BIIC will contribute 21.3 billion FCFA, BGFI Bank 10 billion FCFA, while 11 billion FCFA will come from Beninese subsidiary of the Attijariwafa group (CBAO Benin) and 10 billion FCFA from BOAD. The project will build a total of ten textile factories, each with an annual capacity of processing of 10,000 tonnes of raw cotton. Planned finished products include clothing, household linens, household items sport.

“We are proud to participate in this transformative project which positions Benin as a leader in sustainable industrialization in Africa and the world”, declared Arsène M.DansOU, Director general of the BIIC, while welcoming this partnership between the BIIC, a national bank, pan-African banking groups and a bank of development. For its part, STB declared that the project will make it possible to create 7,000 direct jobs and 10,000 indirect jobs. It indicates also having received orders from customers like the Federation International Football Association (FIFA).

A viable project

The project supported by BIIC and the 03 other banks stands out by the particular emphasis placed on eco-responsible practices such as traceability of cotton, the use of renewable energies and management rigorous environmental. Beyond that, as an African leader in cotton production, Benin ! benefits from commercial advantages significant thanks to the AGOA (African Growth and Opportunity Act), the EBA (Everything But Arms) and the GSP (Generalized Scheme of Preferences), thus strengthening the economic viability of the project.