Benin implements five year program to stimulate economic growth

The African Republic of Benin has set an ambitious target for the next five years, which aims to support and stimulate economic growth. The country plans to invest 15 billion USD in agriculture, tourism and infrastructure projects, as by the government will seek to increase tax revenues and borrowing of local and regional markets.

“The government will finance about 40% of its development program, while the remaining funds will be available from the private sector”, said the Finance Minister of Benin, Romuald Wadagn.

The five-year program includes the construction of a new international airport near the commercial capital of the country Cotonou and increase of investment in higher education and digital technology. The ambitious is also designed to boost tourism by improving national parks in Benin.

“During the previous government, many projects were announced before their funding is secured”, said the Finance Minister of Benin, Romuald Wadagn. “We’ll just build infrastructure projects that can improve people’s lives and we have mobilized funding for this”, added he.

The country’s economy relies mainly on exports of cotton and trade with neighboring Nigeria. While the previous government has focused primarily on large construction projects, the current government wants to diversify the country’s exports and encourage the production of crops, such as cashew and pineapples.

“The agricultural sector needs to be modernized and diversity”, concluded the Finance Minister of Benin.

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