Benin plans no Treasury bill or bond issues on the regional market in the fourth quarter of 2026, while governments of the West African Economic and Monetary Union (WAEMU) intend to raise 2,057bn FCFA (€3.14bn), according to the regional debt agency UMOA-Titres, as reported by Le Journal de l'Economie Sénégalaise. Benin closed a 12-year, €500mn bank loan on September 18, the African Development Bank said.
Analysis: The €500mn loan, worth about 328bn FCFA, is equivalent to roughly 95% of Benin's first-half deficit of 345.6bn FCFA (€527mn). That may reduce its immediate need for regional borrowing, although the loan cannot be directly equated with second-half financing requirements. A partial African Development Fund guarantee reduces lender risk. Regional investors could see fewer Beninese Treasury securities, while Ivory Coast alone is planning 804bn FCFA (€1.23bn) in issuance. The auction calendar is provisional, and any Benin sale before December 31 would indicate a change of plan.
Source: Various, UMOA-Titres Q4 2026 issuance calendar, as reported by Le Journal de l'Economie Sénégalaise via AllAfrica, Q4 2026; African Development Bank Group, AfDB press release (via AllAfrica), 18 September 2026; African Development Bank Group, African Development Bank Group press release, via AllAfrica, September 2026; Bénin Web TV, DGB mid-year budget execution report (16 Sept 2026), as reported by Bénin Web TV, H1 2026