Construction projects worth £175m are to be undertaken in the West African states of Benin and Togo thanks to funding from Deutsche Bank and Japan’s MUFG Bank, guaranteed by UK Export Finance (UKEF), Britain’s export credit guarantee agency.
A “ministerial city” will be built in Benin to house 21 government ministries across 10 office buildings, a four-storey car park and a restaurant.
Described as Benin’s “Whitehall”, the city will reduce travel time between ministries and will be funded by a £107m loan from Deutsche Bank. The complex is expected to create £35m in UK construction contracts.
A £69m road between Benin and Togo will be funded by MUFG Bank. This will link 200,000 people living in Togo’s Central Region, including Sokodé, its second city.
The project will accelerate inter-Africa trade and UKEF expect that it will create £47m in UK export contracts.
James Duddridge, the UK’s minister of state for international trade, said: “This landmark finance package will help businesses capitalise on investment prospects, support high-value jobs and provide new opportunities for UK exporters in some of the world’s fastest-growing markets.
“UKEF has supported more than £760m of projects in the Francophone West and Central Africa regions in the past year, and we want to do even more.”
Rose Kayi Mivedor, Togo’s minister for investment promotion, said: “This project is part of Togo’s Wider Road Infrastructure plan.
“Our government continues to make strategic investments in infrastructure to build and maintain a road network that not only helps move people and goods, but also stimulates growth in relevant cities.”
The financing was announced at the inaugural UK–Francophone West and Central Africa Trade and Investment Forum in London.