UK Export Finance delegation heralds new trade opportunities for Benin and Togo
Benin’s Minister of Economy, Finance and Denationalization Programs, Romuald Wadagni, signs Memorandum of Understanding with CEO of UK Export Finance, Tim Reid, in presence of Harriet Thompson, Non-Resident Ambassador to Benin and Non-Resident High Commissioner to Togo.
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UK Export Finance has met with ministers of both governments to signal availability of up to £4 billion in UK-backed financing for projects in Togo and Benin.
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The agency’s CEO hosted a British Trade Mission in Cotonou, including visiting the Ministerial City whose construction is backed by £70 million of UKEF support.
The CEO of the United Kingdom’s export credit agency has this week visited Togo and Benin, meeting government ministers in both countries to signal UKEF’s readiness to extend up to £4 billion of support for local projects.
Last year, the UK’s exports to Togo were worth £287 million whilst its exports to Benin were worth £58 million. UKEF is working to enable British businesses of all sizes to access opportunities in these and in other Francophone West African countries.
During the visit, Tim Reid of UK Export Finance (UKEF) signed a Memorandum of Understanding with Benin’s Ministry of Economy and Finance affirming the UK’s intent to help local projects secure new financing. He also met Togo’s Minister of Finance and Minister of Energy and Mines to discuss new opportunities for supporting projects in infrastructure, transport, rural electrification, and a range of other sectors.
His visit was timed to coincide with a three-day British trade mission to Cotonou, Benin, alongside London trade and investment firm DMA Invest. The trade mission provided an opportunity to boost trade and investment between Benin and the UK by bolstering connections between organisations in Benin with British businesses.
Attendees of the Trade Mission included Hitech Construction, which is constructing the Sokode-Benin road supported by almost £70 million of UKEF funding. UKEF has also provided over £100 million in financing for the development of Cotonou Ministerial City.
Tim Reid, CEO of UK Export Finance, said:
Benin and Togo have ambitious plans for infrastructure and development. UK Export Finance is already supporting exciting projects underway like Cotonou Ministerial City and the Sokode-Benin Road. My visit is giving me the opportunity to make it very clear that UK Export Finance is able to do even more, with billions of pounds available to help local buyers access British exports.
Her Excellency, Harriet Thompson, Non-Resident Ambassador to Benin and Non-Resident High Commissioner to Togo, said:
I am delighted to see UK and Benin strengthen their economic partnership through this new Memorandum of Understanding. We see increasing interest from UK private sector in the Beninois and Togolese markets, and UK Export Finance’s support will help unlock public investment priorities in both countries.
With a representative in Accra focused on securing new business opportunities across Francophone West Africa, UKEF can help both public and private-sector organisations to secure debt financing and British suppliers for a range of infrastructure, energy and transport projects.
In October 2023, UKEF worked with DMA Invest to host the second UK-Francophone West and Central Africa Trade and Investment Summit in London.
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