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African Development Bank: $50 million guarantee granted to Benin

12/10/2022
Categories: Economy/Forex

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Benin has received a partial credit guarantee estimated at $50 million from the African Development Bank (ADB).

“This instrument will raise foreign currency funds at long maturities from international investors, which will be used exclusively for spending eligible in areas related to the United Nations Sustainable Development Goals”, in the words of AfDB President Akinwumi Adesina, highlighting the fund granted to Benin.

For the Beninese Minister of Economy and Finance, Romuald Wadagni, “through this support, Benin will become the first country to use a unique combination of boosting credit for SDG funding”.

Furthermore, the Beninese government has not yet published an international borrowing schedule. Effective negotiations would be necessary to convince international investors. Published in June 2022, an analysis indicates that Moody's believes that the country's external refinancing risks remain low.

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