The Minister of Economy, Finance, and Denationalization Programs of Benin, Romuald Wadagni, officially signed a Memorandum of Understanding with Tim Reid, the CEO of UK Export Finance, in the presence of Harriet Thompson, Non-Resident Ambassador to Benin and Non-Resident High Commissioner to Togo.
UK Export Finance convened meetings with ministers from both governments to indicate its willingness to provide up to £4 billion in UK-backed financing for projects in Togo and Benin. The agency’s CEO led a British Trade Mission in Cotonou, which included a visit to the Ministerial City whose construction is supported by over £100 million of UKEF assistance.
The CEO of the United Kingdom’s export credit agency visited Togo and Benin this week, engaging with government ministers in both nations to express UKEF’s readiness to extend up to £4 billion in support for local projects.
In the previous year, the UK’s exports to Togo amounted to £287 million, while its exports to Benin reached £58 million. UKEF is actively facilitating British businesses of all scales to seize opportunities in these 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 commitment to assist local projects in securing new financing. Additionally, he met with Togo’s Minister of Finance and Minister of Energy and Mines to explore new avenues for supporting projects in infrastructure, transportation, rural electrification, and various other sectors.
His visit coincided with a three-day British trade mission to Cotonou, Benin, alongside the London trade and investment firm DMA Invest. The trade mission aimed to enhance trade and investment between Benin and the UK by strengthening connections between Beninese organizations and British businesses.
Participants of the Trade Mission included Hitech Construction, which is undertaking the construction of the Sokode-Benin road with nearly £70 million of UKEF funding. UKEF has also contributed over £100 million in financing for the development of Cotonou Ministerial City.
Tim Reid, CEO of UK Export Finance, remarked: “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, added: “I am delighted to see the UK and Benin strengthen their economic partnership through this new Memorandum of Understanding. We see increasing interest from the UK private sector in the Beninese and Togolese markets, and UK Export Finance’s support will help unlock public investment priorities in both countries.”
With a representative based in Accra focused on securing new business opportunities across Francophone West Africa, UKEF can assist both public and private-sector organizations in obtaining debt financing and British suppliers for various infrastructure, energy, and transportation projects.
In October 2023, UKEF collaborated with DMA Invest to host the second UK-Francophone West and Central Africa Trade and Investment Summit in London.