Benin’s President Patrice Talon and his government are planning to spend $15 billion to implement a 5-year action plan meant to boost development of the West African tiny nation.
The ambitious program called “Le Bénin révélé” is structured around 45 major projects ranging from agriculture and tourism, to vital sectors with the aim of improving living conditions of its 10.5 million people.
The plan also aims to create in the long term 500,000 jobs and build 20,000 social and economic housing units. Four million people will be covered by a universal health insurance once the plan is implemented.
President Patrice Talon underlined the government’s commitment to protect the society’s most vulnerable layers.
Following a comprehensive diagnosis of the country’s potential, the development program will completely transform Benin’s economy, while reinforcing social protection and improving living conditions for the country’s population, experts say.
The African Development Bank economic outlook notes that Benin’s cities are expanding; meaning sustainable urbanization through regional development hubs will require new funding, notably from private sources.
After his election earlier this year, Patrice Talon has promised to turn the fortunes of his country around by the end of his five-year term in office.
Talon who had been critical of the previous administration, now has the task of diversifying Benin’s economy which relies mainly on agriculture, trade and exports and uplifting it from poverty.