
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.
GMT 19:30 2018 Wednesday ,03 January
EU launches last crisis-battling finance reformGMT 17:13 2017 Thursday ,14 December
South Korea bans its banks from dealing in BitcoinGMT 19:16 2017 Monday ,11 December
Britain’s smaller banks jostle for business banking grantsGMT 19:31 2017 Sunday ,10 December
Britain’s smaller banks jostle for business banking grantsGMT 17:28 2017 Thursday ,07 December
India's central bank holds rates at seven-year lowGMT 17:55 2017 Sunday ,03 December
Saudi banks prepare for riyal coinsGMT 15:10 2017 Wednesday ,29 November
Societe Generale shares climb after cost-cutting planGMT 19:22 2017 Friday ,17 November
Deutsche Boerse taps top banker as new CEO
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor