IDB Group Signs US$ 450 million Framework Agreement with Benin to Support Major Development Sectors

The IDB Group signed a framework agreement with the government of Benin that outlines the interventions of the IDB Group in Benin for the period 2013-2016. According to the agreement signed on the occasion of the IDB Day in Benin chaired by H.E. Dr Thomas Yayi Boni, President of Benin, on 9 April, the IDB Group will assist the Government of Benin to mobilize around US$450 million to finance priority investments in the sectors of energy, infrastructure, transport and agriculture. The President
expressed gratitude and appreciation of the people of Benin to the IDB Group for its constant support and its commitment to assist the government in supporting socio- economic development.
On the occasion, the IDB Group also signed two financing agreements for US$22 million to support projects in the areas of infrastructure and agriculture.
Presentations were made during the working sessions to introduce IDB’s financial products and to highlight the economic opportunities in Benin. The senior officials of the IDB Group affiliates, namely the Islamic Corporation for the Development of the Private Sector, the International Islamic Trade Finance Corporation and the Islamic Corporation for the Insurance of Investment and Export Credit, held extensive discussions with stakeholders from Benin on financing opportunities offered by the IDB
Group to the private sector.

In their discussions, the Chairman of the IDB Group, Dr Ahmad Mohamed Ali, and high-ranking authorities in Benin carried out comprehensive review of the cooperation between the two parties, and agreed on ways and means to strengthen it.

The portfolio of the IDB Group in Benin currently stands at approximately US$315 million, mainly in the public sector areas of education, infrastructure, health and agriculture. The IDB Group is expected to deploy a programming mission to Benin soon to facilitate the implementation of the framework agreement through selection of development projects.
During his visit, the President of Benin conferred on Dr. Ahmad Mohamed Ali the rank of the Grand Cross of the National Order of Benin.