Public Management

Patrice Talon Secures Chinese Investment on Beijing Visit

Patrice Talon Secures Chinese Investment on Beijing Visit
Tuesday, 05 September 2023 19:41

The President of Benin Republic, Patrice Talon (pictured, left) brought back home thirteen deals signed with the Chinese government during his visit to Beijing. The partnerships seek to accelerate Chinese cooperation and investment mainly in healthcare, infrastructures, digital economy, and agriculture.

In detail, four agreements were signed between Romuald Wadagni, Benin's Minister of State for the Economy, Finance and Cooperation, and Zheng Shanjie, head of China's National Development Commission. They include a three-year cooperation plan for 2023-2026, a letter of intent focusing on the "Belt and Road" initiative, and memorandums relating to grain management and economic development.

Wang Wentao, China's Minister of Commerce, also signed three other agreements with the Beninese Minister on the creation of a group dedicated to investment and cooperation, as well as the expansion of investment in green development and the digital economy. Two other deals were reached with Zhao Fengtao, Vice-President of the China International Development Cooperation Agency. They concern technical cooperation and the implementation of the Global Development Initiative.

Additionally, four other agreements were reached between the Beninese Foreign Minister Shegun Bakari and FU Hua, President of XINHUA News Agency, to promote communication in the health sector. Another deal concerns the export of Beninese pineapples to China.

"China agrees to open its doors to more Beninese products. It will also encourage Chinese investment in Benin as part of a co-investment platform dedicated to the construction of infrastructure in the fields of roads, electricity, communications technology, and textile production. Beijing will also work to deepen mutually beneficial cooperation in the agriculture, forestry, and fisheries sectors, as well as in technical and vocational training to support Benin's industrialization process,” reads a joint statement issued at the end of Patrice Talon's four-day state visit.

Both partners have announced they have upgraded their bilateral ties to a "strategic partnership." Trade between the two countries is estimated at $1.95 billion in 2022, representing a 33.7% increase over 2021, according to the Chinese Embassy in Benin.

As a reminder, China has financed several infrastructure projects in Benin, including the Stade de l'Amitié, the Cotton Road, the Godomey interchange, and the Glo-Djigbé airport.

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
BADEA provides a $75 million term loan to Africa Finance Corporation to expand infrastructure financing capacity. AFC plans to channel the funds...
Afreximbank plans a $1 billion continent-wide single transit guarantee to cut customs delays and losses. A similar system already operates in...
BOAD will introduce a stock-market-listed composite index directly correlated with its financial performance. The instrument forms part of a broader...
ECOWAS Bank unveils plan to boost agricultural industrialization in West Africa Region lacks midstream processing capacity; over 85% of crops...
Most Read
01

Anthropic, Rwanda’s government, and ALX launched Chidi, an AI mentor built on Claude. It wi...

Anthropic Partners with Rwanda, ALX to Deploy Claude-Powered AI Learning Companion Across Africa
02

(MCB) - The Mauritius Commercial Bank Limited (“MCB”) has successfully granted a strategic financing...

MCB deploys strategic financing to Invictus Investment to scale up its agro-food operations in Africa
03

S&P upgrades Zambia to CCC+ as debt talks advance and copper output rebounds. About 94% of $...

S&P Raises Zambia’s Foreign-Currency Rating to CCC+
04

MTN Innovation Lab hosts Africa HealthTech Export 2025 Bootcamp in Cotonou Event targets s...

Africa HealthTech Bootcamp Opens in Benin With Focus on Regulation and Startup Growth
05

Attack risks internet disruptions; investigation launched near Massakory EU-funded project aims ...

Chad Reports Second Vandalism Attack on Key Internet Cable in Two Weeks
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.