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Monday, 2 February 2015

IDB to provide US $200 million to Burkina to boost development

Burkina Faso and IDB recently signed three agreements to augment cooperation between the two entities. The agreements will help support building of roads, cotton industries, drinking water supply and electric power in Burkina Faso. In the first phase of the project, IDB will pay US$75 million for the upgradation of a 145 km road along the Kantchari-Diapaga-Benin border, which will bond eastern region of Burkina Faso to markets across the country.

The agreements were signed by Dr. Ahmed Mohammed Ali, President of Islamic Development Bank Group and HE Jeam Gustave Sanon, Minister of Economy and Finance, IDB Governor for Burkina Faso. The agreements signed are worth US$106 million.

The agreements will help support building of roads, cotton industries, drinking water supply and electric power in Burkina Faso. In the first phase pf the project, IDB will pay US$75 million for the upgradation of a 145 km road along the Kantchari-Diapaga-Benin border, which will bond eastern region of Burkina Faso to markets across the country.

IDB will also contribute US$18.5 million to facilitate a project on water supply in the capital city of Ouagadougou. The project will bring in significant improvements in health, social, financial and environmental sectors. As per the third agreement, IDB will invest US$12 million to a solar power electricity generator plant to boost electricity supply in rural areas of Burkina Faso.

Another agreement has been signed between Islamic Trade Finance Corporation, a member of IDB and the Director General of the fiber and textile company in Burkina Faso under which the company will get a sum of US $94 million thus making the total cost of agreements US $200 million.

Burkina Faso has been allied with IDB since 1978. So far, IB has permitted around US $1.15 billion for development of various sectors in Burkina Faso.

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