, namely the Netherlands, France and Germany, which
should account for 10.5%, 6.3% and 4.6% of total exports, respectively.

In Africa, Mali is expected to become the main partner with 4.8% of total exports, followed by Burkina Faso, which is
expected to account for 4.6%.

In North and Latin America, goods are expected to be shipped mainly to the United States (6.0% of total exports) and
Canada (2.8%).

In Asia, goods are expected to be shipped mainly to India and China, which account respectively for 3.6% and 2.9% of
total exportations.


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The table below summarizes the geographic exports distribution from 2015 to 2019:

 GEOGRAPHIC AREAS                                                                     2015        2016             2017            2018        2019 (Est.)
                                                                                                              (in CFAF millions)
 Europe ........................................................................      3,295,950   2,979,364       3,118,959        2,773,220     3,461,010.50
 European Union.........................................................              2,858,676   2,577,920       2,731,170        2,429,431     2,981,673.80
 Euro zone ...................................................................        2,611,153   2,329,168       2,437,208        2,172,532     2,673,168.90
  France.......................................................................         404,513     348,939         406,051          380,194       476,601.20
  Germany ...................................................................           425,973     326,159         358,426          417,282       346,866.20
  Italy ..........................................................................      138,890     140,573         154,975          134,525       131,336.20
  Netherlands ..............................................................            843,605     745,111         874,188          747,950       796,032.90
  Belgium ....................................................................          458,824     397,024         348,880          238,504       340,806.00
 Other EU countries ...................................................                 244,247     244,192         293,963          256,898       308,504.90
  United Kingdom .......................................................                169,769     189,714         203,784          156,253       196,849.30
 Other European countries ........................................                      437,274     401,404         387,789          343,790       479,336.70
  Switzerland...............................................................            270,238     294,133         272,174          237,462       350,619.00
  Russia .......................................................................          1,539       1,429           3,389            3,856         4,430.60
 Africa ..........................................................................
                                                                                      1,737,812   1,622,909      1,561,393         1,537,577     1,726,134.40
 WAEMU ....................................................................             726,411     777,474        795,529           874,052     1,008,843.00
  Benin ........................................................................         37,903      23,672         31,031            31,765        36,022.30
  Burkina-Faso ............................................................             227,234     256,739        312,449           343,058       350,458.40
  Côte d’Ivoire ............................................................                  -           -              -                 -                0
  Guinea-Bissau ..........................................................                  400       1,299            655               905            729.7
  Mali ..........................................................................       226,481     279,981        272,422           315,288       364,116.90
  Niger ........................................................................         45,094      25,849         44,260            54,333        56,651.10
  Senegal .....................................................................          69,310      70,381         68,034            65,080        76,443.50
  Togo .........................................................................        119,989     119,553         66,679            63,623       124,421.10
 ECOWAS (excluding WAEMU) .............................                                 594,925     481,706        413,271           322,916       314,975.80
  Nigeria......................................................................         271,812     106,576         85,881           106,761       128,065.10
  Ghana .......................................................................         259,704     303,335        260,009           161,441       138,220.00
 CEMAC......................................................................            111,940      62,332         43,516            69,325        61,360.80
  Cameroon .................................................................             48,077      18,187         13,284            48,212        28,862.40
  Gabon .......................................................................          10,430       6,904          7,233             8,852         9,843.80
 Other African countries ............................................                   304,536     301,397        309,078           271,284       320,239.20
  South Africa .............................................................            189,149     190,677        227,344           191,341       235,958.10
  Morocco ...................................................................             5,497      14,188          9,291             3,605         5,666.50
  Tunisia......................................................................           2,951       1,030          2,009             1,391         8,707.00
  Algeria......................................................................          45,812      53,533         31,068            39,871        41,578.40
  Libya ........................................................................              7          13              2                 3             58.3
  Egypt ........................................................................          3,360       5,443          3,316             3,061         3,322.90
 North and Latin America .........................................                      748,085     837,776        923,694           839,673       778,046.70
  USA .........................................................................         568,475     569,948        690,497           597,994       451,400.60
  Canada......................................................................           76,685     141,362        117,851           145,091       208,621.20
  Brazil ........................................................................        35,923      26,455         40,602            48,955        76,753.20
 Asia .............................................................................     888,474     917,236      1,200,787         1,303,423     1,488,332.20
  China ........................................................................         56,245      42,383         66,095            98,661       217,504.40
  Japan ........................................................................          3,407       1,643          1,307             1,570         1,773.80
  India .........................................................................       292,966     221,282        191,839           288,830       275,377.50
  Pakistan ....................................................................          22,778      11,210         24,882             7,867        13,913.80
  United Arab Emirates ...............................................                    8,859      10,671         21,879            13,984        23,262.10
  Thailand ...................................................................            7,157       5,208          2,884             2,838         2,332.10
 Other countries ..........................................................              57,743      46,866         68,087            98,702       106,436.10
 TOTAL .......................................................................        6,729,065   6,404,152      6,872,920         6,552,597     7,559,959.80
Source: DGD/BCEAO


The geographical distribution of imports (special trade excluding exceptional goods) was characterized in 2016 by the
continued decline in the market share of African countries (-4.7%), in favour of those of European (+4.2%), Asian
(+2.2%) and North and Latin American countries (+1.0%) compared to 2015.

Concerning imports in 2017, purchases from Europe stood at CFAF 2,050.5 billion, CFAF 1,151.2 billion for Africa,

                                                                                          181
CFAF 1,738.6 billion for Asia and CFAF 334.3 billion for North and Latin America in 2017. In 2016, these figures stood
at CFAF 1,796.9 billion for Europe, CFAF 1,071.7 billion for Africa, CFAF 379.2 billion for North and Latin America
and CFAF 1,806.4 billion for Asia.

In terms of proportions, the share of imports originating from European countries increased from 35.3% in 2016 to 38.0%
in 2017. Asia’s share stood at 33.0% in 2017 compared to 35.3% in 2016. The share of African countries increased from
21.1% in 2016 to 21.7% in 2017. As for North and Latin American countries, their share stood at 6.5% in 2017, as
compared to 7.5% in 2016.

In Europe, France remained the main supplier with 11.9% of total purchases in 2017, compared to 13.3% in 2016. The
share in total imports from Europe represented 30.8%.

The same applies to Africa for Nigeria, totalling 11.7% of total orders, compared to 11.4% in 2016, and 54.1% in 2017
of imports originating from Africa in 2017, compared to 53.5% in 2016.

In Asia, Côte d'Ivoire imported predominantly from China with 14.3% of total imports, compared to 17.4% in 2016.
China accounted for 43.9% of imports from the Asian continent in 2017, compared to 47.2% in 2016. The second Asian
supplier was India, with 4.6% of total imports in 2017, compared to 4.5% in 2016.

In North and Latin America, purchases originate mainly from the United States with 4.1% of total imports in 2017,
compared to 3.7% in 2016. In North and Latin America, the share of products imported by the US represented 64.5% of
total imports from the area, compared to 50.8% in 2016.

In 2018, imports experienced an overall increase of 17.4% (general trade, excluding exceptional goods), and originated
mainly from Europe with 34.8% of total imports, followed by Asia with 33.7% and Africa with 22.7%.

In bilateral trade, France remained the main supplier in 2018, with 10.4% of total imports and 29.9% with respect to
Europe.

In Africa, Nigeria accounted for 12.0% of total imports and 53.0% of imports from Africa.

In Asia, Côte d’Ivoire imported mostly from China, which accounted for 14.8% of total imports and 44.1% of imports
from the Asian continent in 2018. The second main supplier in Asia was India, with 4.5% of total imports.

In North and Latin America, the main supplier is the United States in 2018, representing 3.4% of total imports and 42.6%
of goods imported in the region.

In 2019, imports are expected to experience an overall decrease of 0.7% (general trade, excluding exceptional goods),
and to originate mainly from Europe with 34.5% of total imports, followed by Asia with 32.7% and Africa with 23.0%.

In bilateral trade, France should remain the main supplier in 2019, with 10.4% of total imports and 31.7% with respect
to Europe.

In Africa, Nigeria should account for 13.3% of total imports and 57.9% of imports from Africa.

In Asia, Côte d’Ivoire is expected to import largely from China, which should account for 17.2% of total imports and
52.4% of imports from the Asian continent in 2019. The second main supplier in Asia should be India, with 4.3% of total
imports.

