Behind Côte d’Ivoire’s debt-for-education push: the strategy and stakes unveiled in New York
When Côte d’Ivoire’s Minister of Planning and Development, Dr Souleymane Diarrassouba, took the stage in New York on 21–22 September 2026, he was not simply presenting a policy. He was revealing the inner workings of a financing approach that ties debt to human capital — a strategy that has been quietly taking shape for years. Two high-level UNICEF meetings, one on financing artificial intelligence in education and another on debt’s impact on future generations, provided the backdrop for Ivorian officials to explain how the country is trying to shield education from the pressures of rising debt.
The roots of a financing model: sustainability-linked borrowing
On 21 September, during the Learn AI Global Compact session themed “Responsible AI for every learner,” the Minister outlined Côte d’Ivoire’s experience with sustainability-linked financing. The groundwork was laid in 2025, when the country adopted a dedicated framework and secured a €433.3 million loan whose financial terms adjust according to results in renewable energy and forest restoration. The operation benefits from a joint guarantee by the International Bank for Reconstruction and Development (IBRD) and the Multilateral Investment Guarantee Agency (MIGA). It stands as West Africa’s first sovereign sustainability-linked loan.
In New York, discussions explored extending this model to human capital through a sustainability-linked bond. Under such a mechanism, the loan’s financial conditions would be tied to learning outcomes measured at the national level. This would require reliable, verifiable learning indicators and prudent management of financial risks, with the loan’s duration aligned to the investments it finances. Côte d’Ivoire also emphasised principles such as protecting children’s data and ensuring accountability among states and teachers in pedagogical choices.
The National Development Plan 2026–2030 envisions greater use of digital technology and artificial intelligence, particularly in education and training. Côte d’Ivoire expressed readiness to continue working with UNICEF and Learn AI Global Compact partners on verifiable learning indicators and a suitable guarantee mechanism.
Debt with a human face: the deeper dynamics
On 22 September, the Minister spoke at a second UNICEF high-level meeting on debt, development, and future generations. According to UNICEF, nearly 400 million children live in countries where debt burdens are growing faster than investments in health, education, and nutrition. The Minister reiterated Côte d’Ivoire’s position: the impact of debt on populations depends on its allocation, structure, and cost.
The PND 2026–2030 provides the reference framework for this policy. It assigns a central role to human capital, skills, and employment, and sets targets for maternal and child health, universal health coverage, social protection, and improving the human capital index.
At the same time, Côte d’Ivoire is managing its debt through risk control, fiscal sustainability, and the pursuit of better financing terms. In 2024, with support from the World Bank Group, the country executed a debt-for-development swap. Nearly €400 million in commercial debt was refinanced. The operation is expected to free up about €330 million in budgetary resources over five years, a significant share of which is directed to education through national budgetary mechanisms.
“A debt with a human face is not a debt erased. It is a debt whose allocation, structure, and cost are placed at the service of health, education, and child protection,” stated Dr Souleymane Diarrassouba.
Through these two interventions, Côte d’Ivoire showcased the choices guiding its development financing policy: preserving debt sustainability, directing resources toward national priorities, and exploring new instruments when they can contribute to the goals of the PND 2026–2030. Education, health, social protection, and broader human capital development remain at the heart of these priorities.
