Benin Politics : EU-BENIN

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European Union grants Benin CFA F 33 billion budgetary aid

The European Union (EU) has granted Benin a budgetary aid of 50.5 milllion Euros (about CFA F 33 billion) for the 2009-2011 period, sources close to the Union delegation told PANA here on Monday.

PANA

The aid granted, in the form of a donation to strengthen Benin's national budget, aims at supporting the country in implementing the Poverty Reduction and Growth Strategy (PRGS) in a bid to meet the Millenium Development Goals.

It is the first stage of a general budgetary support of 100 million Euros as part of the 10th European Development Fund (EDF).

With the amount, the EU support has now grown from 10 million Euros annually (CFA F 6.5 billion) to Euros 16.5 million Euros (or CFA F 10.8 billion).

Apart from this support, Benin and the EU also signed, on Thursday, a codicil to the National Indicative Program to increase, by 1.42 million Euros, aid from the EDF, to compensate and help ACP countries face instability in their exports.

The amount will be granted besides the budgetary aid with the disbursement of the annual amount for the year 2010.