In North and Latin America, the main supplier is expected to be the United States in 2019, representing 5.0% of total
imports and 58.3% of goods imported in the region.




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The table below presents the geographic imports distribution from 2015 to 2019:

  GEOGRAPHIC AREAS                                                                  2015        2016             2017              2018          2019 (Est.)
                                                                                                             (in CFAF millions)
 Europe .....................................................................      1,918,794     1,796,919        2,050,529       2,170,601.00    2 136 473,60
 European Union ..............................................                     1,764,843     1,618,599        1,754,944       1,865,602.90    1 736 135,80
 Euro zone .........................................................               1,561,245     1,459,941        1,582,753       1,641,319.90    1 537 242,60
   France ...................................................................        769,931       674,674          632,379         648,982.42      676 662,40
   Germany ...............................................................           154,997       164,801          182,156         181,176.22      164 484,80
   Italy.......................................................................      217,849       119,029          121,766         143,033.52      137 426,00
   Netherlands ..........................................................            106,256       139,269          179,849         226,761.69      170 467,30
   Belgium ................................................................           94,904       117,345          153,626         131,422.88       92 104,20
 Other EU countries ................................................                 203,528       158,551          203,120         224,283.00      198 893,30
   United Kingdom...................................................                 135,262        96,349           91,746         125,601.92       87,012.60
 Other European countries ....................................                       153,951       178,314          264,656         304,998.10      400,319.40
   Switzerland ...........................................................            22,001        20,404           20,027          36,988.98       28,925.40
   Russia ...................................................................         24,139        35,131           48,329          85,522.93       90,595.90
 Africa................................................................            1,588,616     1,071,722        1,151,246       1,416,713.62    1,426,726.60
 WAEMU ..........................................................                    104,524       118,480          123,206         196,096.17      149,307.20
   Benin ....................................................................          5,007         7,359            7,666           6,155.90        5,684.40
   Burkina-Faso ........................................................               3,972         5,349            6,576           7,210.24        7,882.30
   Côte d’Ivoire ........................................................                  -            29                0                  0               0
   Guinea-Bissau ......................................................                1,612         6,127            3,625           2,246.65       12,256.20
   Mali ......................................................................         1,931         2,237            2,810           4,344.31        3,566.90
   Niger .....................................................................         3,302         3,526            3,281           3,222.79        5,265.20
   Senegal .................................................................          77,335        82,826           87,642          74,773.94      100,885.20
   Togo .....................................................................         11,364        11,027           11,605          98,142.35       13,767.00
 ECOWAS (excluding WAEMU) .........................                                  883,874       616,088          688,675         817,480.75      904,262.20
   Nigeria ..................................................................        854,413       579,434          622,345         751,260.49      826,524.50
   Ghana ...................................................................          26,689        31,855           51,337          57,712.42       67,976.50
 CEMAC ..................................................................             27,014        19,728            9,833          11,369.75        3,385.40
   Cameroon .............................................................              2,196         1,549            1,591           3,891.93          480.30
   Gabon ...................................................................           1,185         1,970            1,792           1,377.96          134.90
 Other African countries ........................................                    284,158       284,158          329,532         391,766.90      369,614.60
   South Africa .........................................................             61,349        67,631           61,934          69,456.99       61,761.70
   Morocco ...............................................................           121,922       106,305          103,114          95,516.15      124,052.20
   Tunisia ..................................................................         25,945        24,735           28,778          48,870.04       35,989.20
   Algeria ..................................................................          7,159         3,698            8,320           9,081.44       20,792.00
   Libya.....................................................................          2,506            16              876           3,391.77           26.20
   Egypt ....................................................................         26,819        24,598           26,700          29,109.88       26,171.20
 North and Latin America .....................................                       395,413       379,168          334,271         495,380.60      537,118.20
   USA ......................................................................        220,822       192,573          215,576         211,234.72      312,923.90
   Canada ..................................................................          14,567        16,964           12,074          11,033.08       15,327.00
   Brazil ....................................................................        25,424        32,808           41,768          35,024.81       44,039.60
 Asia ..........................................................................   2,050,717     1,806,436        1,738,635       2,102,139.30    2,029,190.00
   China ....................................................................        717,371       884,100          762,520         926,517.79    1,063,503.30
   Japan .....................................................................       129,196       122,329          122,112         130,722.30       94,990.40
   India......................................................................       219,955       224,000          261,914         282,851.38      265,392.80
   Pakistan ................................................................          36,992        35,567           24,201          27,511.57       30,115.30
   United Arab Emirates ..........................................                    28,412        32,259           35,703          32,284.88       46,041.60
   Thailand................................................................          135,951       156,229          153,899         141,511.99       70,946.40
 Other countries ......................................................              162,086       162,086          407,141          57,551.90       67,569.20
 TOTAL ...................................................................         5,515,996     5,087,149        5,315,394       6,242,386.40    6,197,077.50
Source: DGD/DCPE/BCEAO


Foreign Direct Investments

Several factors have encouraged FDIs inflows into Côte d’Ivoire, including (i) an increasingly secure environment, (ii)
an improvement in the supply and quality of infrastructure, (iii) an improvement in the regulatory and institutional
framework to facilitate economic activity and (iv) an improvement in the supply and quality of labour. FDI trends form
part of prospects for growth over the medium-term, in connection with the significant reforms implemented and currently
underway. See “The Economy – Principal Sectors of the Ivorian Economy”.




                                                                                               183
Inflows of FDIs stood at an estimated net capital inflow of CFAF 173.6 billion in 2017, compared to CFAF 325.5 billion
in 2016. This change is the result of a net increase of CFAF 566.1 billion in the Ivorian economy’s liabilities and of
CFAF 392.5 billion in net acquisitions of assets from foreign residents.

FDIs received by the Ivorian economy amounted to CFAF 566.1 billion in 2017, compared to CFAF 342.4 billion in
2016, representing an increase of (+65.33%). These FDIs include CFAF 166.2 billion from flows other than reinvestment
of profits, compared to CFAF 144.1 billion in 2016, CFAF 207.8 billion from reinvestment of profits, compared to CFAF
170.6 billion in 2016, and CFAF 192.1 billion in debt instruments, compared to CFAF 27.7 billion in the previous year.

The main sectors of activity that are net beneficiaries of these capital inflows are the extractive industry (39.2%), financial
intermediation (27.8%) and telecommunications (13.6%). They are followed by the manufacturing industries (8.0%), the
hotel industry (5.3%) and transportation (4.1%).

In 2018, net FDI inflows stood at CFAF 264.2 billion (1.0% of GDP), compared to CFAF 173.6 billion (0.8% of GDP)
in 2017. This increase is due to a decrease in FDI outflows. Indeed, FDIs amounted to CFAF 80.3 billion, after CFAF
566.1 billion in 2017. In 2017, domestic economic operators made significant direct investments abroad in an amount of
CFAF 392.5 billion, after CFAF 17.0 billion in 2016. The amount of FDI outflows are usually not very significant.
However, in 2017, an economic operator in the banking sector made significant investments abroad by extending its
network in the WAEMU. These external investments have thus reduced the amount of net FDI inflows in 2017 compared
to previous years. These investments abroad declined in 2018 to their usual level.

The table below presents net FDI inflows from 2015 to 2019:

             2015                            2016                            2017                                      2018                                    2019 (Est.)
                                                                          (in CFAF billions)

             283.8                           325.5                          173.6                                      264.2                                           360.0
Source: BCEAO


Europe is the main source of FDI (42.1% in 2017, compared to 64.8% in 2016). In Europe, in 2017, France, Belgium and
Switzerland were the three leading investors in Côte d’Ivoire with CFAF 96.6 billion, CFAF 96.0 billion and CFAF 34.2
billion, respectively. In Africa, Morocco was the primary investor in Côte d’Ivoire in 2017, with a share of 17%.

In 2018, Europe kept its dominant position among the countries of origin of FDIs, with FDIs from France, United
Kingdom and the Netherlands amounting to CFAF 109.8 billion (31.9%), CFAF 57.7 billion (16.8%) and CFAF 23.8
billion (7.0%), respectively. In Africa, the leading investors are Morocco and Togo, with CFAF 23.0 billion (6.7%) and
CFAF 20.6 billion (6.0%), respectively.

In 2019, net FDI inflows are expected to stand at CFAF 360.0 billion based upon the current trend in Côte d’Ivoire’s
GDP growth.

