After securing Africa's first sovereign sustainability-linked loan (SLL), the Republic of Côte d'Ivoire secured two awards after judges praised its impactful and potentially replicable structure.

In September, the West African state signed a €433 million ($497 million) SLL with Standard Chartered in a deal backed by guarantees from the World Bank.

The loan is tied to targets related to renewable energy share of the country's electricity capacity as well as two forestry targets focused on protecting and increasing forest cover.

An Environmental Finance Sustainable Debt Awards judge said the transaction was likely to prove "very impactful" and was a "deserving" winner for its inclusion of less common reforestation targets alongside a more familiar renewable energy target.

In addition, the loan was praised for its innovative use of guarantees from two World Bank institutions – the International Bank for Reconstruction and Development (IBRD) and Multilateral Investment Guarantee Agency (MIGA).

IBRD provided a 'first loss' tranche of €260 million, with MIGA guaranteeing the remaining loan amount with regards to Côte d'Ivoire not honouring its interest payments.

Another judge praised this "interesting structure" using a double guarantee to secure an 'AAA' rating and secure "tremendous" savings for the Côte d'Ivoire. It is understood the deal provided the country with its lowest margin ever on a commercial loan, around 400 basis points below its funding curve.