Benin is taking another step forward in its industrialisation strategy.
The government announced on Wednesday the creation of an Industrial Development Fund with capital of 100 billion CFA francs, equivalent to approximately $170 million. The initiative aims to accelerate the structural transformation of the economy and strengthen the country’s industrial base.
According to the statement issued following the Council of Ministers meeting, the fund seeks to support the emergence of large Beninese industrial companies capable of competing in international markets.
Its main tasks will include strengthening companies’ equity, sharing investment financing risks with banks and facilitating access to ready-to-use industrial infrastructure across the country.
The initiative also aims to build on the country’s industrial achievements, particularly in textiles and clothing through local cotton processing, as well as in ceramic tile production.
To achieve these objectives, the fund will operate through three separate financing windows, each with specific mandates and instruments that will complement one another in supporting Benin’s industrial development.