Debt and education: the global ripple effects of Côte d’Ivoire’s New York push
Why Côte d’Ivoire’s New York visit sparked a global conversation
When Dr Souleymane Diarrassouba, Côte d’Ivoire’s Minister of Planning and Development, took the stage at two high-level UNICEF events in New York on September 21 and 22, 2026, he did more than present a policy. He ignited a debate that is now reverberating through boardrooms, ministries of finance, and civil society groups across Africa and beyond.
The minister’s message was clear: debt is not inherently good or bad. Its impact on people depends on how it is used, how it is structured, and what it costs. That framing has become a rallying point for those who argue that developing nations can leverage borrowing to invest in their most valuable resource—their children.
Inside the two high-level meetings
The first session, held on September 21, was part of the Learn AI Global Compact, a UNICEF initiative themed “Responsible AI for every learner.” There, Diarrassouba shared Côte d’Ivoire’s pioneering experience with sustainability-linked financing.
In 2025, the country adopted a dedicated framework and secured a €433.3 million loan whose financial terms shift based on 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 marked the first sovereign sustainability-linked loan in West Africa.
In New York, the minister explored the possibility of 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.
But he was quick to outline the prerequisites: reliable, verifiable learning indicators, prudent financial risk management, and loan durations that align with the investments being financed. He also emphasised the need to protect children’s data and to ensure that states and teachers remain accountable for pedagogical choices.
From AI to debt: the second high-level meeting
On September 22, the minister addressed a second UNICEF high-level meeting focused on debt, development, and future generations. The timing was significant. According to UNICEF, nearly 400 million children live in countries where debt is growing faster than investments in health, education, and nutrition.
Diarrassouba reiterated Côte d’Ivoire’s position: the impact of debt on populations hinges on its allocation, structure, and cost. He pointed to the National Development Plan (PND) 2026-2030 as the guiding framework for this approach. The plan prioritises human capital, skills, and employment, setting targets for maternal and child health, universal health coverage, social protection, and improvement of the human capital index.
In parallel, Côte d’Ivoire is pursuing debt management based on risk control, fiscal sustainability, and the search for better financing terms.
Debt swaps and the ‘human face’ of borrowing
In 2024, with support from the World Bank Group, Côte d’Ivoire carried out a debt-for-development swap. Nearly €400 million of commercial debt was refinanced. The operation is expected to free up around €330 million in budgetary resources over five years, with a significant share earmarked for education through national budget mechanisms.
“A debt with a human face is not a debt that has been erased,” Diarrassouba declared. “It is a debt whose allocation, structure, and cost are placed at the service of health, education, and child protection.”
What comes next: reactions and the road ahead
The minister’s interventions have sparked a broader conversation about how African nations can reshape their borrowing strategies to prioritise people. The PND 2026-2030 envisions greater use of digital technology and artificial intelligence, particularly in education and training. Côte d’Ivoire has signalled its readiness to continue working with UNICEF and partners of the Learn AI Global Compact on verifiable learning indicators and a suitable guarantee mechanism.
Through these two appearances, 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 PND 2026-2030 objectives. Education, health, social protection, and the broader development of human capital remain at the heart of these priorities.
The fallout from New York is still unfolding, but one thing is certain: Côte d’Ivoire has positioned itself as a testing ground for a new kind of debt—one that puts children first.