The Board of the World Bank today approved the Eighth Poverty Reduction Support Credit (PRSC-8) in the amount of US$30 million (about FCFA15 billion) for the Republic of Benin. This new operation which will be released in a single tranche is designed to support economic and structural reforms closely aligned with the country’s third Growth Strategy for Poverty Reduction (SCRP 2011-2015). PRSC-8 builds on the reforms supported by the previous budget support operation (PRSG-7) and will help strengthen Benin’s public administration and public sector governance (budget planning and execution, procurement, internal control and audit, and anti-corruption measures). It will also focus on private sector competitiveness through a strengthened business environment, conducive to private sector growth. In addition, PRSC-8 is expected to have a positive impact on poverty reduction, by improving the delivery of essential services and freeing up resources for pro-poor and poverty reduction expenditures.
