World Bank extends 50 million USD aid to Benin

In order to provide a humanitarian assistance to Benin in the wake of the coronavirus pandemic, the World Bank will provide it with 50 million U.S. dollars financial aid.

The financial assistance has been approved by the World Bank Board of Directors on June 26, in Washington and has been drawn from International Development Association (IDA), the World Bank fund for the poorest.

It has been confirmed in a statement released in the capital, Cotonou. The statement adds, the financial package is to “help Benin mitigate the impact of the virus crisis, in the socioeconomic recovery phase”.

Atou Seck, World Bank Country Manager for Benin, said, “This support will help bridge the gap in budgetary resources, to meet basic social and productive sector needs.” He added, “The spread of the virus has led to a decline in economic activities, the country’s economic growth and the state’s revenues, while it has to meet pressing needs.”

The latest financial assistance has brought the total amount allocated by the World Bank to Benin to address the coronavirus health crisis to about 90 million U.S. dollars.

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