World Bank supports development of private sector

The World Bank said it approved on Tuesday a US $30.4-million loan to support Benin in diversifying its economy and improving the income levels of the population. The new Private Sector Development Project aims to improve dialogue between business representatives and the government, and accelerate privatisation of some key enterprises. It also aims to enhance the competitiveness of enterprises and help strengthen the credit institution for small and medium-sized enterprises. Emerging out of economic decline in the 1980's, Benin has maintained an annual growth rate of 5 percent since 1991, according to the World Bank.