The table below presents gross incoming FDI per country of origin from 2015 to 2018:

Country                  2015   Country                                  2016   Country                            2017        Country                                          2018
Belgium ..........      20.5%   France .............................    18.6%   France .........................   22.3%       France .............................            31.9%
France .............    20.0%   Belgium ..........................      11.1%   Canada ........................    17.1%       United Kingdom .............                    16.8%
Canada ............     12.2%   England ..........................      11.0%   Morocco .....................      17.0%       Lebanon ..........................               7.0%
Morocco .........       11.0%   British Virgin Islands .....             6.8%   Belgium ......................     12.9%       Netherlands ....................                 6.9%
Netherlands ....         7.0%   Netherlands ....................         5.7%   United States ..............       11.4%       Morocco .........................                6.7%
Other ...............   29.3%   Singapore........................        5.6%   Cayman Islands ..........          7.5%        Togo ................................            6.0%
                                Australia .........................      4.4%   Switzerland .................      6.0%        Singapore........................                5.3%
                                Other countries ...............        36.60%   Other countries ...........        5.8%        Other countries ...............                 19.5%


Source: BCEAO/CEPICI




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                                                  PUBLIC FINANCE

General

As part of its economic policy, the Government’s ongoing efforts aim to preserve the stability of the macroeconomic
framework and the consolidation of its public finances by strengthening the collection of revenues and streamlining
expenses. In particular, over the medium-term the Government intends to control changes in the payroll bill and operating
expenses, reduce subsidies to the electricity sector until it achieves financial equilibrium and stabilize the domestic debt
situation.

The 2018 and 2019 budgets were executed in a context shaped by the consolidation of progress achieved since 2012 on
an economic and socio-political level. Despite the general context of a slowing global economy, the Ivoirian economy
has sustained its momentum. At the economic level, the budget significantly contributed to the achievement of the
objectives of the Government’s economic and financial programme established with the IMF, thanks to an overall control
of expenditure and a good level of revenue collection. Côte d’Ivoire’s public finance management efforts continued since
2017, despite domestic (social movements) and external disruptions (drop in cocoa prices and rise in oil prices) that
adversely affected the mobilization of income and placed significant pressure on expenses. Despite these challenges,
measures taken by the Government limited the deficit in 2017 to 3.6% of GDP (compared to an initial forecast of 3.5%).
In 2018 the deficit was 2.9% of GDP, an improvement compared to 2017. In 2019, the deficit amounted to 2.3% of GDP,
in line with the objectives of the Government’s economic and financial programme established with the IMF. For 2020,
in order to meet major challenges and fund additional expenditures related to the Covid-19 pandemic, including the
funding of the National Health Response Plan (Plan National de Riposte Sanitaire) and the Economic, Social and
Humanitarian Support Plan (Plan de Soutien Economique, Social et Humanitaire), the Government and the IMF have
agreed on a budget deficit of 5.9% of GDP. The budget deficit is expected at 4.6% of GDP for 2021; and is expected to
converge towards the WAEMU community convergence criteria of 3% of GDP in 2023. On 27 April 2020, the WAEMU
Conference of Heads of States and Governments declared a temporary suspension of the WAEMU growth and stability
Pact, which sets six convergence criteria, including the 3% of GDP fiscal deficit rule, to help member-countries cope
with the fallout of the Covid-19 pandemic. The Government continues to monitor and assess the impact of the Covid-19
pandemic on the economy.

The consolidation of the global budget balance in 2019 highlights the Government’s continued commitment to
strengthening the management of public finances. The execution of the budget was characterised by a relatively
satisfactory level of revenue collection and a good control of the level of expenses, which in turn helped offset capital
losses. Tax revenue amounted to 12.2% of GDP, compared to a forecasted 12.5% of GDP. This level of revenue collection
was impacted in particular by (i) the ban on the importation of vehicles more than five years old, (ii) the introduction of
the import conformity certificate (certificat de conformité à l’importation) through the VOC programme which applies
to all imported goods (with exemptions for certain designated goods, including arms, ammunition and other war material
intended for the armed forces and security services), (iii) the lower volumes of the main petroleum products released for
consumption, (iv) the reduction in the contribution of VAT in the telecommunications sector due to major investments
and (v) a lower level of taxation on cocoa than targeted. However, the good results achieved in the control and collection
of tax arrears mitigated the impact of these factors.

On the socio-political front, the actions taken by the Government aimed at strengthening social peace and national
cohesion contributed well-adapted solutions to social movements, particularly with the signature of a memorandum of
understanding establishing a five-year “truce” by which, in exchange for a no strike movement, the State committed to
improve the quality of life and working conditions of civil servants through various measures, including the payment of
all civil servant arrears estimated at CFAF 249.6 billion as at 2018 with 70% of the total payable between 2018 and 2022
and the remaining 30% between 2023 and 2025. From February to May 2019, some teachers in the primary and secondary
education sectors and their unions went on strike demanding a revaluation of their wages and an increase in their housing
allowances. None of the claims were accepted and no payments were made by the Government. However, the continued
dialogue between the Government and the unions has eased tensions and allowed for an orderly completion of the 2018
– 2019 school year.




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In addition, efforts to implement the NDP for the 2016-2020 period led to consistent economic growth. Following real
GDP growth of 7.2% in 2016 and 7.4% in 2017, the provisional economic growth rate for 2018 was 6.9%. For 2019,
economic growth rate is estimated at 6.2% by the Government, maintaining Côte d’Ivoire’s rank among the leading
developing countries in terms of economic growth. This dynamic was driven by the implementation of reforms to promote
improvement in the country’s business climate, in particular (i) the online availability of all information relating to
building permits, (ii) the creation of a web portal with commercial information designed to strengthen cross-border
exchanges, (iii) the continued implementation of the Phoenix Programme to promote SMEs, and (iv) the establishment
of online tax returns and tax payment systems to improve revenue collection.

In this context, the country has been able to maintain the trust of its foreign partners. The organization of the 5th Africa-
European Union Summit in Abidjan in November 2017, Côte d’Ivoire’s participation in the Compact G20 initiative and
the compact programme of the MCC are evidence of this fact. With regard to the MCC, a grant agreement for an amount
of CFAF 315 billion was signed with the US Government in 2017 to finance, in particular, projects in the education and
road infrastructure sectors. As of 30 June 2020, total disbursements in relation to the grant were US$21.3 million.

To support this improving trend, the World Bank provided budgetary support of US$425 million over the 2017 – 2019
period. This budgetary support is part of the Development Policy Financings (“DPF”), which are aimed at enhancing tax
revenue collection, strengthening the education sector, improving the energy sector and consolidating transparency in the
cocoa sector. The first tranche of US$125 million was disbursed in December 2017. The disbursement of the second
tranche of US$100 million occurred in 2018. The disbursement of the third tranche of US$200 million initially planned
for 2019 has been postponed to 2020 by the World Bank due to the unavailability of the total IDA-XIX resources (under
constitution) on which the financing is based. The loan agreement relating to this third tranche was signed on 3 April
2020 between the representative of the World Bank and the Minister of Economy and Finance. The disbursement is
expected in the second half of December 2020.

Budgetary policies for 2020 and the medium-term are centred around the 2016-2020 NDP’s objectives and take into
account the 2016-2020 NDP’s priority actions.

The 2020 budget focuses on the continued implementation of Government priorities with a particular emphasis on the
objectives of the Government’s Social Program (Programme Social du Gouvernement – PSGOUV), in particular,
expanding socio-economic infrastructure and basic services that have a significant impact on the population’s well-being,
improving the education system to adapt to the needs of the job market, reinforcing the healthcare system to make it more
accessible to the most disadvantaged groups, improving the population’s food situation and reinforcing the security and
defence system whose major guidelines are defined in the military and security planning laws. The 2020 budget is also
designed in particular to promote job creation, particularly for young people, and to strengthen investments in the energy,
transport and drinking water provision sectors.

