Benin Secures Financing for Development Priorities

Benin has secured roughly $583 million to fund priority investments in education, healthcare, water access, infrastructure, renewable energy, and agriculture. The 12-year financing package, secured from international banks, is expected to focus on projects that create jobs and expand opportunities for young people and women. The financing uses a credit-enhancement structure combining a partial credit guarantee from the African Development Fund with second-loss insurance from the Islamic Development Bank Group’s insurance subsidiary. African Development Bank officials said the transaction demonstrates how guarantees can help mobilize private capital at scale and provide African countries with access to longer-term financing on more competitive terms.