Benin is planning to spend $15 billion to spur development in the west African nation during the 2016-2021 period, Ecofin agency reports.
The program which is called “Le Bénin révélé” (or Benin revealed), is structured around 45 major projects concerning sectors that are vital to the people of Benin.
It ranges from agriculture and tourism, to upgrading of infrastructure with the aim of improving living conditions.
The plan is in line with Benin’s government aim to create in the long term 500,000 jobs and build 20,000 social and economic housing units.
Four million Beninese will also be covered by a universal health insurance once the plan is implemented.
Benin’s President, Patrice Talon has already earmarked an international City for innovation and knowledge which is to be built in the country that will lead to the emergence of learning centers of reference in the region.
In it’s economic outlook, the African Development Bank (ADB) notes that Benin’s cities are expanding, meaning sustainable urbanisation through regional development hubs will require new funding, notably from private sources.
ADB projects Benin’s economy to grow 5.5% in 2016 and 5.7% in 2017.