The Head of State of Benin, Dr Boni YAYI, received in audience on Wednesday June 15, 2011, Mr Henri Mari DANDRA, Managing Director of the African Guarantee and Economic Cooperation Fund (FAGACE). The meeting provided an opportunity to review cooperation between Fagace and the Republic of Benin.
President Boni YAYI and his host discussed the project to build an administrative tower in Benin. China has granted Benin a loan of 16 billion CFA francs for the construction of this administrative tower, which is expected to house a number of ministries. According to the Managing Director of Fagace, the number of civil servants in the public sector, which in 2007 stood at 42,000, is growing by 2.66% each year. Hence the need for the Beninese state to provide civil servants with an adequate working environment. Mr. Henri Mari DANDRA raised with the Head of State the question of the constitutionality of the interest rate on this loan, informing the President of the Republic that Fagace had granted an interest rate subsidy on this loan of 437 million CFA francs. “The rate is now concessional and Benin will be able to benefit from this loan”, assured the Managing Director. Fagace also asked President Boni YAYI to facilitate the opening of the institution to Asian countries.
Member countries : Benin
