The EU and Benin strengthen their partnership: the focus is on innovation, development, and sustainable finance

Brussels – “Mutual trust and a desire to improve quality of life” are two values that unite the European Union and Benin, the country in central-western Africa bordering the Gulf of Guinea. This was emphasised by the President of the European Commission, Ursula von der Leyen, who met today (24 June) with the President of the Republic of Benin, Romuald Wadagni. This long-standing cooperation has been in place for over sixty years: the head of the Berlaymont Building took the opportunity to reaffirm the EU’s commitment to “supporting Benin in its ambition to become a regional hub for sustainable growth, connectivity, and investment for the benefit of the entire population.” 

President Wadagni is also keen to strengthen the partnership with the EU, a collaboration that is growing, partly thanks to the Global Gateway strategy, the European Union project launched in 2021 with the aim of developing new infrastructure in developing countries. 

The work the EU is carrying out in Benin fits perfectly within the Global Gateway. During the meeting, which covered a range of topics for discussion and exchange, von der Leyen and Wadagni agreed on three key priorities to advance cooperation that is “robust, based on mutual trust, predictability, and long-term economic investment.”

 Firstly, economic transformation and innovation to support growth, industrialisation, and job creation in Benin, given that the basis of cooperation between the two parties rests on the development of economic corridors around the port of Cotonou, support for agriculture and the strengthening of vocational training for young people. Secondly, the development of northern Benin, the region most affected by the significant disparity with the coastal south. There, where poverty is concentrated and government investment is lacking, the EU will invest in local infrastructure, access to basic services and the creation of economic opportunities for local communities. Finally, continuing to focus on  Global Green Bond, the EU’s global initiative on green bonds, which is already underway and will help finance green projects, particularly in the sectors of renewable energy, transport, and sustainable agriculture. This initiative aims to mobilise up to €20 billion in capital, and both leaders agreed that it is leading to “significant progress.”