The Government is also pursuing the implementation of policies and priorities with respect to the improvement of the
population’s well-being, namely through developing education and healthcare infrastructure and reinforcing economic
activity. In this respect, the Government intends to increase the completion rate of its investments, in particular those
subject to C2D financing, by implementing measures intended to help regularly monitor projects. The purpose of C2Ds
is to ensure that the resources used for the repayment of loans are (with the lender’s consent) allocated to the financing
of specific expenses for targeted development projects. When a loan repayment is made, France pays Côte d’Ivoire a
non-refundable grant equal to such repayment. The grant is then allocated to financing poverty reduction programmes
jointly selected by the two parties. The country is thus able to use its resources previously allocated to debt repayment
for the purposes of financing development projects. Following bilateral negotiations, in 2012 France granted a debt
cancellation of a portion of Côte d’Ivoire’s outstanding debt, in the amount of CFAF 1,486 billion (€2.265 billion) and
signed the first C2D for a total amount of CFAF 413.25 billion (€630 million over the 2012-2015 period), of which 85%
has already been allocated to projects. A second C2D contract was signed in Paris on 3 December 2014 between France
and Côte d’Ivoire, for an amount of CFAF 738 billion (€1.125 billion) for the 2016-2020 period. (See “Public Debt”)

As part of the implementation of the Government’s targets with regard to employment, in 2017, 52,129 young people
were able to benefit from the services of the Youth Employment Agency (Agence de l’Emploi pour les Jeunes) under the
programme “training, my ticket to a job” (“Une formation, mon passeport pour l’emploi”). Initiatives have also been


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undertaken to support young independent entrepreneurs and entrepreneurship. In this context, more than 13,000
individual and collective projects were financed with governmental resources and the support of the French Development
Agency (Agence française de développement). In addition, 1,133 young people were placed in internships prior to
employment and 409 young people were placed directly into employment.

Furthermore, the Government continues to strengthen the education system in order to promote education for all. In this
respect, it works on increasing the number of classrooms and hiring teachers. In addition, registration costs were reduced,
in particular for the poorest people, through the free distribution of school supplies to children registered in public primary
schools. Various awareness-raising campaigns were also carried out, primarily to promote education for girls. The
Government intends to continue this trend with the implementation of the sectoral education and training plan covering
the 2016-2025 period. The plan aims to broaden fair access to different education levels both in terms of the quality and
diversity of the education programme offered.

The Amended 2020 Budget

Following its initial assessment of the impact of the Covid-19 pandemic on expenditures as initially set forth in the 2020
Budget, on 23 December 2020, the Government adopted the amended Finance Law No. 2020-970 (Loi de Finances
Rectificative) for 2020 amending the Finance Law No. 2019-1080 on the State budget for 2020 dated 18 December 2019
(as published in the Official Journal on 27 December 2019).

The amended Finance Law for 2020 has been adopted in the context of the Covid-19 pandemic and its economic and
social consequences on the global economy, including Côte d’Ivoire. As noted by the IMF in its October 2020 projections,
the Covid-19 pandemic has led to a downward revision of growth prospects for the world economy, with a sharp
contraction of -4.4% in 2020 (see 2020 IMF Outlook), compared to an initial growth forecast of 3.3%. In Côte d’Ivoire,
the Covid-19 pandemic has impacted the growth momentum and led to a slowdown in economic activity and prompted
a revision of real GDP growth to only 1.8% for 2020 by the IMF and the Government, compared to an initial growth
forecast of 6.7% by the IMF (see 2019 IMF Outlook) and 7.2% by the Government. See “– The Economy”. The various
measures and initiatives implemented by the Government to contain the spread of the coronavirus in the country and
support the Ivoirian economy and population, including the National Health Response Plan (Plan de Riposte Sanitaire)
and the Economic, Social and Humanitarian Support Plan (Plan de Soutien Economique, Social et Humanitaire), have
significantly affected the initial forecasts of resources and expenditures as initially set forth in the Finance Law for 2020.
See “– Republic of Côte d’Ivoire – Health” and “– The Economy – Measures in Support of the Economy During the
Coronavirus (Covid-19) Pandemic”. Accordingly, pursuant to the Organic Law No. 2014-336 of 5 June 2014 relating to
Finance Laws, the amended Finance Law on the State budget for 2020 was intended to take into account the adverse
impact of the Covid-19 pandemic on Côte d’Ivoire’s expenditures, and budgetary and financial balance for 2020.

The impact of the Covid-19 pandemic has resulted in an overall increase in the State budget of CFAF 354.4 billion. Thus,
the revised State budget for 2020 amounts to CFAF 8,415.4 billion, compared to an initial budget of CFAF 8,061.0 billion
set forth in the Finance Law for 2020, representing an increase of 4.2%.

The main changes to the initial 2020 budget are as follows:

State resources

Budgetary revenues decreased by CFAF 515.5 billion to CFAF 3,864.0 billion, compared to CFAF 4,379.5 billion
projected in the initial budget:
    • tax revenues, initially projected at CFAF 3,940.8 billion, have been revised to CFAF 3,501.0 billion, representing
        a contraction of CFAF 439.8 billion;
    •    non-tax revenues have increased by CFAF 9.0 billion to reach CFAF 88.0 billion, compared to CFAF 79.0 billion
         projected in the initial budget;
    •    grants, initially projected at CFAF 359.7 billion, have been revised to CFAF 275.0 billion, representing a net
         decrease of CFAF 84.7 billion;


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    •   cash resources, including budgetary support and borrowing, initially projected at CFAF 2,921.7 billion, have
        been revised to CFAF 3,879.3 billion, representing an increase of CFAF 957.6 billion; and
    •   revenues from Special Treasury Accounts have decreased by CFAF 87.6 billion to CFAF 672.1 billion,
        compared to CFAF 759.7 billion projected in the initial budget.

State expenditures

Budgetary expenditures have been increased by CFAF 765.6 billion to CFAF 6,572.8 billion CFAF, compared to CFAF
5,807.2 billion projected in the initial budget:
    • financial costs of public debt have increased by CFAF 117.0 billion to reach CFAF 760.1 billion, compared to
        CFAF 643.0 billion projected in the initial budget;
    •   purchases of goods and services have increased from an initial forecast of CFAF 747.9 billion to reach CFAF
        763.9 billion, representing net increase of CFAF 16.0 billion;
    •   transfers to various administrations have increased from CFAF 545.8 billion to reach CFAF 869.1 billion,
        representing a net increase of CFAF 323.3 billion;
    •   capital expenditures have increased by CFAF 309.3 billion to reach CFAF 2,409.6 billion compared to CFAF
        2,100.3 billion projected in the initial budget;
    •   cash expenses, consisting of capital repayments of public debt, have decreased by CFAF 323.5 billion to CFAF
        1,170.6 billion compared to CFAF 1,494.1 billion projected in the initial budget; and
    •   Special Treasury Account expenditures have decreased by CFAF 87.6 billion to CFAF 672.1 billion, compared
        to CFAF 759.7 billion projected in the initial budget.
The Priorities of the 2021 Budget

The initial 2021 budget, adopted through Finance Law No. 2020-972 dated 23 December 2020 (as published in the
Official Journal on 28 December 2020) and consisting of expenditures amounting to CFAF 8,398.9 billion, provides for
the continued implementation of the Government’s priorities. The 2021 budget represents a decrease of 0.2% compared
to the 2020 budget and was adopted in the context of the ongoing Covid-19 pandemic and its adverse impact on Côte
d’Ivoire’s economy and its population.
Through the 2021 budget, the Government intends to pursue its policy of alleviating poverty and social disparities. It is
therefore paying particular attention to spending that promotes improvement of living conditions and well-being of the
most disadvantaged sections of the population. To this end, the Government has allocated CFAF 2,863.8 billion to “pro-
poor” expenditure. This level represents an increase of 4.0% compared to 2020 and represents 7.6% of GDP.
This expenditure covers the following social sectors in particular:
    •   education (CFAF 1,390.6 billion);
    •   health sector (CFAF 466.7 billion);
    •   social affairs (CFAF 63.8 billion) ;
    •   agriculture, animal and fishing resources (CFAF 165.7 billion) ;
    •   sanitation and improvement of drinking water and electricity supplies (CFAF 267.1 billion); and
    •   economic and social development actions by local authorities (CFAF 87.4 billion).

The expenditure of the 2021 budget is allocated by sector and the Government’s priorities can be broken down as follows:

Public Authorities, Sovereignty and Governance
This sector has been allocated a total envelope of CFAF 692.8 billion under the 2021 budget distributed as follows:
    •   legislative bodies (CFAF 28.8 billion);


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    •   executive bodies (CFAF 169.0 billion);
    •   jurisdictional bodies (CFAF 15.0 billion);
    •   consultative bodies (CFAF 30.1 billion);
    •   external affairs (CFAF 101.5 billion); and
    •   and decentralisation (CFAF 348.3 billion).

