The European Bank for Reconstruction and Development has provided Bank of Africa-Benin (BOA-BENIN) $20 million trade finance line to boost import-export operations and support the development of Benin’s private sector.
The facility will enable the EBRD to issue guarantees to international banks and provide short-term financing to support imports, exports and the local distribution of strategic products, including foodstuffs, agricultural products, industrial equipment and construction materials.
The credit line will also help strengthen BOA-BENIN’s ability to support local companies in their international operations, to diversify its correspondent banking relationships and to facilitate access for Beninese businesses to regional and international markets.
Dasha Dougans, EBRD Head of Benin, said: “The trade finance line will boost trade, increase local companies’ access to finance and help deepen Benin’s integration into regional and international markets”.
Abdel Mumin Zampalegre, Managing Director of BOA-BENIN, said: “This partnership with the EBRD marks an important step in strengthening our trade finance offering. It is an integral part of BOA-BENIN’s strategy, aimed at positioning itself as the number one for trade finance in Benin”.
The EBRD’s Trade Facilitation Program operates in 28 economies, encompassing more than 130 issuing banks and 800 confirming banks worldwide. To date, it has supported more than 36,000 commercial transactions with a cumulative volume of €42 billion.
