Benin: EUR 140 million EIB backing for COVID-19 health resilience and climate action
20 May 2021
Finance Minister welcomes largest ever EIB engagement in Benin
EUR 30 million support to tackle COVID-19 pandemic and strengthen public health service
EUR 110 million to tackle drainage, improve living conditions, protect property, and reduce risk of water borne disease
The European Investment Bank today confirmed EUR 140 million of new support to accelerate health investment and tackle the health and economic impact of climate change in Benin. The largest ever EIB engagement in Benin will support two new initiatives to upgrade hospital services, provision of protective equipment and oxygen production and improve rainwater drainage in secondary towns across the country.
The impact of the new European Investment Bank engagement was highlighted during a virtual ceremony earlier today.
“The European Investment Bank is a key partner for Benin and Africa. The EUR 140 million new EIB support will unlock priority heath investment and strengthen protection of people and property from climate change across Benin. The EIB’s unique technical, environmental and financing expertise is supporting crucial investment that will help Benin recover from the COVID-19 pandemic and enhance resilience to a changing climate and extreme weather.” said M. Romuald Wadagni, Minister of Economy and Finance of the Republic of Benin.
“Europe and Africa are committed to working together to tackle COVID-19 and deliver climate action. The largest ever EIB engagement in Benin confirmed today will support key investment that improves lives and will help to overcome health and climate challenges in communities across Benin. As part of Team Europe the EIB is pleased to further strengthen close cooperation with partners in Benin and enable the EIB’s unique technical, environmental and financing expertise to back high-impact investment.” said Ambroise Fayolle, European Investment Bank Vice President.
“The close cooperation between Benin and the European Union is transforming lives and unlocking opportunities across Benin. The largest ever European Investment Bank engagement in Benin confirmed today demonstrates Team Europe’s commitment to strengthening recovery from COVID-19 and addressing the social and economic impact of climate change. New initiatives backed by the EIB will help to tackle poverty , improve public health, support sustainable urban development, adapt to a changing climate and better protect oceans.” said Ambassador Sylvia Hartleif, Head of the European Union Delegation to the Republic of Benin.
Targeted healthcare investment to tackle COVID-19 and improve public health
The EIB is providing EUR 30 million to support the Government of Benin’s COVID-19 Health Response (Risposte sanitatire COVID-19) initiative. This will increase treatment capacity of health services across the country, enhance training for essential medical staff, provide protective personal equipment for health workers, and supply COVID-19 tests, oxygen and treatment, alongside health awareness campaigns.
The project is part of the EIB’s rapid response to COVID-19 across Africa as part of Team Europe.
The overall COVID-19 Health Response in Benin is also backed by EUR 100 million of financial support from African and international financial partners, including the African Development Bank, Islamic Development Bank, World Health Organisation, GAVI, World Bank, French Development Agency AFD and USAID, and EUR 56 million budget support from the European Union.
Improving public health for thousands of people by better rainwater drainage
The EIB also agreed to back long-term investment to transform water drainage in secondary towns across Benin. It will improve health by reducing standing water and the prevalence of water borne disease, protect property and limit the social-economic impact of increasingly extreme weather and a changing climate.
The new EUR 110 million long-term EIB financing will support new rainwater drainage in Sème-Podji and Abomey Calavi and benefit more than 800,000 people living in the two towns, as part of a broader EUR 424 million scheme covering 8 towns supported by the Government of Benin and African development finance partners.
Improved drainage will also reduce water pollution in the Gulf of Guinea and contribute to cleaner oceans.
Building on 49 years of EIB engagement in Benin
The European Investment Bank has provided more than EU 373 million for private sector, water, telecom, and energy investment across Benin since 1973.
The EIB is the world’s largest international public bank and last year provided EUR 5 billion for public and private investment across Africa supported by nine regional offices across the continent.
The European Investment Bank (EIB), the bank of the European Union, will continue to provide hands-on support for fast, sustainable and green investments for climate action, improved connectivity and COVID-19 recovery. In doing so, the Bank stands by the Republic of Serbia in its EU accession goals, said EIB Vice-President Lilyana Pavlova during her visit to Serbia earlier this week. Vice-President Pavlova opened the Western Balkans Rail Summit in Belgrade, where regional transport ministers, government and European Commission representatives and rail professionals planned the future development and modernisation of the regional rail network.
The European Investment Bank (EIB) has signed a EUR 250 million loan agreement with TenneT Holding B.V. The financing will be used to build a 40-km long electricity transmission corridor from Eemshaven to Vierverlaten in the province of Groningen, in the north of Netherlands, enabling the transmission of rapidly growing amounts of offshore wind energy to users in the Netherlands and beyond. The new electricity transmission corridor will double the capacity of the existing 220kV circuit. The corridor financed by the EIB includes a new 380kV line from Eemshaven to Vierverlaten, combined with a 110kV line for part of the route, and a new 380/220kV substation in Vierverlaten.
The Board of Directors of the European Investment Bank (EIB) today approved plans to strengthen its global development engagement. It also approved EUR 4.8 billion of new financing for 24 projects to support climate action, COVID vaccines and economic resilience, sustainable transport and education.