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€13M EU economic crisis package for Benin

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Friday, 05 November 2010

€13M EU economic crisis package for Benin

The European Union (EU) plans to approve financial support to the Benin government worth around 13 million euros (8.5bn FCFA) in order to help the country deal with the effects of the global economic crisis. An agreement to this effect was recently signed in Cotonou by Benin Finance Minister, Idriss Daouda and the head of the EU delegation in Benin, Ms Françoise Collet. “During the G20 summit in April, the EU agreed to provide support for ACP countries to manage the consequences of the global economic and financial crisis,” explained the EU head. Ms Collet stressed that the EU had decided to allocate additional resources to Benin, extending the economic crisis package from 2009, after a careful examination and analysis of the specific needs of the country in the context of the crisis. According to Ms Collet, the additional funds could be paid out in the form of general budgetary support. “It will allow the government of Benin to deal with the consequences of the economic crisis and will contribute to the implementation of the Growth Strategy for Poverty Reduction and continue efforts to meet Millennium Development Goals,” she added. EU-Benin relations are founded on a political dialogue between policy-making partners and a programme of extensive development activities. Since independence, Benin has received more than 900 million euros from the European Development Fund (EDF), in addition to regional development resources and funding from the European Commission. EU-Benin development funds have been based on a series of previous strategies (7th, 8th and 9th EDF), focusing on road infrastructure, health and macroeconomic budgetary support.

Source: Afriqueavenir.org