Defence, Security and Justice

The 2021 budget has allocated CFAF 591.8 billion for defence, security and justice, including CFAF 351.4 billion for
defence services, including the gendarmerie, CFAF 171.0 billion for the police, and CFAF 69.4 billion for justice.

This allocation is destined to various expenditures, including:
    • the operation of the CNS (CFAF 15 billion);
    • military installation leases (CFAF 38.6 billion) and police installation leases (CFAF 19.1 billion); and
    • food (CFAF 40.0 billion) and fuel (CFAF 14.4 billion) for the armed forces.

The 2021 budget provides for a CFAF 69.4 billion allocation intended for the improvement of the judicial and
penitentiary system.

General Administration and Economic Development
Credits for general administration and economic development amount to CFAF 3,343.2 billion under the 2021 budget
and cover the following in particular:

    •   matters of general and financial administration (CFAF 31.5 billion);
    •   finance (including the servicing of the public debt for up to CFAF 2,132.8 billion) (CFAF 2,477.1 billion);
    •   coordination of budgetary affairs and public expenditure (CFAF 808.5 billion); and
    •   planning, programming and general statistics (CFAF 24.1 billion).

Education, Training and Research

Credits for training, teaching and research amount to CFAF 1,391.0 billion under the 2021 budget and cover the following
in particular:
    • strengthening the operational resources of educational structures;
    • private school subsidies for student and pupil school fees (CFAF 145.9 billion);
    • payment of student and pupil scholarships and transportation costs (CFAF 56.5 billion); and
    • organization of exams (CFAF 15.7 billion).

The 2021 budget also emphasizes the development of infrastructure in the field of education and training, through:

    •   the construction, outfitting and rehabilitation of secondary school infrastructure (CFAF 49.6 billion), in particular
        through the construction programme of middle and high schools (CFAF 12.7 billion), the construction and
        outfitting of five boarding high school for girls (CFAF 4.9 billion) and the integrated programme for the
        continuation of school canteens (Programme intégré de pérennisation des cantines scolaires) (CFAF 15.2
        billion);

    •   the construction, outfitting and rehabilitation of higher education infrastructure (CFAF 42.2 billion), primarily
        including the construction, rehabilitation and outfitting of universities (CFAF 25.8 billion); and



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    •   the construction, outfitting and rehabilitation of vocational training infrastructure (CFAF 58.9 billion), including
        construction and equipment of seven vocational training infrastructure (CFAF 40.5 billion), the Project for the
        Development of the Vocational Training System with Reverse Flow Partnership (Projet de Développement du
        Système de Formation Professionnelle à Partenariat à Flux Inversés) (CFAF 9.0 billion), the project to create
        and renovate technical and vocational education institutions (CFAF 1.9 billion), construction and equipment of
        the Daloa vocational high school in partnership with the Kuwaiti fund (CFAF 3.3 billion), and the development
        project for the vocational training system (CFAF 3.2 billion).

Health and Social Affairs

The health and social services sector has benefited from a CFAF 510.2 billion allocation, including CFAF 411.5 billion
for the health sector, CFAF 22.5 billion for the protection of women and children, as well as CFAF 76.3 billion for social
protection and employment actions. The amount allocated to the health sector is intended for:
    •   the rehabilitation and re-equipment of CHUs, general hospitals and other health facilities;
    •   consolidating efforts to prevent and fight pathologies and endemic diseases, as well as HIV/AIDS; and
    •   free targeted health care (CFAF 18.0 billion) covering childbirth costs , caesarean sections and the fight against
        malaria, targeted social expenditure (CFAF 6.8 billion) to support the vaccination and drug price reduction
        policy, including antiretroviral.

Culture, Youth, Sport and Leisure

A budget of CFAF 177.6 billion has been allocated to support the promotion of culture, sports activities and
communication, including CFAF 109.4 billion for the sport sector alone. This amount is earmarked, among others, for
the construction, rehabilitation and reinforcement of the sports infrastructure park.

Production, Industrial and Commercial Development

The 2021 budget provides for CFAF 322.2 billion, including CFAF 305.1 billion for agriculture and fishery resources
and a credit of CFAF 13.9 billion for the promotion of industry and SMEs and CFAF 5.6 billion for the promotion of
rice production.

The agricultural, animal and fishing resources sectors are allocated CFAF 305.1 billion in the 2021 budget, covering the
Rural Area Investment Fund (Fonds d’Investissement en Milieu Rural) (CFAF 7.7 billion), programmes for the
development and promotion of agriculture, hydro-agricultural planning projects, agricultural diversification projects and
land management as well as rural equipment. These credits also take into account the reliance on cattle rearing, dairy
production, fishing, aquaculture, and subsistence crops in order to ensure food self-sufficiency.

Environment, Living Conditions and Nature Protection

The 2021 budget allocates CFAF 214.5 billion, including CFAF 178.5 billion for environmental protection and sanitation
and CFAF 36.0 billion for the protection of fauna and flora.

These allocations are provided to fund actions to improve sanitation and the supply of drinking water and the supply of
electricity. They are dedicated mainly to sanitation and removal of domestic waste, as well as urban and village hydraulics
via the reparation and installation of human-powered pumps. These allocations also cover the continuation of rural
electrification programmes and the extension of urban networks.




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Development of Collective Infrastructures and Equipment

The 2021 budget provides for an envelope of CFAF 1,157.7 billion, intended in particular for road equipment and
maintenance (CFAF 588.8 billion), housing and town planning (CFAF 64.8 billion), hydraulic sector (CFAF 86.1 billion),
oil and energy (CFAF 268.0 billion), as well as transport and maritime affairs (CFAF 82.0 billion).

For the reinforcement of road infrastructure, the 2021 budget provides CFAF 588.8 billion for the purpose of road opening
and refurbishment works, as well as for the construction of civil engineering works. This entails the Road Maintenance
Fund (Fonds d’Entretien Routier) (CFAF 169.9 billion) and multiple specific projects, including:

Projects located in Abidjan

    •   the Abidjan Urban Transport Project (CFAF 71.8 billion);
    •   the Project to Support the Competitiveness of Greater Abidjan (CFAF 33.2 billion)
    •   the development of the Cocody bay area (CFAF 49.3 billion);
    •   the development of the Marseille Boulevard (CFAF 8.8 billion); and
    •   the rehabilitation of FHB Bridges (CFAF 9.1 billion.

Projects Located in the Rest of the Country

    •   the rehabilitation of the Bouaké-Ferké road (CFAF 9.6 billion) ;
    •   the development of the Boundiali-Odiénné-Mali and Guinea borders road (CFAF 30.5 billion);
    •   the road development and transport facilitation programme within the Mano River Union (CFAF 20.2 billion);
    •   the development of the Yamoussoukro-Bouaké highway (CFAF 23.1 billion);
    •   the Bamako-Zantiébogou Kani Boundiali-San-Pédro Corridor Road Project (CFAF 16.0 billion);
    •   the construction of Toulepleu-Zouan-Houien and Séguela Mankono central-western roads (CFAF 15.0 billion);
    •   the reinforcement and development of the Kanawolo-Korhogo road (CFAF 22.6 billion); and
    •   the asphalting of the Agboville-Cechi road (CFAF 5.1 billion).

Fiscal Policy and Administrative Reforms

In recent years, the Government has been implementing a series of major measures to significantly strengthen revenue
collection. Since 2014, the average annual amount of revenue collection increased by approximately 12%. The tax
pressure rate was 12.3% in 2019 compared to 12.0% in 2018, 12.2% in 2017 and 11.8% in 2016. Measures taken by the
Government to reach these levels include administrative measures and a series of measures aimed at expanding the tax
base. The goal is to attain a tax pressure rate of 12.9% of GDP by the end of 2022 through continued implementation of
the fiscal policy and administrative measures which should enable for significant improvement in the tax pressure rate
by the end of 2022, compared to the 2019 level. The principal measures that have been implemented since 2014 are the
following:

    •   the adoption of a single declaration form in January 2016, which helped significantly reduce the number of
        procedures undertaken by taxpayers as well as the amount of time spent on tax formalities;
    •   the establishment of online declarations and payments since January 2017 for companies whose revenue is equal
        to or greater than CFAF 200 million. These companies must now declare and pay their taxes and duties online
        via an online e-tax portal on the e-impots.gouv.ci or dgi.gouv.ci website;
    •   the digitalization of the land registry via the creation of an electronic land registry. It has been accessible to
        sector professionals (notaries) since 2014 via the link http://econsultation.dgi.gouv.ci;
    •   the creation of a Fiscal Policy Coordination Cell in November 2016 within the cabinet of the Budget Ministry.
        This Cell is responsible for coordinating and conducting fiscal reform activities;


