The Republic of Benin today proceeded with the first international bond issue in its history. This issue will allow the financing of flagship projects of the Government’s Action Program. From March 12 to 18, the Minister of Economy and Finance of the Republic of Benin, Mr. Romuald Wadagni, led a delegation to meet international investors in Europe and the United States. The Minister chose to carry out this tour of the main financial centers three years after the start of the Government’s Action Program, in order to be able to present to investors the concrete results of this Government, including key structural reforms, strong economic growth. and the rapid reduction of the budget deficit. The meetings made it possible to demonstrate the solidity of Benin’s fundamentals, the relevance of the Government’s Action Program and the seriousness of the reforms implemented since 2016. On March 19, the Ministry of the Economy and Finance successfully raised 500 million euros (328 billion CFA), for a final maturity of 7 years. The repayment profile of this instrument, which can be amortized over the last three years (2024, 2025, 2026), also aims to reduce the refinancing risk and is part of the strategy of prudent management of the public debt. Benin is the first African country to issue an inaugural international bond issue in Euros, a currency that today presents no currency risk to the government’s balance sheet. Benin is also the first issuer in sub-Saharan Africa to solicit the market this year, thus demonstrating an exceptional speed of execution which made it possible to enter a favorable market window. Investors praised the performance of the Government since 2016 and the attractiveness of its credit signature by strongly subscribing to the international issue: the order book of the operation exceeded one billion euros in less than two hours and reached a peak of around 1.25 billion euros in the day (i.e. a subscription of 250%). Strong demand for Beninese bonds resulted in a coupon of 5.75%, well below the rates offered on the regional market. The Republic has therefore succeeded in diversifying its sources of financing, while reducing the average cost of its market debt.