Cote d'Ivoire - Economy and Business News

[ciceroji]

http://news.abidjan.net/h/445698.html

Mercredi 21 novembre 2012. Autoroute du Nord. Le Président de la Banque Islamique de Développement (BID), l`un des bailleurs de fonds du projet s`est rendu à Yamoussoukro en compagnie du Ministre d`Etat, Mabri Toikeuse et du ministre des Infrastructures économiques Patrick Achi, pour apprécier l`ouvrage terminé à 90 %

[Paperyostrich]

Ivory Coast economic situation “encouraging” – IMF Director General

“The current economic situation is more encouraging compared to that of 2011,” she said, assuring that her institution was “extremely close, and willing to give as much support as possible to the efforts to renovate and reverse the economy for the good of the population.”

Besides, Mrs. Lagarde commended the “better results” in the implementation of the IMF’s economic and financial programme for Ivory Coast.
This programme relates to a US$600-million loan agreement for the period 2011-2014. “It is being implemented smoothly and successfully,” she added.

It could be recalled that the IMF had already carried out in November 2012, a second review of its programme in Ivory Coast, which it considered as very positive.

Christine Lagarde was expected to make a speech on Monday morning before the Ivorian MPs, after her meeting with the Ivorian Prime Minister Daniel Kablan Duncan.

Christine Lagarde is also expected to hold a series of meetings with representatives of the private sector and the civil society.
Before leaving Ivory Coast on Tuesday afternoon, the Director General of the Fund will be received by President Alassane Ouattara.

From: http://en.starafrica.com/news/ivory-...r-general.html

[Paperyostrich]

Ivory Coast Has Put Economy Back on Track, IMF’s Lagarde Says

Ivory Coast has put its economy on the “right track” after a political crisis, and posted growth of more than 8.5 percent last year, International Monetary Fund chief Christine Lagarde said.

The rebound follows a contraction of 4.7 percent in 2011 and is “the result of good policies” implemented after the standoff that followed that year’s presidential election, Lagarde told lawmakers from the West African nation today in Abidjan, the commercial capital. The conflict left more than 3,000 dead and disrupted business and trade.

Ivory Coast, the world’s biggest cocoa producer, has overhauled the industry and improved the business climate by setting up commercial courts, Lagarde said. Public investment is set to increase to 7 percent of gross domestic product this year from 3 percent in 2010, she said.

The West African nation also had $4.4 billion of its debt canceled in June after it completed an economic-reform program backed by the IMF and the World Bank. Last month foreign donors pledged about $8.6 billion, more than double the amount initially sought, for a development plan to create jobs and improve infrastructure.

Challenges the West African nation needs to meet to support growth include investing in education and training, improving access to borrowing and building a more competitive banking system, Lagarde said.

The government is targeting 9 percent growth this year and 10 percent in 2014, and aims to win recognition for Ivory Coast as an emerging country by 2020. That’s “not a hopeless dream but an approach based on concrete policies,” Lagarde said.

From: http://www.bloomberg.com/news/2013-0...arde-says.html

[Paperyostrich]

Ivory Coast customs revenues hit nearly $2 bln in 2012

Jan 11 (Reuters) - Ivory Coast, the world's top cocoa grower, earned 974 billion CFA francs ($1.98 billion) in customs revenues in 2012, the director of the West African nation's customs agency said on Friday.

Nearly two-third of revenues, or 622 billion CFA francs, came from customs duties on general merchandise. 239 billion CFA francs were earned on exports. And customs duties on petroleum products accounted for 111 billion CFA francs.

"From a target of 934.4 billion CFA francs, the state customs authority recovered during the year 2012 the amount of 973.98 billion CFA francs," Issa Coulibaly told a conference in the commercial capital Abidjan.
Coulibaly said the agency was targeting revenues of 1.175 trillion CFA francs in 2013.

Ivory Coast, once the economic motor of French-speaking West Africa, is recovering from a decade of political turmoil that stalled its
economy. A brief civil war ended the impasse in 2011 but blocked trade at the port of Abidjan, a major regional hub, for several months.

