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UK Government has announced two finance packages worth combined 174.5- million-pound ($195 million) for construction projects in Benin and Togo in Africa, according to a UK Export Finance (UKEF) press statement.
The deals, funded by both Deutsche Bank and MUFG Bank, are guaranteed by UKEF, the statement said.
UKEF has guaranteed a £106.5 million ($119 million) loan from Deutsche Bank to the Benin Government which will fund the construction of a new Ministerial City in Benin. The export credit agency also guaranteed £68.6 million ($77 million) financing from MUFG Bank to build a new road between Benin and Togo.
UKEF supported more than £760 million ($851 million) of projects in the Francophone West and Central Africa region in 2021, and is Europe’s top investor in Africa in 2022, according to the UN Conference on Trade and Development’s 2022 world investment report.
(Writing by SA Kader; Editing by Anoop Menon)
