United States Provides $750,000 Grant to Advance Côte d’Ivoire’s Plan to Become Regional Energy Market Leader
ABIDJAN (January 19, 2023) – The U.S. government’s Millennium Challenge Corporation (MCC) and the Government of Côte d’Ivoire, through the Ministry of Finance and Economy, signed a grant agreement on Thursday, January 19 worth $750,000 to develop a regional compact program – a large, five-year grant – that would support Côte d’Ivoire’s efforts to become a leader in the West African regional electricity market. The Compact Development Funding Grant Agreement was signed by Côte d’Ivoire’s Ministry of Finance and Economy, Adama Coulibaly, and MCC’s Vice President of Compact Operations, Cameron Alford.
“Reducing energy poverty within West Africa requires strengthening power trade.” said Cameron Alford. “Strengthening the energy sector in Côte d’Ivoire will allow the sector to meet both national demand and export regionally. We look forward to continuing to work with our Ivorian partners to develop and design a compact that benefits the entire region.”
The MCC-Côte d’Ivoire Regional Compact would strengthen market integration between Côte d’ Ivoire and West Africa by creating a day-ahead energy market, facilitating the transparent purchase, sale, and movement of electricity around the West African grid with Côte d’Ivoire as an anchor power exporter. Increased access across the region to stable electricity will advance economic growth throughout West Africa.
The new agreement provides the necessary funding for the Government of Côte d’Ivoire and MCC to continue designing the MCC-Côte d’Ivoire Regional Compact. The eventual compact would also support several activities to ensure environmentally sustainable and socially inclusive operations and services..
The Millennium Challenge Corporation is an independent U.S. government agency working to reduce global poverty through economic growth. Created in 2004, MCC provides time-limited grants and assistance to some countries that meet rigorous standards evaluated by third parties for good governance, fighting corruption and respecting democratic rights.