Team Europe Delegation Commits €166 Million for Benin’s Development Agenda

Team Europe Delegation Commits €166 Million for Benin’s Development Agenda

(IN BRIEF) A high-level Team Europe delegation recently concluded an official visit to Benin, solidifying the country’s partnership with the European Union through the signing of finance contracts totaling €166 million. Led by senior leaders of European institutions and development agencies, the delegation engaged in productive discussions with the Benin government, focusing on sustainable infrastructure, green and digital transition, and climate resilience. The European Investment Bank (EIB) pledged €132 million for two crucial projects addressing water supply systems and climate adaptation in northern Benin, aligning with the government’s 2021-2026 action plan. Complemented by co-financing from EU Member States and agreements with development agencies, these initiatives underscore Team Europe’s commitment to supporting Benin’s development goals and improving the living conditions of its citizens.

(PRESS RELEASE) LUXEMBOURG, 20-Mar-2024 — /EuropaWire/ — A Team Europe delegation paid an official visit to Benin from 18 to 20 March 2024 to strengthen the country’s partnership with the European Union. Made up of senior leaders of the European institutions, several European development agencies and banks, and representatives of EU Member States, the delegation engaged in fruitful exchanges with the Benin government and signed several finance contracts totalling €166 million (around XOF 109 billion).

Following an inter-ministerial working session organised by the Minister of State, Minister for the Economy and Finance Romuald Wadagni, European Commission Director General for International Partnerships Koen Doens and Head of the European Investment Bank (EIB) Regional Hub for West and Central Africa Roger Stuart announced the provision of €166 million (around XOF 109 billion) in EU funds. In particular, the EIB reaffirmed its commitment to implement two high local impact projects in the water and climate resilience fields with total financing of €132 million (around XOF 86.3 billion) from EIB Global, its development and international partnerships arm.

This major initiative aims to back the government’s activities under an integrated programme in the north of the country covering water and wastewater, resilience and entrepreneurship, security, professional training and energy. The programmes concerned are being financed by the European Union under the Global Europe financing instrument as part of the 2021-2024 programming and are a key element of the Global Gateway strategy.

These new funds are being mobilised to support the Benin government’s 2021-2026 action plan. They will be complemented by co-financing from EU Member States including Germany, Belgium and the Netherlands totalling an additional €50 million (around XOF 32.8 billion).

Delegation agreements have also been signed with the Enabel and GIZ development agencies and the embassy of the Netherlands totalling €34.5 million (around XOF 22.6 billion). The beneficiary agencies have experience and expertise in the fields concerned and will be responsible for implementing the planned actions with national bodies.

At the signing ceremony, European Commission Director General for International Partnerships Koen Doens said: “In line with the Global Gateway strategy, Team Europe is bringing together expertise to support the development of Benin by backing high quality sustainable infrastructure and the reforms needed to speed up the green and digital transition for the benefit of all.”

Head of the EIB Regional Hub for West and Central Africa Roger Stuart added: “I am delighted that the EIB is funding two new high-impact projects for people in northern Benin in the fields of water and climate change adaptation. The first, €62 million loan will strengthen the drinking water supply system in both urban and rural areas. The EIB has also committed to offering €70 million in support for Benin’s cities, providing them with modernised and adapted drainage infrastructure in the face of recurring floods. The EIB is very pleased with this strong backing for the Global Gateway strategy granted in concert with its Team Europe partners.”

Minister of State Romuald Wadagni hailed the successful partnership with the European Union, adding that these actions are consistent with the government’s policies and will be effectively implemented to ensure a quick improvement of people’s living conditions.

Background information

About the Global Gateway

The Global Gateway — the European model of trusted connectivity in partner countries — is long-term and in line with European Union’s interests and values: rule of law, human rights and international standards. It is about smart, clean and secure investments in quality infrastructure connecting goods, people and services around the world in a sustainable way.

About the EIB

European Investment Bank (EIB)

The EIB has had a high quality partnership with Benin since 1972. Its action has resulted in increased support for projects with a tangible impact on the daily lives of Beninese people. A total of €600 million (around XOF 394 billion) have been invested in key areas for the country: microfinance and business support, agriculture, water and wastewater, climate adaptation and the environment, innovation and energy.

The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by its Member States. EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance beyond the European Union. It is a key partner in the European Union’s Global Gateway initiative, and is designed to foster strong, focused partnership within Team Europe, alongside fellow development finance institutions and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices around the world.

Media Contacts:

Anne-Cécile Auguin
a.auguin@eib.org
+352 4379 – 83330

Isabelle Vovor
i.vovor@ext.eib.org
+352 4379 – 70104

Press Office
press@eib.org
+352 43791

SOURCE: European Investment Bank