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•   since January 2017, the implementation of a programming and execution system for the automated fiscal control
    programme in order to avoid overlapping controls, and the increase in the number of companies subjected to this
    procedure;
•   the continuation of large-scale survey operations targeted at taxpayers;
•   the improvement in the quality of financial information contained in the summary financial statements of
    companies, through the creation in 2016 of an obligation for a prior visa on such financial statements before their
    transmission to the Single Filing Window for Financial Statements (Guichet unique de Dépôt des Etats
    Financiers);
•   the improvement of customs clearance for land borders, namely through the modification of the procedure of
    customs clearance and the deployment of two new scanners at the land border offices;
•   the reinforcement of the control of customs transformation regime for the purpose of insuring the veracity of
    declarations;
•   the reinforcement of international transit controls to improve the traceability of goods in transit;
•   in 2014, the harmonization of tax rates applicable to income from capital to adapt Ivorian tax to WAEMU
    community standards;

•   since 2014, the improvement of telecommunications taxation, by imposing a new tax on telephone
    communications at a rate of 3% of revenues and increasing the income tax rate from 25% to 30% for companies
    in this sector;
•   in 2014, the establishment of a minimum tax charge of CFAF 400,000 for taxpayers subject to the simplified
    taxation regime;
•   in 2017, developing regulations relating to transfer prices, namely via the establishment of an obligation to
    produce a status of transactions between related companies or with foreign companies, as well as the adoption
    of a more restrictive tax regime on transactions made with low-tax countries (tax havens) in terms of income
    tax;
•   the optimization of VAT credit repayments to companies by improving the processing of repayments to such
    companies.
•   the gradual reduction of VAT exemptions by terminating certain such exemptions, except for those provided for
    by the WAEMU Directive and in compliance with prior commitments;
•   the extension of online tax declarations and payments to all taxpayers;
•   the limitation of one-time exemptions to the social sectors and those related to grants, and the non-renewal of
    temporary exemptions;
•   the completion of various studies relating to increasing VAT proceeds and reinforcing its neutrality;
•   the adoption of a new Investment Code by the Council of Ministers in August 2018. This Code came into force
    on 1 January 2019;
•   the implementation of measures relating to thin capitalization;
•   an upward adjustment of excise duties on alcoholic and energy drinks and tobacco;
•   the electronic transmission of financial statements and the development of an IT processing application for
    financial statement data;
•   the establishment of withholding tax on the sale of timber;
•   the establishment of a tax on gambling receipts.



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In addition, laws were adopted relating to the reduction of the Community Solidarity Tax (Prélèvement Communautaire
de la Solidarité) through decree no. 2017-412 of 28 June 2017, the establishment of an import tax of the African Union
(AU) through decree no. 2017-425 of 28 June 2017 and the amendment of decree no. 1916-1012 establishing DUS rates
applicable to coffee cherries, cocoa beans and coffee and cocoa products. A 10% tax on cashew nut exports was
introduced in accordance with order no. 2018-145 of 14 February 2018. However, this tax has been temporarily revised
to 3.5% from September in 2018 to March 2019 and to 7.0% since April 2019 in order to take into account the adverse
economic situation resulting from the decline in external demand. In 2019, revenues from this tax amounted to CFAF
26.78 billion compared to CFAF 49.64 billion in 2018. As a result of the Covid-19 pandemic, tax revenues projected for
2020 amount to CFAF 22.6 billion, compared to an initial pre-Covid-19 forecast of CFAF 23.8 billion.

On an organizational level, the measures implemented by the Government involved the creation at the end of 2016 of the
Medium-Sized Companies Department to ensure better tracking of transactions as part of the continued segmentation of
taxpayers, and the Investigation, Cross-Referencing and Analysis Department (Direction des Enquêtes, des
Recoupements et de l’Analyse) to enhance the fight against tax fraud and evasion. In addition, fiscal controls were
decentralized by assigning this responsibility to the Large Companies Department (revenue greater than CFAF 3 billion),
the Medium-Sized Companies Department (revenue between CFAF 200 million and CFAF 3 billion) and the Regional
Departments (revenue below CFAF 200 million). In 2019, the Integrated Tax Management System in Côte d'Ivoire
(Système Intégré de Gestion des Impôts en Côte d’Ivoire – “SIGICI”) was deployed at the DGI. The SIGICI aims to help
the Government (i) secure tax revenues, (ii) collect reliable information for tax audits, (iii) monitor in real time the state
of compliance with tax obligations and (iv) provide decision-makers with relevant information for effective management.

In addition, the customs authorities have stepped up the fight against fraud by (i) optimizing the use of scanners for
imported and exported goods in the Autonomous Port of Abidjan and San Pedro, (ii) increasing the monitoring of the
coastline and lagoons, (iii) strengthening the capacity to combat fraud and smuggling at land borders through the
acquisition and installation of two scanners at the border offices of Noé in the east and Ouangolodougou in the north in
2017, (iv) increasing control over international transit to improve tracking of goods in transit, (v) the installation of a
second scanner at the northern border (Ouangolodougou office) in May 2018 and (vi) the rehabilitation of six customs
posts at land borders in the second half of 2018 as part of the strengthening of control operations. In 2019, post-clearance
checks were stepped up regarding the customs clearance of petroleum products through the cross-checking of delivery
notices and declarations.

With regard to strengthening its operational capacity, the needs of the Directorate General of Customs for additional
weapons and ammunition have been addressed under the military planning law.

Concerning international transit, several measures have been implemented, including: (i) prohibiting re-export by land
to neighbouring countries with a maritime border (circular no.1857/MBPE/DGD of 22 May 2017), (ii) rearranging the
procedure for processing operations for the re-export of goods inland by rail (circular no. 1846/MBPE/DGD of 22 March
2017) and (iii) the modification of the Committee for the Approval of Economic Operators and Customs Commissioners
(comité d’Agrément des Opérateurs Economiques et des Commissionnaires en Douane Agréés) in charge of transit
operations (decision no. 63/MBPE/DGD of 18 May 2017). On 28 December 2017, a special flying squad for the customs
was also created for transit operations. In 2019, surveillance has been reinforced at border offices not equipped with
scanners in order to improve the handling of goods and prevent the smuggling of goods through these offices.

The Medium-Term Payroll Control Strategy

On 5 May 2014, the Government adopted a medium-term payroll control strategy for the 2014-2022 period. It intends to
continue its implementation pursuant to the priorities under the 2016-2020 NDP, in particular, in terms of recruitment in
the education and healthcare sectors. The budgetary repercussions linked to the implementation of the military planning
and domestic security laws, as well as laws relating to agreements with civil servant and State agent unions, were taken
into account in the 2018 draft finance law. The ratio of the payroll bill to tax revenues is expected to maintain a declining
trend and converge with the WAEMU standard in 2021, according to which the payroll bill cannot exceed 35% of tax
revenues. In addition, as part of an effort to modernize and streamline procedures and practices in the public sector, a
draft law revising the general status of the public sector is under review and is expected to be adopted by the Government.



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The main measures within this strategy are the following:

    •   unfreezing of indexed salary raises (unblocking of salaries);
    •   the readjustment of the State’s employers’ contribution rates from 19% to 16.67%, as of the last year of the
        unfreezing;
    •   resumption of paygrade advancement every two years; and
    •   supervised hiring: hiring forecasts for the 2014-2020 period are based on personnel reinforcement needs due to
        the implementation of the NDP, mainly in social sectors (education and health).

Since the implementation of the strategy, the “payroll to tax revenue” ratio has seen a decreasing trend and has dropped
from 45.2% in 2015 to 40.9% in 2018. It remained above the 35% standard in 2019 (39.8%) and is projected to remain
above the 35% standard in 2020 (37.3%), due to the implementation of salary increase measures for civil servants and
State agents as well as recruitment in the social sectors. However, the ratio is expected to gradually improve to 35.1% in
2021 and 34% in 2022.

In addition, particular attention has been given to recruitment in the education and healthcare sectors.

