On Wednesday, December 14, Benin signed a loan agreement of 38.84 million euros with the Board of Directors of the African Development Fund, the concession arm of the African Development Bank Group.

The loan granted to Benin is intended to contribute to the implementation of the first phase of the Economic Governance and Private Sector Development Support Programme. Indeed, the program will allow the country to increase the contribution of the private sector to economic growth through the improvement of the business climate, the development of the agri-food sector and the strengthening of climate action.

According to Robert Masumbuko, Bank Country Manager in Benin, “the support program for economic governance and private sector development aims to support the Beninese government in its efforts to accelerate, develop and implement the structural reforms essential to enhance wealth creation . It will contribute to removing bottlenecks hampering the development of the private sector, in particular those relating to the business climate and to support the promising sectors of the Beninese economy, in particular the agricultural sector and the agro-industrial sector