EIB to offer financial support for drinking water supply system of Cotonou in Republic of Benin
European Investment Bank (EIB) has entered into an agreement with the Republic of Benin to offer financial support for the development and modernisation of the drinking water supply system of the city of Cotonou.
As part of the agreement, EIB will be providing a financial assistance of €30m, which will be part of European Union's (EU) priority action to deploy and modernise basic infrastructure that can help improve the daily lives of the local population.
Republic of Benin President Patrice Talon said: “Giving the people of Benin access to drinking water throughout the whole country is one of my Government’s priorities and I am delighted that the EIB is available to support us in achieving this goal.
“I wish to be able to deepen further the partnership between Benin and the EIB so that my Government's priority projects can be carried out, so aiding the long-term economic and social development of my country.”
This is the second time that EIB is providing financial aid in this sector.
In 2007, EIB offered €13m. The European Union is also contributing to the project's financing via a grant of €6m.
The project is very crucial for Benin as it will offer drinking water to nearly 600 000 people in Cotonou. It will enhance as well as upgrade the drinking water supply system of urban and suburban region in order to meet the population’s growing needs until 2025.
EIB vice-president Ambroise Fayolle said: “This is a very important loan that will have a major social impact on the local population.
“Thanks to this loan, a number of districts extending as far as the suburbs of Cotonou will benefit from a high-quality drinking water distribution and sanitation service, which will help to improve the daily lives of the people living in these parts of Benin.
“We are very happy to finance such a project, which illustrates the priority we are according to sustainable development.”
The project will also be implemented with parallel co-financing by KfW and the African Development Bank (AfDB).