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Benin's President Talon to boost development with about 14.402 bln U.S. dollars

Xinhua, December 19, 2016 Adjust font size:

Benin's President Patrice Talon is committed to implementing a 9,039 billion CFA Francs development program (about 14.402 billion U.S. dollars), a program-action of five-year period 2016-2021 will give a long-term boost to the development of the West African country.

On Friday, President Talon launched the plan entitled "Bénin Révélé", (Revealed Benin), in the presence of over 800 representatives of State institutions, civil society organization, diplomatic community accredited in Benin, as well as of domestic and international investors in the economic capital Cotonou.

Out of the total amount, 889 billion CFA Francs (about 1.416 billion U.S. dollars) are already acquired leaving thus a shortfall funding of 8,150 billion CFA Francs (about 12.985 billion U.S. dollars).

The program-action includes 45 flagship projects that are estimated at about 7,086 billion CFA Francs (about 11.290 billion U.S. dollars).

It is purposed to establish "a more favorable framework for the emergence of talents and of the dynamism of Benin people so as to re-launch sustainably the development of Benin", President Talon declared during the presentation of the plan.

Romuald Wadagni, Finance and Economy Minister explained that the government will primarily mobilize resources from the private sector through public-private partnership to finance the five-year period plan but will seek concessional or semi-concessional loans at the level of technical and financial partners.

Private sector partners' contribution is expected to cover about 71 percent of flagship projects cost, he said.

The program is expected to increase the investment rate in average from 18.8 percent to 34 percent of the Gross Domestic Product (GDP) during the five years, peaking at 45 percent in 2019.

"These levels of investment at the macroeconomic level will allow reaching the minimum average growth rate of 6.5 percent during the five year period" , Benin's Finance and Economy Minister said.

The official said 40.1 percent of the population in the West African country live below the monetary poverty line. Endit