• MoU with CDCB to support projects under Benin’s Government Action Program.
• Africa accounted for 47% of Proparco’s global portfolio in 2024.
• New office aims to improve coordination with local businesses and authorities.

Proparco, the private sector financing arm of French Development Agency AFD, announced on Monday the opening of a new office in Cotonou, Benin.

The move is part of the institution's strategy to bring its services closer to local clients, partners, and entrepreneurs.

The new office will be headed by Michael Tapsoba, Proparco's country representative for Togo, Benin, Mauritania, Burkina Faso, Mali, and Niger. The location will allow for direct project monitoring and improved coordination with local financial institutions, businesses, and public authorities.

To mark the opening, Proparco signed a memorandum of understanding (MoU) with Caisse des Dépôts et Consignations du Bénin (CDCB), Benin's public investment fund. The agreement aims to identify and co-finance projects prioritized by the Beninese government under its Government Action Program (PAG). The partnership is expected to facilitate access to finance for structural projects by mobilizing local and international resources.

Reinforced Presence in Africa

With the Cotonou branch, Proparco now has a physical presence in 14 African countries. It is the sixth office in West Africa, joining existing locations in Ivory Coast, Burkina Faso, Senegal, Nigeria, and Ghana.

This proximity strategy is designed to increase the effectiveness of financing in a region where the private sector plays a central role. In 2024, Africa was Proparco's primary area of operation, accounting for 47% of its global projects—a total amount of 1,284 million euros ($1.508 billion).

Benin's economy has been performing better than expected, recording a growth rate of 7.5% in 2024, one percentage point higher than the IMF's initial forecast of 6.5%. This growth is being driven by investments in infrastructure, agriculture, and financial services. The country is actively seeking to attract more private capital to sustain its development, which aligns directly with Proparco's funding priorities.

Chamberline Moko