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    Signature(s)

    Amount
    € 15,000,000
    Countries
    Sector(s)
    Benin : € 15,000,000
    Services : € 15,000,000
    Signature date(s)
    13/10/2020 : € 15,000,000

    Summary sheet

    Release date
    25 August 2020
    Status
    Reference
    Signed | 13/10/2020
    20200223
    Project name
    Promoter - financial intermediary
    ATI MEMBERSHIP CONTRIBUTION BENIN
    AFRICAN TRADE INSURANCE AGENCY
    Proposed EIB finance (Approximate amount)
    Total cost (Approximate amount)
    EUR 15 million
    EUR 300 million
    Location
    Sector(s)
    Description
    Objectives

    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%.

    Environmental aspects
    Procurement

    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.

    Disclaimer

    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The data provided on this page is therefore indicative and cannot be considered to represent official EIB policy (see also the Explanatory notes).

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    Zero tolerance against fraud and corruption

    The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.

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