Several manufacturers make mildew-resistant paint. This is a particularly good choice for damp areas, like basements often are, since it will prevent mold and mildew from forming on your walls and make your paint job look much better and be easier to clean.
Because basements tend to be dark with poor lighting, it is almost always best to use a lighter shade of paint to brighten the area up. A light warm beige will not only make the area look bigger, but it will also help make it seem less like a basement.
Most basements are naturally dank and/or musty which will encourage unwanted mold growth on the walls.. Go for a brand like Kielz that will repel mold. At the very least, use a mold repelling base coat when painting a basement area. Most mold repellent paints are available in a variety of colors and finishes.