The President of Republic of Benin, Dr Boni Yayi today revealed plans to partner with United Bank of Africa (UBA) Nigeria Plc to invest in infrastructure and economic development of francophone West African country, after a meeting with the bank’s Group Managing Director, Mr. Phillips Oduoza.

According to Lagos-based Punch newspaper, president Yayi was quoted to have described the meeting as a seal on the harmonious relationship between UBA and the government and people of Benin.

The West African nation’s economy has a 3 percent growth rate, and its President has emphasised intentions to accelerate its growth rate to 7 by seeking more foreign investment. He also asked UBA at the meeting to increase its contribution to the economic growth of Benin.

The President recounted UBA’s history of partnering African countries in economic and community development as demonstrated by the $65 million Pension Fund financing in Zambia; the $400 million bond issuance for the government of Cameroon as well as the Tresor Public Financing in Benin.

The $50 million SBEE (National Electricity Distribution Company) transaction, and the $10.4 million Coastal Erosion project financing of the Ministry of Town Planning and land reforms in Benin is also part of UBA’s successful socio-economic development programmes.

Quoting Mr Phillips Oduoza, Group maning director of UBA: “We are committed to the long-term and sustainable growth of the economy of Benin Republic through direct investment and financing by UBA and subsidiaries. We will support the Cotton Campaign in Benin. But beyond the Cotton Campaign, we would assist in the other projects that will be beneficial and impactful to the people.”

Republic of Benin, with a GDP of $7.306 billion in 2011, is a West African country situated between Togo and more illustrious, neighbour Nigeria. Its capital is Porto Novo but Cotonou is more famous as it is the largest city and economic capital.