Benin: the FNDA grants 850 million in subsidies to OPAs and SMEs

Two months after the closing of its call for projects for the subsidy of private agricultural initiatives supported by the Swiss Cooperation in Benin, Le National Agricultural Development Fund (fnda) validates 37 projects for about 850 million FCFA. In the presence of the ministers in charge of Agriculture and the promotion of SMEs, the institution signed the grant agreements with the beneficiaries on September 09, 2022.

the FNDA and her partner, Swiss cooperation to Benignhave just confirmed again for the incredulous, the role of catalyst of the financing of Agriculture in Benign what plays the FNDA. Indeed, the call for projects for the subsidy of private agricultural initiatives launched last April with funding from the Swiss Cooperationhad its first epilogue to the delight of 37 professional agricultural organizations and local SMEs.

On the financial need of the winners estimated at approximately 1.6 billion, the fund undertakes to mobilize 845,833,141 FCFA to be injected into 8 speculations, namely cassava, rice, corn, soybeans, market gardening, fish farming, mango and the meat and milk sector. By signing these agreements, the FNDA has just recorded the creation of more than 350 direct jobs with major economic spinoffs and an impact on around 3,500 producers. For the beneficiaries, this is the long-awaited opportunity to give life to their ambition and contribute to the creation of national wealth through their community projects. “We promise to use our grants for planned investments for the outreach of our businesses and the revitalization of the Beninese agricultural industry.“, assures Celia Fiogbespokesperson for the recipients.

For the fnda, the call for projects was an opportunity to assess the extent of the obstacles to be overcome to truly facilitate access to financial services for Beninese agricultural actors. Indeed, in the balance sheet presented by Valere Houssou, only about a hundred projects out of 679 received meet the eligibility conditions set out in the call. This large gap can be explained, among other things, by the lack of formalization of applying SMEs and farmers’ organizations, the inconsistency between the information provided by the actors and the reality, the phenomenon of copying and pasting application files, etc. Although the challenge remains great, ministers Gaston Dossouhoui and Modeste Kerekouin charge respectively of Agriculture and the promotion of SMEs as well as the Swiss Cooperation represented at the ceremony by Bjorn Schranzaddress to Valere Houssou and to the multidisciplinary committee for studying the files, well-deserved congratulations for the long-term work they have carried out. It should be noted that the maximum amount of subsidies granted per project is 50 million FCFA. In addition, another 43 projects are waiting for a need for a subsidy worth about 582 million FCFA.

Benin: the FNDA grants 850 million in subsidies to OPAs and SMEs