The African Development Bank has called on Benin to adopt a concerted approach to seize investment opportunities in agriculture, energy, transport and green industry, in its 2023 Country Focus Report, launched in Cotonou on 3 October 2023.
The report published on the theme of “Mobilizing private sector financing for climate and green growth” forms part of African Economic Outlook 2023, the Bank’s flagship report published in May 2023.
At the launch ceremony, the report’s findings and recommendations prompted exchanges between ministers, ambassadors, representatives of international institutions, private sector leaders and members of civil society.
José Tonato, Benin’s Minister of Quality of Life and Sustainable Development, commented, “We commend the quality of the report and the recommendations it contains. We will take ownership of them to green the Government’s action plan for the period 2021-2026”.
Mr José Tonato, Beninese Minister of Quality of Life and Transport, with responsibility for Sustainable Development, at the microphone
Mr Tonato said Benin has a strong political commitment to climate action and a rapid transition to green growth, which hinges on addressing financing challenges.
Robert Masumbuko, head of the African Development Bank’s country office in Benin said: “Benin is already fully committed to the development of innovative green finance instruments: the recent issuance of sustainable development bonds and the Green Bank of the Deposit and Consignment Fund of Benin, which will be the first green financing facility on the African continent, are tangible examples of this.”
Mr Masumbuko continued by announcing, “This year, under the Canada-African Development Bank Climate Fund, the Bank Group intends to mobilize US$18.3 million in concessional financing to support climate resilience, as part of the modernization and expansion of the Autonomous Port of Cotonou”.
For the next steps, Eléonore Yayi Ladekan, Minister of Higher Education and Scientific Research of Benin and Édouard Dahomé, Secretary of State for Energy called for the strengthening of national capacities to formulate fully bankable projects for the mobilization of private-sector green financing. Ahead of the upcoming United Nations Conference on Climate Change (COP28) from 30 November to 12 December, they undertook to disseminate the report within their respective ministries.
During the launch ceremony, participants also underlined the importance of creating a platform for small and medium-sized enterprises, dedicated to promoting green entrepreneurship in Benin.