Côte d’Ivoire: Block CI-27 Gas Field Expansion

After several decades of stability and growth, in 1999 Côte d’Ivoire began to suffer from political strife and the effects of a brutal civil war. However, in 2011 the country began to once again stabilize and experience solid growth. To fuel its economic expansion and increasing demand for electricity, Côte d’Ivoire recognized it needed to increase its gas supplies. In 2012, the World Bank Group’s International Development Association (IDA) and Multilateral Investment Guarantee Agency (MIGA) provided partial risk guarantees and political risk insurance, respectively, to a project aimed at developing offshore gas fields that would supply independent power plants. Part of the investments covered by MIGA were re-insured by the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a part of the Islamic Development Bank. The support from these multilateral development institutions, investors, and financiers helped secure a 12-year supply of dry natural gas for the country’s domestic power plants.

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