The President of the Republic of Benin Visits the African Development Bank

11 January 2017
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African Development Bank (Abidjan)

President Adesina reaffirms the Bank's commitment to support Benin's development programs

The President of the Republic of Benin, Patrice Talon, visited on Wednesday 11 January 2017 the headquarters of the African Development Bank (AfDB) Group in Abidjan, Côte d'Ivoire, where he was welcomed by President Akinwumi Adesina, for the presentation of the new program of action of the Government of Benin for the period 2016-2021.

"My emotion would not have been greater if the meeting had taken place in Cotonou because the AfDB is an institution of great pride for the Africans, " the President of Benin, said on his arrival.

With his country facing major challenges, the President of the Republic expressed his willingness to see the current relationship with the first African institution "boosted and energized". This is all the more so since the new program of action of the Benin government is ambitious and targets sectors likely to create wealth and jobs, notably agriculture and tourism.

In addition, the government has already implemented several reforms to improve good governance. Similarly, an economic framework is being put in place to improve the collection of tax and customs revenues.

"We need the support of the African Development Bank to give Benin another face in the coming four years by diversifying our economy in order to overcome poverty. We want to be a model for our Bank, "said Patrice Talon.

"The Bank shares with you this desire to accelerate the implementation of development programs and projects and is committed to accompany you in sectors where Benin has a comparative advantage. In particular, we will help you develop agro-industrialization, "said Akinwumi Adesina.

The new program of action of the Benin government, dubbed "Benin revealed", was launched by President Talon and his government on December 16, 2016. Its overall cost is 9039 billion CFA francs, about 14 billion dollars (of which 39% of financing public and 61% of private funding). It comprises 45 flagship projects, 95 sectoral projects and 19 institutional reforms.

This visit is timely as the Country Strategy Paper 2017-2021 is being prepared. This CSP will support the "Benin Revealed" Program for the period 2017-2021. Its goal is to make growth more inclusive. The areas of intervention agreed with the government are in line with the Bank's High 5. In addition to its resources, The Bank will mobilize its instruments to support private sector financing (guarantees) and cofinancing, in particular for government structural projects.

The current portfolio includes 11 transactions for an amount of $ 355 million. The sectoral distribution of the portfolio reflects the predominance of transport infrastructure (55%), followed by agriculture (33%), the energy sector (7%), the water and sanitation sector (3%) and the financial sector %).

Read the original article on African Development Bank (AfDB).

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