The Islamic Development Bank (IDB) and Benin have signed two financing agreements of US $ 192 million for power generation and road construction in the country.
The documents were signed at IDB headquarters by Benin’s Ambassador to Saudi Arabia, Demba Bah Dehiro, and the IDB President, Dr. Ahmad Mohamed Ali.
The first agreement covers US $148 million of financing for the first phase of the Maria - Gleta Power Plant Phase I Project.
The 120 megawatt power generation facility is expected to address the power shortage in the country and reduce imports of electricity from Benin’s neighboring states, thus saving up huge sums of money that the country spends for import of electricity and renting power generators.
The second agreement provides US $44 million financing for the road connecting the town of Banikoara to the border of Burkina Faso. The 54 km road bears major significance for socio-economic development of not only Benin, but also other West African Nations including Burkina Faso, Niger and Nigeria, all of which are IDB member countries.
Benin joined IDB in 1984. Since then, total financing from the IDB Group reached US $ 375 million comprising development projects in the fields of Agriculture, education, power, roads, health and water supply, as well as to trade operations.