BADEA provides Benin $100m sovereign loan for multiple purposes

The Arab Bank for Economic Development in Africa (BADEA) and Benin have signed on Monday August 7 a $100-million sovereign loan agreement to address climate change, food security and boost the private sector of the West African country.

The signing took place on the sidelines of the visit of Sidi Ould Tah, President of BADEA to keep strengthening the long-term development partnership with Benin. Benin’s Minister of Economy and Finance, Romuald Wadagni, signed the deal for the West African country.

During the visit, Ould Tah also received the prestigious Development Champion Excellency Award, known as ‘Certificat d’Excellence de Champion du Développement’, from FAGACE (Fonds Africain de Garantie et de Coopération Économique), a leading African International Finance Institution specialized in promoting public and private investments.

BADEA President and his delegation also visited ‘La Cité de Ouédo’, a key Social Housing project in the southern part of the country, financed by BADEA, BOAD and the Islamic Development Bank Group.

The housing project aims at building up to 20.000 affordable houses throughout Benin – more than half are located in the Ouèdo area – and providing water and electricity. Thanks to this project, around 40,000 jobs are expected to be created in Ouédo, with a special focus on youth.