Announcement of IDA Approves Ten Million Dollars Credit for an Industrial Development Project in Benin on April 21, 1980

. J FOi\ l~MEDIA TE RELEASF· . -NorldBank 1818 H Street, N.W., Washington, D.C. 20433, U.S.A.• Telephone: (202) 477-1234 IDA NEWS RELEASE NO. 80/49 Apr i 1 21 , 1980 IDA APPROVES $10 MILLION CREDIT FOR AN INDUSTRIAL DEVELOPMENT PROJECT IN BENIN The International Development Association (IDA), the soft-loan affiliate of the World Bank, has approved a credit of $10 million to the Pecple's Republic of Benin for an industrial development project. The $12.3 mill ion project is designed to make available to the Banque Beninoise pour le Developpement an alternative source of term financing for small and medium-scale investments in the industrial sector. • The !DA-supported project also contains an institution-building component which will help build up the development bank's capacity to identify, promote and assist industrial projects. The project wi 11 provide an opportunity for the government and the Beninese Development Bank to focus on industrial and financial sector issues and policies with a view to encouraging small manufacturing and artisan industries. The IDA credit is for 50 years, including 10 years of grace. It will carry no interest but will bear a service charge of 3/4 of 1% a year to cover administrative expenses. NOTE: Money figures are expressed in U.S. dollar equivalents . •