Jeddah, KSA-19.06.2013-The Minister of Economy and Finance of Burkina Faso, H.E. Mr Lucien Marie Noel Bembamba has described the Islamic Development Bank as an institution that provides solid support in what Burkina Faso considers to be priority areas. H.E. Bembamba, who is also the IDB Governor for Burkina Faso, was speaking at the IDB Headquarters during an official visit to discuss modalities for financing priority projects for implementation under Burkina Faso’s Strategy for Accelerated
Growth and Sustainable Development (SCADD, 2011-2015). The priority projects include poverty eradication, agricultural development, industrial growth, good governance and capacity building. The Minister stated that the main objective of the visit was to consolidate cooperation between IDB and his country which is facing many challenges and need to mobilize financial resources.
IDB Acting President, Mr Birama Sidibe, welcomed the delegation and expressed his appreciation on the interest shown by the government of Burkina Faso to continue to partner with IDB. He stated that IDB is a bank of the people, and will strive to improve the social and economic development of countries like Burkina Faso. The IDB Group affiliate institutions such as the Islamic Cooperation for the Development of the Private Sector (ICD), Islamic Cooperation for the Insurance of Investment and
Credit Export (ICIEC), the International Islamic Trade and Finance Cooperation (ITFC), and the Islamic Research Training Institute (IRTI) made presentations on their activities. Presentations were also made on the activities of the Islamic Financial Service Department (IFSD) and the Islamic Solidarity Fund for Development (ISFD).
In his response, the Minister stated that Burkina Faso would like to benefit from the various trade financings, private sector development programs, and credit insurance policies of the IDB Group. A Memorandum of Understanding (MoU) was signed between IDB and Burkina Faso aimed at extending partnership between the two for the next year. The delegation led by the Finance Minister included H.E. Mr Salif Lamoussa Kabore, Minister of Mining and Energy; H.E. Mr. Jean Bertin Ouedraogo, Minister of
Infrastructure and Transport; and H.E. Mrs Mamounta Belem/Ouedraogo, Minister of Water, Hydrology and Sanitation. Burkina Faso joined IDB during 1978, and so far US $ 632 million have been approved to finance development projects and special assistance in the country.