Rabat, Morocco: The Islamic development Bank has injected US $200 million to the economy of Burkina Faso in order to boost the infrastructure of the country. This was disclosed in Rabat, Morocco during a signing agreement ceremony with Burkina Faso’s Minister of Economy and Finance, Jean Gustave Sanon. Dr. Ahmed Mohammed Ali, President of the Islamic Development Bank (IDB) represented the Bank during his ongoing visit to Morocco. The US $200 million agreement was part of a package comprising
different sectors of the economy, which includes three financing agreements of US$ 106 million from the IDB, and US $94 million with the International Islamic Trade Finance Corporation (ITFC), a member of the IDB Group.
The Director General of the fiber and textile company in Burkina Faso signed the trade financing agreement with the International Islamic Trade Finance Corporation (a member of the IDB Group) worth US$94 million.
Under the terms of the first memorandum, the IDB is to contribute US$75 million to upgrade a 145 Km road Kantchari-Diapaga-Benin border. The project aims to achieve sustainable economic development in the eastern region of Burkina Faso by linking it to markets and to the rest of the country. This road section is part of an important regional transport route linking countries of the West Economic Community of West Africa States which comprises 15 countries, 12 of which are IDB members.
Under the terms of the second memorandum, the IDB is to contribute US$18.5 million to support the second phase of a project to supply drinking water to the capital Ouagadougou. Upon completion, the project will bring significant health, social, financial and environmental improvements to the capital's five million inhabitants.
In the third memorandum, the IDB will contribute US$12 million to a solar-generated electricity supply project for rural areas in Burkina Faso. The project includes building and installing seven solar-powered electricity generators for 41 villages across six regions.
Mr. Jean-Paul Sawadogo, general manager of the Fiber and textile company in Burkina Faso (SOFITEX) signed a financing agreement, worth US$94 million, with Dr. Walid Abdul Mohsen Al-Wohaib, CEO of the International Islamic Trade Finance Corporation (a member of the IDB Group), for the purchase of cotton seeds and other agricultural inputs for SOFITEX company.
Burkina Faso joined the IDB in 1978, and enjoys a close cooperation relationships with the IDB Group. Total IDB approvals for Burkina Faso so far amount to US$1.15 billion covering agriculture, education, electricity, health, industry, mining, roads and water supply, as well as trade financing, as part of IDB efforts to promote trade between its members..