Benin plans to borrow from regional capital markets about 1 trillion CFA, by issuing public securities. The decree corresponding to the move was adopted during a council of ministers held last February 1. It will help the country fund part of its CFA2 trillion budget for 2017.

The issuance of securities by the Benin government this year was decided jointly with the UMOA-Titres agency (UAT) and primary dealers of approved treasury securities.

The new transaction comes while Benin’s reputation in the regional financial market was impaired the nation’s inability to secure FCFA35 billion issued on Treasury bills on February 2.

According to a report from the regional agency for support to issuance and securities management in WAMU, the operation organized by the UAT and the BCEAO, ended with a recovery rate of the auctioned amount of 71.32% for a submission amount of CFA22.962 billion, thus a gap of more than 12.038 billion CFA.