Last year saw a successful turn-around with GDP growth of more than 8.5 percent, from a 4.7 percent contraction. ($1 = 491.5190 CFA francs) (Reporting by Loucoumane Coulibaly; Writing by Joe Bavier; editing by Ron Askew)

From: http://www.reuters.com/article/2013/...9CBCGS20130111

[Paperyostrich]

Ivory Coast signs $500 mln loan deal with China's Exim

Jan 9 (Reuters) - Ivory Coast's government has agreed a $500 million low-interest loan from China's Export-Import Bank to finance construction of a 275 megawatt hydropower station near the western town of Soubre.
The West African nation is investing heavily in major infrastructure projects in the wake of a years of political turmoil and is pushing to increase energy production by 150 MW per year over the next decade.
"This is a $500 million loan over 20 years with an (interest) rate of 2 percent and a grace period of nine years," Zhang Guoqing, China's ambassador in Ivory Coast, said at the signing of the accord.
"This is the largest loan agreed with Ivory Coast in over 30 years," he said.

Construction by Chinese state-owned hydropower engineering firm Sinohydro is due to begin in February and last 56 months. Upon completion, the dam will be the country's largest hydropower station.
"The Soubre project ... will allow us to boost Ivory Coast's hydroelectric capacity, balance our energy mix and confront at a low cost the rising growth in domestic consumption," Mines and Energy Minster Adama Toungara said.

He said the government hoped to launch a feasibility study for a second dam of the same size on the Louga River before the end of the year.
Unlike many countries in sub-Saharan Africa, Ivory Coast has an enviably reliable power supply and exports electricity to neighbours Ghana, Burkina Faso, Benin, Togo and Mali.

It has plans to add Liberia, Guinea and Sierra Leone to its grid.
Consumption at home and abroad is growing rapidly, however, and investment in the sector was hobbled during a 10-year political crisis that divided the world's top cocoa grower into a rebel-held north and government-controlled south.

A brief 2011 war ended the impasse and reunited the country. The government has since promised to spend $500 million to renew the utility sector and is seeking additional financing.

Plans include construction of a 330 megawatt thermal power station near the commercial capital, Abidjan.

In November, Ivory Coast-based Foxtrot International announced plans to invest nearly $1 billion over five years to boost production of offshore gas to supply the country's thermal power stations. (Reporting by Loucoumane Coulibaly; Writing by Joe Bavier; editing by Jane Baird)

From: http://www.reuters.com/article/2013/...9C9CPS20130109

[Paperyostrich]

Ivory Coast aims to boost oil output after discoveries

ABIDJAN, Jan 3 (Reuters) - Ivory Coast hopes to raise its oil output to around 200,000 barrels per day in five years from 32,000 bpd now thanks to recent discoveries and ongoing exploratory drilling, a top oil official said.
Oil exploration off Africa's west coast has risen sharply since Ivory Coast's neighbour Ghana discovered a large field in 2007 and brought it into production in record time in late 2010.

Oil firm Vanco Cote d'Ivoire announced in December it had found light oil on Ivory Coast's offshore block CI-401, six months after U.K.-based Tullow Oil said it struck light oil on block CI-103.

"With these discoveries and the projected investments, Ivory Coast will be able to realise its target of raising output from around 32,000 barrels per day now to around 200,000 bpd in the five years ahead," Ibrahima Diaby, head of hydrocarbons at the Ministry of Mines, Petroleum and Energy told Reuters in an interview.

He said Vanco and Tullow were planning further drilling on their discoveries in 2013 and 2014 to clarify reserves.

Oil output has fallen nearly in half in Ivory Coast due to technical problems and low levels of investment during a decade of political turmoil that culminated in a 2011 civil war.

But Diaby said that Ivory Coast had signed 14 new production sharing contracts since the end of the war and had seen a boom in exploration activity by international oil firms, including France's Total, and U.S.-based Anadarko.

He said the government had also signed three exclusive exploitation deals for natural gas fields in 2012, including two with Ivory Coast-based Foxtrot and one with Rialto. He said natural gas production in the country could rise to 250 million cubic feet per day from 170 mmcfd currently.

Diaby said Ivory Coast remained in talks with Ghana over their shared land and sea border. Both sides have played down the talks, saying there was no evidence rights to a key oil find were at stake.

