Ivory Coast Receives USD 261 Million As European Union Grant
The Ivory Coast receives USD 261 million through a European Union grant, as special aid that will help revive the West African country's economy.
European Union Development Commissioner Andris Piebalgs announces this Tuesday that the European Union grant will clear Ivory Coast's debt accumulated with reference to the European Investment Bank. The European Union grant comes after the French government pumps USD 580 million into the country's economy, so that it can pay off its debts and restart public services in Abidjan, its economic center.
With the European Union grant coupled with the European Union lifting its sanctions to allow ports in Abidjan and the city of San Pedro to reopen, the economic comeback in the country will be brisk after the arrest of President Laurent Gbagbo this week. More than 400,000 tons of cocoa beans sitting in warehouses of the country are exportable now, but the only hindrance is that the banking system needs to be up and running soon. This is because exports will not ship without financing.