The Emerging Africa & Asia Infrastructure Fund (EAAIF), a Private Infrastructure Development Group (PIDG) company, managed by Ninety One, has committed XOF 10bn (~$18m) to anchor the second phase of Côte d’Ivoire’s landmark social receivables-backed securitisation programme, dedicated to expanding electricity access for millions of people across the country. 

The new issuance will finance 400,000 last-mile connections as part of an overall XOF 120bn (~$210m) programme established by the Programme Électricité Pour Tous (PEPT) to develop 800,000 new connections. 

The PEPT programme targets underserved households - primarily in rural and peri-urban areas - by reducing upfront connection costs and spreading payments over time through smart metering and pre-payment systems. 

To date, the programme has connected over 2.2 million households, improving access to education, health services, small-business productivity, and women’s economic inclusion.  Phase I exceeded expectations, delivering more connections than initially forecast and demonstrating a strong payment track record.

EAAIF’s new allocation builds on a XOF 18bn ($30m) commitment in 2023, underlining the Fund’s central role in one of West Africa’s most ambitious energy-access programmes. 

The programme is designed to help Côte d’Ivoire reach its target of 100% village-level electrification by 2030. As with the first issuance, the bonds will be listed on the Bourse Régionale des Valeurs Mobilières (BRVM) regional exchange, further deepening West African capital markets and enabling broader local investor participation. Pension funds, regional banks, and other financial institutions are expected to participate in the senior tranches, supported by the strong performance of Phase I.

The issuance brought together leading development finance institutions (DFIs) including the African Development Bank (AfDB) and Norfund. The International Finance Corporation (IFC) strengthened the structure by providing XOF 15.8 billion in guarantees, covering 26% of the total issuance and enabling greater participation in the longest-tenor tranche.

The transaction demonstrates EAAIF’s and PIDG’s overall mandate to mobilise innovative forms of capital that expand energy access, strengthen local capital markets, and crowd in private investment for essential infrastructure.  It follows the recent launch of another PIDG investment in a 50MWp solar project in Côte d’Ivoire aimed at meeting the electricity needs of up to 240,000 people. 

Folatomi Fayemi, Investment Specialist, Ninety One, said: “EAAIF’s continued support of the innovative PEPT programme underscores our commitment to expanding energy access through scalable, market-shaping financing solutions in underserved regions. This second securitisation builds on a strong foundation and proves that social bonds can deliver both impact and market confidence, mobilising capital and driving energy access for millions of people in Côte d’Ivoire”.