The Minister of Economy, Finance and Prospective, Dr Aboubakar Nacanabo and the Resident Representative of the World Bank in Burkina Faso, Maimouna Mbow Fam proceeded, Monday, May 29, 2023, in Ouagadougou, to the signing of three agreements of loans for the financing of the implementation of three projects, with a total cost of 276 billion FCFA.
The World Bank is with a view to supporting the efforts of the Burkinabè government in the creation of businesses and the revival of employment after the shock of COVID-19 and the current security situation. To this end, the Minister of Economy, Finance and Prospective, Dr Aboubakar Nacanabo and the resident representative of the World Bank in Burkina Faso, Maimouna Mbow Fam signed, Monday, May 29, 2023, in Ouagadougou, three agreements of loans for financing the implementation of three projects.
According to the minister in charge of the economy, it is a total amount of 276 billion CFA francs, in the form of loans, that the World Bank is making available to Burkina Faso. According to him, the duration of implementation of the said projects is planned for 6 years, that is to say until June 30, 2029. Under the programs and projects financed, we have the Support Project for the Entrepreneurship, Skills Development and Technology Adoption (ECOTEC), which aims to improve micro, small and medium-sized enterprises’ access to finance, technology and a better workforce qualified.
The financing injected by the World Bank amounts to 96 billion CFA francs. As for the Livestock Resilience and Competitiveness Project in Burkina Faso (PRECEL), its objective is to improve the productivity, marketing and resilience of the main sedentary livestock production systems for the target beneficiaries in the areas of project. The amount of its financing is 90 billion CFA francs. The third is a Program for Resilience, Local Governance and Basic Services (PREGOLS).
This program is performance-based and aims to improve the provision of basic services and the institutional performance of targeted local public entities. It will be financed to the tune of 90 billion FCFA. For the Minister in charge of small and medium-sized enterprises, Serge Poda, this signing of the agreement is the culmination of a long process skilfully put together by technicians from both parties and which once again bears witness to the commitment of the World Bank. to contribute to the improvement of the living conditions of our populations who live the effects of the multiple crises marking the national and international context.
For him, the government, on behalf of the people of Burkina Faso, expresses its gratitude to the World Bank for this saving gesture. The resident representative of the World Bank in Burkina Faso, Maimouna Mbow Fam, hailed the dynamism and quality of the partnership between Burkina Faso and her institution. She hoped that these additional resources will be of considerable contribution to the government and this, for the well-being of the population.
Estelle KONKOBO (Intern)