Benin to receive US$100 million from World Bank for fiscal management, and energy and digital sector growth

The World Bank endorsed a US$100 million fund from the International Development Association (IDA) to support the government of Benin in improving its fiscal and debt management, promoting the financial sustainability of the energy sector, and enhancing the development of the digital economy. The fund, which is designed in line with the government of Benin’s 2016-2021 Action Plan, aims to support reforms on tax revenue mobilisation and administration and debt management. Such reforms will help improve the financial sustainability and competitiveness of the Benin Electricity Company (SBEE), develop renewable energy technologies, and promote a competitive, reliable, and accessible digital sector. ‘Benin can achieve an economy that is more resilient to shocks and conducive to the creation of more productive jobs and small and medium entreprises (SME) innovation. Although the coronavirus crisis has jeopardized gains made in recent years, it can provide an opportunity to step up the pace of reforms needed for fast and sustainable growth,’ said World Bank Country Manager for Benin Atou Seck.