Benin announces 5m USD microcredit budget

Cotonou

Benin’s government has increased to 3 billion Cfa francs (5.24 million US dollars) the budget of the program to provide very poor people with microcredit to reduce poverty. The money marked an increase from the initial budget of 1.2 billion Cfa and is purposed “to lift out of poverty thousands of women and unemployed graduates”, source close to the ministry of social affairs said here in Cotonou on Friday. Initiated in 2007, the program “microcredit for very poor people” has enabled over 2 million people to get out of hand-to-mouth existence in Benin. Recent report from the United Nations development program described poverty situation as critical in Benin, underscoring that 40.1 percent of the population live below the poverty line. The same report estimates the Human development indicator in the country at 0.48 in 2015, ranking thus Benin 166th out of 188 countries.—Xinhua

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