Thousands of companies will benefit from the first partnership between the European Investment Bank (EIB) and Vital Finance Benin. The first-ever EIB loan to Vital Finance Benin will encourage investment by small businesses and support thousands of jobs in Benin.

The new funding program will focus on supporting women in the country. Women are expected to account for 70 per cent of final beneficiaries. This partnership between the EIB and Vital Finance Benin will help bridge the "missing link" between microfinance institutions and banks.
"Vital Finance Benin understands the investment priorities of our country's companies and the financial difficulties they face. The new cooperation with the European Investment Bank will allow Vital Finance to continue to grow and help the country's businesses create jobs. Together with all our employees, we hope to build on our new relationship with the EIB to improve access to finance in Benin and help small business promoters strengthen their professional skills essential to their success," said Mr Wakil ADJIBI, CEO of Vital Finance Benin.
This program will help improve access to finance for businesses most exposed to the impacts of the COVID-19 pandemic and will allow continued lending to micro-enterprises.
"It is essential to ensure that companies can grow, create jobs. The European Investment Bank is committed to supporting private companies in Africa and we are delighted to have concluded our first transaction with Vital Finance Benin, a leading microfinance institution. The EIB's first engagement in Benin under our Microfinance Facility for West Africa will support thousands of loans, generate investment in local currency and help address the missing investment link between banks and microfinance institutions by providing large loans intermediary," said Ambroise Fayolle, Vice-President of the European Investment Bank.
The funds will be provided entirely in local currency, equivalent to €4 million in CFA francs, and will be supported by the EIB's impact investment programme.