Financing of the membership contribution of Benin in the capital of the African Trade Insurance Agency (ATI). Such participation will enable Benin and in particular its private sector to benefit from the guarantee mechanism and trade investment instruments offered by ATI and help mitigate the effects of the COVID-19 pandemic through providing economic resilience support.
Benin is an ATI shareholder since 2013 and the present operation will help to increase Benin's stakes in ATI capital with a view to further benefit from the range of guarantee instruments and other investment and trade insurance products offered by ATI. The operation will benefit both i) local private sector actors including small and medium-sized companies (SMEs) through the provision of an extensive set of financing tools in support of investment and trade and ii) foreign investors, thereby enhancing access to foreign direct investment (FDI) for the country's economy. In addition to private sector enterprises including MSMEs, ATI can support public-private partnership (PPP) projects complementing DFI and commercial bank financing, for example in the energy sector. As a result, the operation will support industrial development, manufacturing and trade across various productive sectors of the economy. This type of financing support is particularly needed at this time, in view of the severe impacts of the Covid-19 crisis on African economies. It is also fully aligned with the EU policy for the region. The project is expected to contribute to several Sustainable Development Goals (SDGs), in particular to inclusive economic growth (SDG 8) and to poverty reduction (SDG 1). The operation is also aligned with Benin's national development plan spanning 2018 - 2025, which aspires to increase the private sector's contribution in the country's economy growth to 10%.
Given the nature of the services sought, there is no relevant environmental/social impact associated with the Republic of Senegal becoming a shareholder of ATI.
The promoter will have to ensure that implementation of the project will be done in accordance with EIB's Guide to Procurement.
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