Following the economic downturn of the world’s economy as a result of the Covid-19 health crisis, the Beninoise government has reeled out several initiatives to jumpstart the recovery of their economy.
Identifying the strategic position of the tourism and hospitality industry as a critical sector in the resurgence of the economy, in a statement released by the government, initiated the following measures:
- Financial support amounting to 63.38 billion FCEA to cover overhead costs of 70% of employees salary for the period of three months.
- Reimbursement of VAT credits.
- Tax exemption on motor vehicle for those who haven’t paid, with an option of its conversion into tax credits for those who have paid, for the year 2021.
- Payment of commercial rents over a period of three(3) months.
- Payment of full-charge of electricity bills for three(3) months, for hotels and travel agencies.
- A 0% interest rate credit facility through financial institutions repayable over a period of three (3) years.
With the initiation of these laudable initiatives, Benin Republic through the tourism sectors, has set the engine running on its path to economic recovery.