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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