The world's top cocoa grower, Ivory Coast is seeking to diversify its economy, in part by boosting its energy and mining sectors. Diaby said some 800 billion CFA francs ($1.6 billion) worth of investments were planned in the energy sector, with funds coming from state firm Petroci as well as partners in Europe and the United States. He gave no details.

From: http://www.reuters.com/article/2013/...9C33CZ20130103

[LADEN]

good news

[Hadrami]

Le groupe marocain Addoha annonce l’expansion de ses activités en Côte d’Ivoire
08/04/2013


Le groupe marocain Addoha, spécialisé dans la cimenterie et l’immobilier a annoncé lundi aux autorités ivoiriennes l’expansion de ses activités en Côte d’Ivoire où sa première usine de ciment en construction sera opérationnelle à partir de juin prochain.
L’annonce a été faite au Premier ministre ivoirien, également ministre de l’Economie et des finances, Daniel Kablan Duncan par Anas Sefrioui, le président de ce groupe.

‘’L'expansion de nos activités en Côte d’Ivoire a été au centre de cette audience », a déclaré le patron du groupe Addoha à sa sortie d’audience avec M. Daniel Kablan Duncan.

M. Anas Sefrioui a exprimé au Chef du Gouvernement ivoirien la volonté du groupe Addoha de doubler la production de 500 000 tonnes à 1 million de tonnes en 2014.

Il a annoncé dans cette foulée, la construction en Côte d’Ivoire d’une usine de fabrication de sacs pour l’emballage de ciment.

Selon lui, cette installation coûtera 12 millions d’Euros et permettra de produire 120 millions de sacs dont 10 millions destinés à la consommation intérieure et le reste à l’exportation.

Les premiers ensachages de l’usine de la société Ciment d’Afrique (CIMAF) appartenant au groupe Addoha en pleine construction dans la zone industrielle de Yopougon à l’Ouest de la capitale économique ivoirienne, seront disponibles au mois de juin pour ‘’révolutionner » les prix pratiqués actuellement par les deux opérateurs historiques du secteur de la cimenterie en Côte d’Ivoire.

Pour un coût global de 20 milliards de Fcfa, soit 30 millions d’Euros sur une superficie d’environ 5 hectares, cette impressionnante usine de broyage de clinker pour la production de ciment, a une capacité de production de 500 mille tonnes de ciment par an, extensible à 1 million de t/an.

Il ressort du descriptif de l’activité que l’export de Clinker se fera à partir des deux usines de CIMAT (Ciment de l’Atlas) sises au Maroc, déchargement au port, transport et broyage pour la production et la commercialisation de tous les types de ciment.

L’équipement de dernière génération de la CIMAF, stocké déjà sur le site de l’usine en attendant son installation, est composé d’un atelier de broyage avec un broyeur à boulets horizontal de capacité 65t/h équipé d’un séparateur dynamique et d’un filtre à manche.

Il prend également en compte un atelier d’ensachage et d’expédition comprenant deux ensacheuses rotatives et une bouche de vrac.

Un hall de stockage couvert de clinker et un atelier de génération d’énergie, figure sur la liste de cet équipement de dernière génération.

La CIMAF qui offre 1000 emplois indirects et 200 emplois directs en Côte d’Ivoire, dispose en outre d’un site de deux hectares dans la zone portuaire de Vridi au sud d’Abidjan où seront construits des entrepôts pour le stockage du clinker et des ajouts.

Après Abidjan, la CIMAF a déjà étendu sa toile à Conakry (Guinée), à Ouagadougou (Burkina Faso), à Douala (Cameroun), et bientôt, elle sera à Pointe Noire (République Démocratique du Congo) et à Libreville (Gabon).

Sur le plan des logements sociaux, Anas Sefrioui a indiqué qu’un programme de construction de 5000 logements supplémentaires sera lancé pour compléter le projet de construction déjà en exécution de 2600 logements.

A[B] terme, ce sont 7600 logements que le groupe Addoha mettra à la disposition des populations pour un début.

Addoha construit annuellement au Maroc 30.000 logements, avec un système de guichet unique au bout duquel le client entre en possession des clés de son logement.