Transparency, Fight against Corruption and Public Procurement Framework

The Government continues to prioritize the fight against corruption. To this effect, the Government implemented a
Programme for Supporting Good Governance (Programme d’Appui à la Bonne Gouvernance) for the 2009-2013 period,
which benefited from US$83.8 million of Government funding. The Government has also funded the development of a
National Good Governance and Anti-Corruption Plan (Plan National de Bonne Gouvernance et de Lutte contre la
Corruption), the implementation of which has resulted in the following measures and actions:

    •   the Court of Auditors (Cour des comptes) was created by organic law no. 2015-494 of 7 July 2015, and its
        president was appointed on 8 January 2018;
    •   online publication of the final reports on the implementation of the budget and declarations of conformity for
        the years 2003 to 2017;
    •   a High Authority for Good Governance (Haute Autorité pour la Bonne Gouvernance) was created by a
        presidential decree adopted on 20 November 2013 and the presidential decree n°2014-213 of 16 April 2014 on
        the attributions, organisation and functioning of the High Authority for Good Governance was adopted;
    •   campaigns to raise awareness among political, economic and social figures with regard to the harmful effects of
        corruption; and
    •   an Observatory and a Special Court in charge of preventing and fighting against corruption (Observatoire de la
        lutte contre la corruption and Cour spéciale de prévention et de lutte contre la corruption).

The Government also took measures to further regulate the conditions of applicability of the public procurement code
with respect to bilateral contracts awarded without tenders below CFAF 30 million and therefore were not subjected to
the Public Procurement Code.

It is fighting against corruption in particular by seeking to make public procurement systems more transparent on two
fronts:

    •   since November 2013, all procurements agreed outside of public procurement proceedings are systematically
        audited by the Public Expense Review Committee (Cellule de Revue Dépenses Publiques– “CRDP”) before
        they may be approved; and




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    •   the effectiveness of the implementation of sanctions was strengthened through decree no. 118 MPMB of 26
        March 2014 which sets out the rules for the application of sanctions for violations of public procurement
        regulations.

In addition, Côte d’Ivoire complies with the standards established by the EITI since May 2013. The purpose of this
organization is to increase public transparency with regard to State revenues originating from the oil, gas and mining
sectors and their use.

In order to strengthen the public procurement management framework, new measures promoting SMEs were adopted by
the Government in 2016. These measures aim to promote the extensive participation of SMEs in public procurement and
facilitate their access to public procurement. They involve:

    •   increasing the public procurement threshold: increasing the thresholds helped to reduce the volume of contracts
        subject to prior controls by the Public Procurement Department (Direction des Marchés Publics) and thereby
        increasing the share of transactions made below this reference threshold subject to more accessible procedures
        for SMEs;
    •   reserving bids for SMEs by setting the bid quota to be granted to SMEs: to increase the share of bids won by
        SMEs, contracting authorities are asked to reserve an annual share of their budget for SMEs equal to 20% of the
        expected value of expenses for works, supplies and services that are eligible for public procurement;
    •   granting a preference margin for local subcontracting: this involves encouraging large companies to subcontract
        a share of their bids (30% of total value) by granting them, during tender bids, a preference margin on the price
        that may not exceed 5%;
    •   reducing requirements of administrative documents: in order to reduce constraints and thus the rejection of
        SMEs’ offers during the Tender Opening and Bid Assessment Committee (Commission d’Ouverture des plis et
        de Jugement des Offres) preliminary review for absence or non-validity, it was decided that tax and labor
        certifications are now only required upon market approval;
    •   raising awareness of contracting authorities for a favourable allocation to SMEs;
    •   introducing simplified competitive processes in public procurement;
    •   reducing the amount of the provisional deposit; and
    •   implementing a company categorization.

Moreover, in the context of the consolidation of the public procurement system, several actions were carried out over the
last two years, including the following:

    •    all public procurement units have become operational and cover all ministries since October 2018;
    •   the dematerialized public procurement system is now operational in ten ministries, with the "e-marchés publics"
        (electronic public procurement) module since July 2018; and
    •   18 State enterprises and 36 national public institutions are connected to the Integrated Public Procurement
        Management System (Système Intégré de Gestion des Marchés Publics – “SIGMAP”) via the Internet;
    •   revision of the Public Procurement Code to take into account new methods of contracting and new methods of
        bid evaluation with a view to ensuring more efficient public procurement procedures. The revised code was
        adopted by presidential order n°2019-679 of 24 July 2019;
    •   continuation of the process of dematerialisation of public procurement procedures with the extension of Phase 1
        modules to all ministries at the end of December 2019. Phase 2, which is dedicated to the private sector, will be
        implemented with the support of the World Bank and tested in 2020 with a view to generalizing the
        dematerialization process in 2021; and



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    •   deployment of the SIGMAP in the district of Abidjan and in 5 communities other than those in the district of
        Abidjan: the Autonomous District of Yamoussoukro, the Regional Council of Gontougo (Bondoukou), the
        Regional Council of Poro (Korhogo), the Regional Council of Tonkpi (Man), and the Regional Council of Haut
        Sassandra (Daloa).

The Budget Process

The process begins each year in March and ends with the submission of the draft budget to the National Assembly at the
latest on the first Tuesday of October. The draft budget becomes a Finance Law (Loi des finances) upon a vote by the
National Assembly. The Finance Law for each year is enacted by the President of the Republic and made effective as of
1 January of the relevant year.

Côte d’Ivoire’s budget elaboration process comprises the following steps:

    •   development of the macro-economic framework: it allows for the making of projections for the main aggregate
        figures for the years to come with regards to macroeconomic growth;
    •   validating the macroeconomic framework: it allows the Government to declare its approval or suggest
        adjustments to the macroeconomic framework;
    •   development of the budgetary framework: this aims to establish a balance between the commitments of the State
        and available resources;
    •   validation of the budgetary framework: this enables the Government to approve the spending decisions and the
        level of available resources and opens the way to the distribution of funds between the Ministries, Institutions
        and Decentralized Authorities;
    •   determination of the use of budgetary funds: this allows the allocation of budgetary credits to the Ministries,
        Institutions and Decentralized Authorities;
    •   Prime Minister’s framework letter: this communicates to the Ministries, Institutions and Decentralized
        Authorities the budgetary funding allocated to each of them;
    •   budgetary conferences with the Heads of Administrative and Financial Affairs (Directeurs des Affaires
        Administratives et Financières): this allows for an examination of the proposed allocations prepared by the
        Ministries, Institutions and Decentralized Authorities;
    •   arbitrage and amendments to the draft budget: these aim to summarize the modifications carried out and an
        arbitrage of additional requests;
    •   adoption of the draft budget by the Council of Ministers: this marks the end of the executive power’s involvement
        in the budget elaboration process; and
    •   examination of the budget by the National Assembly: this step allows the National Assembly to examine the
        budget after a presentation by the Minister in charge of Budget, after which the budget is voted into law.

In order to ensure that budgeted investments are carried out efficiently, a research fund was set up by the Government in
2012 to finance the necessary feasibility studies for relevant projects. For 2018 and 2019, this fund received an allocation
of CFAF 10.0 billion and CFAF 15.0 billion, respectively. In 2020, CFAF 10.0 billion has been allocated to it.

To render Côte d’Ivoire’s budget management more transparent and more efficient, the Government has instituted a
publicly available quarterly report. A publicly available quarterly report on the status of public procurement contracts
awarded by the Ministry in Charge of the Budget has also been instituted. Adjustments may be made to the national
budget via amended Finance Laws (Lois de Finances Rectificatives), adopted under the same conditions as the Finance
Law (Loi de Finances Initiale).




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New Framework for Public Finance Management

In 2009, the Council of Ministers of the WAEMU adopted six new Directives for purposes of harmonizing the public
financial management legal framework in the Union. This new framework institutes, among other things, multi-year
expenditure programs and budgeting by program.

