The International Finance Corporation (IFC) is a specialized institution of the World Bank Group dedicated to the private sector. For the first time since his appointment, its Managing Director, Mokhtar DIOP stayed in Benin from May 1 to 3, 2024.
On Thursday, May 2, Mokhtar DIOP was received in audience at the Palais de la République by the Head of State, Patrice TALON, in the presence of the Minister of State, Minister of the Economy and Finance, in charge of Cooperation. From this meeting, the services of the Benin Presidency presented the following summary:
” This important meeting was an opportunity for President TALON and the Director General of the IFC, Mr. Makhtar DIOP, to discuss the opportunities for cooperation and partnership between Benin and the IFC with a view to promoting the economic and social development of the Benign. During this hearing, discussions focused on various strategic subjects such as the policy of creating quality jobs, economic development and the promotion of shared prosperity, strengthening private investment, infrastructure development, improving the business climate with a view to promoting growth driven by the private sector, particularly in the agri-food, digital, textile, industrial and tourism sectors, while taking advantage of the strategic position of the Benin as a transit point to West Africa ».
The good news for the Beninese private sector
After welcoming the economic reforms undertaken by the Beninese government since 2016, the Director General of the International Finance Corporation highlighted the importance of supporting initiatives aimed at stimulating economic growth and creating jobs for the population before announce the good news: 100 million dollars or nearly 61 billion CFA Francs of investments for the private sector.
« I know Benin well because I covered the Africa region for the World Bank for six (06) years. So I had the opportunity to see the progress made by Benin. I would like to say that I have been extremely impressed to see the progress that Benin has made under the presidency of President Patrice TALON and to see how the role of the private sector is increased; a role that we want to take to a completely different level. The IFC will reach nearly $100 million in investments in Benin and in the years to come we would like to multiply this figure by 1.5 to 2, gradually reaching $200 million in investments in Benin. There are multiple opportunities in the digital, agricultural, textile, SME and energy sectors. » declared Mokhtar DIOP to the press at the end of his audience with President TALON.
For the Presidency of the Republic of Benin, this audience between President Patrice TALON and the Director General of the IFC demonstrates Benin’s commitment to strengthening its ties with international financial institutions to promote sustainable and inclusive development in the country.
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