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Ph: DR-: Benin / African Development Bank Country Report 2023: A concerted approach to seize investment opportunities in different sectors
The African Development Bank recommends that Benin adopt a concerted approach to seize investment opportunities in agriculture, energy, transport or green industry, in its 2023 Country Report, officially launched on Tuesday, October 3 2023 in Cotonou. This national report published on the theme “Mobilizing private sector financing for the climate and green growth”, is part of the African Economic Outlook 2023.
This national report published on the theme “Mobilizing private sector financing for climate and green growth” is part of the African Economic Outlook, a flagship report published last May by the African Development Bank Group.
On the occasion of the launch ceremony, the results and recommendations contained in the report animated discussions between ministers, ambassadors, representatives of international institutions and regional organizations, leaders of the private sector and members of civil society.
“We welcome the quality of the report and the recommendations it contains. We are going to appropriate them to properly green the government’s action plan for the period 2021-2026″declared José Tonato, Beninese Minister of Living Environment and Sustainable Development.
According to Mr. Tonato, Benin has a strong political commitment to climate action and a rapid transition to green growth requires resolving financing challenges. Private sector financing opportunities for green growth and climate action in Benin are real, and a concerted approach from different stakeholders could help the country seize investment opportunities in all sectors, particularly agriculture , energy, transport, water, waste management, green industry, etc.
“Benin is already fully engaged in the development of innovative green finance instruments: the recent issuance of bonds for sustainable development and the Green Bank of the Caisse de dépôt et consignations du Bénin, which will be the first green financing of the African continent, are concrete examples”greeted Robert Masumbuko, head of the African Development Bank country office in Benin.
“The Bank Group intends to mobilize this year, under the Canada-African Development Bank Climate Fund, concessional financing of 18.3 million US dollars to support climate resilience as part of the modernization and extension of the Autonomous Port of Cotonou »he announced.
Among the speakers, Eléonore Yayi Ladekan, Minister of Higher Education and Scientific Research of Benin and Édouard Dahomé, Secretary of State for Energy, praised the relevance of the report. They called for strengthening national capacities to properly formulate bankable projects for the mobilization of green finance from the private sector. In view of the next United Nations Conference on Climate Change (COP 28, November 30 to December 12), they committed to disseminating the report within their respective ministries.
During the launching ceremony, participants also highlighted the importance of creating a platform for small and medium-sized businesses, dedicated to the promotion of green entrepreneurship in Benin.
About the African Development Bank Group
The African Development Bank Group is the leading development finance institution in Africa. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Special Fund (NSF). Represented in 41 African countries, with an external office in Japan, the Bank contributes to the economic development and social progress of its 54 regional member states. (Source: AfDB Group)
