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Productive social security in Benin: the World Bank grants 100 million dollars in financing

29/03/2023
Source : ORISHAS FINANCE
Categories: Companies

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On March 24, 2023, the World Bank Group announced that it had approved 100 millions de dollars the Association internationale de développement (IDA) for Benin to strengthen and extend the coverage of poor households in the social safety net productive.

The Productive Social Safety Net Program (PSSNP) aims to expand the national Gbessoke safety net program and improve its capacity to better support poor households during shocks in Benin. This program will benefit at least 150,000 people, representing 61% of the extremely poor households on the social register, and will continue until the end of 2027. According to Atou Seck, the responsable des opérations de World Bank style="font-family: "Bookman Old Style”, “serif"> for Benin, “despite Despite significant economic growth in recent years, poverty remains high in Benin. The current multiple shocks, especially due to climate change, COVID-19, and inflation, are disproportionately affecting the most vulnerable.”

In fact, while just over half of the population lives below the poverty line of $3.20 per day, nearly 85% of the workforce The country works in the informal economy, which makes it very vulnerable to shocks. For this reason, Benin needs an adaptive social protection program that can expand to improve the resilience of households and support them during shocks.

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