‘’C'est ce modèle que nous voulons envoyer en Côte d’voire », a dit M. Anas Sefrioui.


source: APA

The Moroccan group Addoha specialized in cement and real estate announced to the Ivorian authorities Monday the expansion of its activities in Côte d'Ivoire, where its first cement plant construction will be operational from June. For a total cost of 20 billion CFA francs, or 30 million euros this impressive clinker grinding plant for cement production will cover an area of ​​approximately 5 hectares and will have a production capacity of 500 thousand tons of cement per year, expandable to 1 million tons / year.

[Hadrami]

Côte d’Ivoire : après dix ans la BAD regagne Abidjan
09/05/2013

La Banque Africaine de Développement(BAD) va revenir à Abidjan. Après la relocalisation effectuée en 2003 en Tunisie suite au coup d'État de 2002 au Côte d’Ivoire, la banque déclare finaliser les démarches avec le gouvernement ivoirien pour un retour à un nouveau siège à Abidjan.
« La feuille de route de ce retour sera entériné à Marrakech », déclare Youssouf Ouedraogo, conseillé spécial du président de la BAD Donald Kaberuka. En effet, lors d’un point de presse organisé par le département marocain de l’Economie et des Finances, à Rabat, le mercredi 8 mai, en vue d’annoncer la tenue à Marrakech du 27 au 31 mai des Assemblées Annuelles de la BAD, le conseillé spécial a affirmé qu’après « le retour à l’ordre » observé au Côte d’Ivoire la banque a jugé évident ce retour, « on est dans la mise en œuvre d’une initiative qui a été préparée avec les efforts du gouvernement ivoirien, au même temps la BAD a de la reconnaissance en vers la Tunisie et son gouvernement».

De son côté, Nizar Baraka en sa qualité de président du Conseil des gouverneurs de la BAD, a expliqué qu’il s’agit d’une « décision unanime » fondée sur « une logique de déclencheurs » et non de délais fixés à l’avance. C'est-à-dire que pour les préparatifs de ce retour la fin d’une étape déclenchera la prochaine sans être directement soumise à une date précise. Ceci dit, Youssouf Ouedraogo a précisé que le bâtiment du siège de l’institution va être finalisé d’ici la fin de cette année.

Par ailleurs, le ministre marocain de l’Economie et des Finances a souligné que les Assemblées Annuelles à Marrakech vont réunir plus de 3000 participants dont 54 ministres africains chargés de l’économie et des finances, des gouverneurs des banques centrales africaines et des représentants des 24 pays.


source: Les Afriques

The African Development Bank (ADB) will return to Abidjan. After the relocation conducted in 2003 in Tunisia following the coup d'état ​​in 2002 in Côte d'Ivoire, the bank said they are finalizing the steps with the Ivorian government for a return to a new headquarters in Abidjan.

[Malaika254]

Originally Posted by Hadrami

The African Development Bank (ADB) will return to Abidjan. After the relocation conducted in 2003 in Tunisia following the coup d'état ​​in 2002 in Côte d'Ivoire, the bank said they are finalizing the steps with the Ivorian government for a return to a new headquarters in Abidjan.

I finally have a reason to visit CI (my uncle); it's good they are coming back.

[Paperyostrich]

Will the headquarters be in a new building? Or are they refurbishing an old one?

[èđđeůx]

hopefully new!

[èđđeůx]

World Bank's IFC to invest $500 mln in I.Coast over next year
http://www.reuters.com/article/2013/...0DX4WA20130516

May 16 (Reuters) - The International Finance Corporation will invest around $500 million over the next year in top cocoa grower Ivory Coast, the vice president of the World Bank's investment wing said on Thursday.

"The $500 million concerns the energy sector, the financial sector and the agribusiness sector. We have projects we are already working on which are moving forward," Jean Philippe Prosper told journalists in the commercial capital Abidjan.

He said the IFC would invest some of the money in electricity producer CIPREL, a subsidiary of French industrial group Bouygues, which plans to complete construction of a new 110-megawatt gas turbine by the end of the year.

Prosper declined to give details of other planned investments.

Six months of violence in the wake of presidential elections in late 2010 led to a 4.7 percent contraction of French-speaking West Africa's largest economy in 2011. But an economic recovery is underway, with GDP growth hitting 9.8 percent last year.

The government forecasts double-digit growth by 2014. (Reporting by Loucoumane Coulibaly; Writing by Joe Bavier; editing by Mike Collett-White)