WB offers grant to Benin for promoting good governance

The international monetary institution announced that The World Bank decided to grant a loan of 20 million dollars(about 10 billion CFA Francs), aiming to assist Benin to boost its efforts in the areas of promoting good governance and strengthening the competitiveness of the private sector, according a statement released on Friday.

According to the statement, the tenth Support Poverty Reduction Credit (PRSC-10) is the second of three operations to support development policies that aim to accelerate and broaden equitable growth opportunities by addressing the principle problems related to governance, management of public finances and reforms of business climate.

"The PRSC-10 will strengthen the legal framework for business, which will be conducive to investment in the most promising areas of the country", said the source, adding that to facilitate the structural transformation of the economy and to stimulate continuous growth of the country, measures such as the elimination of administrative barriers to investment and the development of the formal economy, lowering transaction costs, are essential.

This new budget support program, says the same source, will help improve the management of state finances, in the interest of promoting good governance and accountability in the public sector.

"It will primarily focus on procedures of the budget execution and governing public procurement, while corresponding efforts concentrate on good governance and fight against corruption, " said the source. Endi