The technical assistance provided by the pan-African financial institution to Benin is part of the implementation of national plans for sustainable development and green transition.
The African Development Bank (AfDB) has approved a grant of $400,000 (about 240 billion CFA francs) to Benin’s Ministry of Economy and Finance in a move to diversify and increase the “mobilization of sustainable bond market products.”
This technical assistance is part of the implementation of national development and green transition plans, according to a press statement received by APA on Wednesday.
The grant was approved on July 23 in Abidjan by the Capital Markets Development Fund.
The project aims to support the diversification of capital market products by updating the framework for bond issuance linked to the Sustainable Development Goals (SDGs) and expanding thematic bonds such as green, blue and social bonds.
It added that the fund will also support Benin’s green transition efforts by developing a long-term investment strategy for climate and green growth.
“One of the African Development Bank’s priorities under its new 10-year strategy 2024-2033 is to support initiatives to increase access to all financing related to sustainable development,” said Ahmed Attout, Director of the AfDB’s Financial Sector Development Department, assuring that the project will broaden and deepen the long-term financing ecosystem in Benin, but also in the regional market.
Benin’s Minister of Economy and Finance, Romuald Wadagni, emphasized that the project will enable his country to strengthen its long-term financing ecosystem and continue to innovate in the field of sustainable finance.
“Since the first issue of Eurobond ODD, Benin has achieved remarkable milestones in financial innovation by implementing green, inclusive and transformative programmes. At a time when sustainable bond markets are booming, the implementation of this project once again illustrates Benin’s commitment to greater sustainability,” he added.
ODL/te/sf/lb/GIK/APA