Emmanuel OchayiIn a move to bolster Benin’s economic landscape, the Board of Directors of the African Development Fund, a concessional window of the African Development Bank Group, has sanctioned a €38.84 million loan.
The loan signed on December 13, aims to kickstart the initial phase of the Economic Governance and Private Sector Development Support Programme.
Join our WhatsApp ChannelRobert Masumbuko, the Bank’s Country Manager for Benin, articulated the significance of this program in uplifting the nation’s economy.
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He stated, “The aim of the Economic Governance and Private Sector Development Support Programme is to assist the Beninese government in its efforts to accelerate, develop, and implement the structural reforms that are fundamental to boosting wealth creation.”
The initiative encompasses diverse strategies aimed at fortifying various sectors. Notably, it will establish a technical committee to finalize the National E-commerce Strategy, intended to streamline online commerce regulations and financial transactions.
Additionally, an updated communication plan for the National Gender Strategy in the agricultural sector will be drafted, aiming to diminish gender disparities within the field.
Furthermore, the program will support the creation of an electronic platform by the Investment and Export Promotion Agency, streamlining investment and export facilitation in Benin, thereby reducing trade obstacles and licensing timeframes.
Anticipating substantial outcomes upon full implementation in 2024, the program sets ambitious targets.
These include an increase in private investment to 30.2% of GDP, a decrease in the time taken to pay government debts to micro, small, and medium-sized enterprises, and a surge in the agri-food industries’ added value.
As of October 18, 2023, the African Development Bank Group’s active portfolio encompassed 18 operations valued at $997.08 million, signifying a dedicated commitment to fostering development and progress across the region.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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