WASHINGTON, April 10, 2014 – On the sidelines of the World Bank and International Monetary Fund Spring Meetings, the Republic of Benin and the World Bank signed three funding agreements totaling $85 million on April 10th. The agreements seek to spur development in Benin.
“We killed two birds with one stone,” exclaimed Jonas Gbian, Minister of Economy and Finance, who signed the documents on behalf of the Beninese Government. “These new operations address key sectors in our country, and the added budget support will enable us to engage in significant poverty-reduction initiatives. The second operation will help us strengthen the capacity of local governance, while the third targets youth employment, a major concern of our government,” he added.
With budget support amounting to $20 million, the first agreement aims to assist with the implementation of the third Poverty Reduction Strategy Paper (PRSP III), an initiative which intends to accelerate growth by addressing key challenges in the areas of governance, public finance management, and business climate reform.
The second agreement secures an additional credit of $30 million for the Decentralized Community Driven Services Project (PSDCC), a program designed to help poor communities increase their access to decentralized basic social services. This supplemental funding will support the realization of more than 300 infrastructure projects pertaining to education, health, water, and trade at the district and community levels. Every single one of Benin’s 77 districts will benefit from this project.