A $307 million compact between the Millennium Challenge Corp. and Benin concluded this year, and MCC says its investments have contributed to the economic development of the West African country.
MCC head Daniel Yohannes is currently visiting Benin to mark the completion of the five-year compact, which supported activities such as the expansion of a key port in the country, reform of the national judicial system, strengthening of land rights, and improvement of local micro and medium-sized enterprises’ access to finance.
These activities, according to MCC, has contributed to the country’s economic growth and helped boost its trade sector. The Port of Cotonou, for instance, is now able to handle up to 7 million metric tons of merchandise, up from 4 million metric tons in 2004, the agency noted. The expanded and modernized port is also expected to attract more than $200 million worth of investments from the private sector, it added.
Meanwhile, Yohannes lauded Benin’s efforts to meet its end of compact, which he noted included “difficult, but necessary, policy reforms.”
“Now, it is vital for the Beninese to build upon and sustain the progress underway,” Yohannes said.
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