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Tuesday, 13 December 2016

EIB finances water supply system of the city of Cotonou

On Thursday 8 December 2016 during his working visit to Brussels, Mr Patrice Talon, President of the Republic of Benin, chaired the signing ceremony between the Republic of Benin and the European Investment Bank (EIB) for a financing agreement for the development and modernisation of the drinking water supply system of the city of Cotonou. The EUR 30m finance contract was signed by Mr Romuald Wadagni, Benin’s Minister for the Economy and Finance, and Mr Ambroise Fayolle, EIB Vice-President. This loan forms part of the EU's priority action to deploy and modernise basic infrastructure that can help improve the daily lives of the local population. This is the EIB's second financing operation in this sector after the one granted (EUR 13m) in 2007 and completed in 2015. The European Union is also contributing to the project's financing via a grant of EUR 6m. ...This is an important project for Benin, the key aspect being access to drinking water for 600 000 people in Cotonou. It will specifically serve to enhance and upgrade the drinking water supply system of urban and suburban Cotonou in order to satisfy the population’s growing needs until 2025. It will help to create a suitable, high-quality sanitation service including, in particular, the installation of a faecal sludge treatment plant. The project will also be implemented with parallel co-financing by KfW and the African Development Bank (AfDB). On the strength of the partnership of trust connecting the EIB and Benin, the Bank has financed projects that are important for the country’s economic and social development in the sectors of water, energy and support for businesses to the tune of a total of EUR 138m.

Source: European Investment Bank