Côte d’Ivoire transposed the WAEMU Directives into national law following the adoption by the National Assembly of
two laws (lois organiques) voted on 5 June 2014: one establishing a Transparency Code, and another one dealing with
the Finance Law. Four implementing decrees were adopted on 9 July 2014 with respect to:

    •   the State Budget Nomenclature: this decree sets the fundamental principles of presentation of the general budget,
        ancillary budgets and special Treasury accounts.
    •   the State Financial Transactions Table: this decree sets the general principles relating to the preparation and
        presentation of the statistics on the financial transactions of the WAEMU member States.
    •   the Accounting Plan of the State: it determines the subject matter of the State’s general accounting and the
        standards, rules and procedures relating to its preparation and the production of the accounts and financial
        statements. It adopts an accounting plan the basis of which is common to all WAEMU member States.
    •   the General Rulebook on Public Accounting: it sets the fundamental rules governing the spending of public
        budgets, accounting, control of financial transactions, management of public funds, values and assets.
The principal changes brought about by the adopted laws include:

    •   the shift from a means- to an outcome-oriented strategy so that public money is spent more efficiently;
    •   the use of multi-year budgets;
    •   the decentralization of the principal authorizing power: the Ministers and Institution Presidents are the principal
        authorizers of credits and their programmes;
    •   a debate on budget execution in the National Assembly at the end of the second quarter of every year, during
        which the Government will defend its social and economic policies; and
    •   the reinforcement of the mission of each Technical Minister: to this effect, each Minister will have to defend his
        budget in front of the National Assembly and provide an account of his management through a detailed yearly
        performance report.

In order to facilitate the application of these rules, the Government carried out several actions in the course of 2018,
including:

    •   the transposition of the community Directive relating to stock records in the national legal framework. Decree
        no. 2018-928 of 12 December 2018 on stock records determines the organization, management and control of
        operations relating to the accounting of materials held in inventory. With this legal framework, the keeping of
        genuine, accurate, regular, precise and exhaustive accounting records will facilitate the decision-making process,
        and so, to contribute to the control of asset management by public decision makers;

    •   continued work to finalize the Budgetary and Accounting Information System which will allow for the
        preparation and spending of the budget as part of the budget programme. The development module has been
        completed and work in relation to the execution module is being finalized;

    •   the adoption of directive no. 001/SEPMBPE/DGBF/DRBMGP of 20 December 2018 providing for the terms
        for the codification of budget items;

    •   continued preparation of the Annual Performance Reports (Rapports Annuels de Performance (“APRs”)) by
        five pilot ministries, which began in 2017 and the ongoing education of the other ministries in view of preparing
        their respective APRs;

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    •    continued dissemination of collections of transposed regulations, the methodological guide on performance and
         instructional guides;

    •   the adoption of the circular no.0567/cab-PM/SEMPBPE/DGBF/DRBMGP on the designation of the Programme
        Managers within the various Ministries; and

    •   the continued strengthening of the capacities of the central and decentralized parties involved in the
        implementation of the program budgets as described in the organic law relating to finance laws.

Moreover, in order to consolidate the legal framework for public finance management, decree no. 2019-81 of 23 January
2019 on the Charter for the Management of Programs and Allocations (Charte de Gestion des Programmes et des
Dotations) was adopted in January 2019. This decree defines the roles and responsibilities of the various participants
involved in the implementation of programs and allocations as well as rules relating to their management. It also sets out
the rules relating to the steering and performance of programs.
In 2019, Côte d’Ivoire prepared and published its first citizen's budget (budget citoyen). The citizen's budget is a more
simplified form of the state budget presented in an accessible to and less technical manner for all citizens of Côte d’Ivoire.
It is designed to keep the population informed about public management and to help improve budget transparency in
Côte d'Ivoire.
Finally, in order to ensure better consistency between its development objectives and its budgetary resources, Côte
d’Ivoire has adopted the budget-programme system, a system of equivalence between a budget and a programme. This
system is effective since 1 January 2020 and replaces the budgeting system based on the resources, which was in force
since the country became independent in 1960. In accordance with the new system, the finance law establishing the 2020
State budget is structured into 35 allocations and 149 budget programs across the ministries and government agencies.

Treasury Single Account

A methodology for the creation of a Treasury Single Account (Compte Unique du Trésor) (“TSA”) and a timetable for
closing the public accounts in commercial banks were adopted in December 2014.

Treasury management will be further modernised and optimised through the TSA’s implementation, which addresses the
necessity of controlling all public funds in real time and ensuring optimal management of treasury and public debt. To
this end, all public resources must be held in a Settlement Account with the BCEAO from which all State expenditures
will be carried out.

Accordingly, the Government initiated a survey of public accounts mainly held with commercial banks and the Central
Account Agency (Agence Comptable Centrale des Dépôts) (“CAA”) (also referred to as the Government Deposit Bank
(Banque des Dépôts du Trésor)). The closing process has begun with dormant or redundant accounts. A pilot phase
relating to the revenue section of the TSA has also been launched. To this end, the CAA agencies have been given
equipment to scan bank notes so as to accelerate collection of revenue for deposit in the TSA. This operation is expected
to aid in rapidly processing bank accounts held by these agencies.

The revenue and expenditure components of the TSA are now operational at the level of the Directorates-General for
Taxes, Customs and the Public Treasury. After the pilot phase of the TSA from 28 February 2017 to 24 January 2018,
which was deemed satisfactory, the rollout is under way with the first phase completed in December 2018, which involved
278 line items for the revenue component and 65 accounting line items for the expenditure component.

In 2019, the TSA entered its operationalization phase. Thus, 486 accounting line items (Directorates-General for Taxes,
Customs and the Public Treasury) were connected to the revenue component and 285 accounting line items to the




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expenditure component. As a result, 1,532 accounts were closed with public and commercial banks. In addition, the users'
ability to understand the functionalities of the TSA's automated management system was improved.

Integrated System for the Management of Public Finances

In order to ensure control over public expenditures, in 1999 the Government introduced a management tool for public
finances, known as the Integrated System for the Management of Public Finances (Système Intégré de Gestion des
Finances Publiques – SIGFiP). This system connects principal participants of the public expenditure chain and provides
a framework for expenses within budgetary allocations and regulates the budget.

The SIGFiP continued to be deployed with the connection of 11 additional National Representations Abroad
(Représentations Nationales à l’Etranger – “RNEs”), bringing the number of connected RNEs to 43 out of the 52
planned, including 6 localities in the interior of the country in 2019.

Revenues and Expenses

The table below shows the changes in public revenues and expenses from 2015 to 2020 as set forth in the State Financial
Transactions Table (Tableau des Opérations Financières de l’Etat):

 in CFAF billions                                                 2015          2016          2017         2018        2019        2020

 Total revenues and Grants ...................                     3,916.8       4,176.6       4,523.4     4,764.1     5,158.4     5,089.6
  Total revenues .......................................           3,634.6       3,884.2       4,257.3     4,517.9     4,883.5     4,808.3
   Tax revenues (including earmarked revenues and
   parafiscal) ............................................        2,954.9       3,352.6       3,660.8     3,882.4     4,205.4     4,191.5
    Direct taxes .......................................             788.4         851.9         948.3     1,093.9     1,139.7     1,102.9
      Including taxes on oil profits ..........                       72.0          55.0          64.1        87.3       100.6        63.1
    Indirect taxes .....................................             691.6         789.7         839.9       860.6       982.7     1,022.3
   Non -tax revenues ...............................                 679.8         531.6         596.5       635.6       678.1       616.8
    Social Security
    contributions .....................................              383.5         443.3         455.7       479.2       509.6       483.7
    Others ................................................          296.2          88.3         140.8       156.4       168.5       133.1
      Including: PETROCI dividends .....                              18.8           0.0           2.6         8.5         9.8         8.2

 Grants .....................................................        282.2         253.5         266.1       246.2       274.9       281.3
  Projects ..................................................        128.6         105.9         115.2        87.4       107.4       173.1
  Programmes (including those linked to the crisis)                  153.6         147.6         150.9       158.7       167.5       104.6

 Total expenses ........................................           4,469.8       5,014.6       5,521.7     5,708.3     5,943.9     7,174.1
  Current expenses ...................................             3,222.7       3,606.2       3,995.0     4,161.0     4,444.6     5,222.7
   Salaries and wages ..............................               1,331.6       1,400.8       1,512.3     1,621.9     1,703.0     3,776.6
   Social security benefits .......................                  255.4         260.7         263.7       296.3       331.3       357.3
   Subsidies and other current transfers (including health
   and education) ....................................               414.7         385.8         430.1       403.7       431.1       389.2
        Including: electricity subsidies ....                         77.7           7.5          28.9        18.2        24.5        14.4
   Other current expenses ........................                   814.8       1,069.4       1,364.4     1,372.2     1,403.5     (117.1)
        Including: damages paid with respect to toxic
        waste/Ebola .................................                 13.2          20.9           4.0         0.9         0.0         0.0
   Expenses connected to the crisis/Security expenses                108.7         129.4          44.9        32.6        54.7       126.1
   Interest owed .......................................             297.5         360.1         379.5       434.2       520.9       690.6
        D