Islamic Development Bank to fund education sector projects in Benin

The Islamic Development Bank (BID) has given Benin 216.4 million U.S. dollars to support development projects in the higher education sector and an integrated micro-finance program, a BID statement said Tuesday in Cotonou.

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Spining

According to the statement, the first part of the BID aid of about 166.4 million dollars will be spent on funding development projects in the higher education sector.

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The statement said the beneficiaries of the project would reach 10,000 students by the year 2020.

The other 50 million dollars will support the integrated micro-finance program.

“The program aims to contribute to the improvement of living conditions for rural communities in Benin. It will help to increase access to funding for small scale traders, reinforce capacities of micro-finance institutions, offer better services to beneficiaries and promote participatory funding in the country,” the statement said.

The latest aid brings BID’s total funding to Benin to around 824 million dollars. Enditem

Source: Xinhua

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