World Bank to provide Benin $500 million for its action plan
(Ecofin Agency) - The World Bank will provide Benin a $500 million facility to support its government’s action plan. This was disclosed on April 7th by the institution’s vice-president, Makhtar Diop, while he was visiting in Cotonou.
“This is new record in regards to support facilities from the World Bank to Benin. It was possible only through the convergence of the visions of the international lender with objectives set by the Benin government, especially in relation to populations’ access to drinking water,” said Diop. He added that the amount which is to be disbursed corresponds to a 58% increase in loans granted to Benin by the Bank so far.
The government’s action plan unveiled in December 2016 requires a funding of 10 trillion CFA francs. Many donors have already promised to contribute to its achievement. Among these the International Monetary Fund which recently announced a three-year financing amounting to CFA150 billion, effective next year.