US$18.40 Million Financing Agreement for Integrated Agriculture Value Chain Development Project

Washington, United States, 15 October 2022 – Islamic Development Bank (IsDB) President Dr. Muhammad Al Jasser and Minister of State, Minister of Economy and Finance (IsDB Governor) HE Mr. Romuald Wadagni signed a US$18.40 Million financing agreement Integrated Agriculture Value Chain Development Project in the country, on the margins of IMF/WB Annual Meetings.

The overarching goal of the project is to boost economic diversification, food security, sustainable job possibilities, and people's quality of life in Benin by stimulating a viable integrated rice and maize sub-sector.

The project is also expected to facilitate the development of rural enterprises and institutions involved in the maize and Rice value chains whilst also enhancing the institutional capacity and quality of agricultural services delivered by public and private institutions and producer organizations.

Agriculture is the mainstay of the country with around 70% of employment and 30% of GDP but it is equally dependent on rainfall and vulnerable to climate change. The government has therefore laid a firm emphasis on invents in the agricultural sector by focusing on transforming the production system through the introduction of innovative technologies that will have a significant impact on improving productivity.

The Integrated Agriculture Value Chain Development Project which is aligned with the Government’s development strategy, IsDB’s 10-year development strategy, and Sustainable Development Goals will be fully implemented by the country’s ministry of Agriculture Livestock and Fisheries.