The Ministry of Economy, Finance and Development and the World Bank signed a loan agreement on May 10, 2019 in Ouagadougou. Through this gesture, the financial institution makes available to Burkina Faso about 137 billion CFA francs for the implementation of two development projects.

The African Centers of Excellence (ACE) and financial inclusion projects will benefit from an envelope of 137 billion CFA francs from the World Bank (WB). Part of the envelope will also serve as budget support.

Indeed, the Ministry of Economy, Finance and Development and the WB signed a loan agreement on Friday, May 10, 2019 in Ouagadougou.

To hear the resident representative of the WB in Burkina Faso, Cheick F. Kanté, his institution intends to grant a series of three tranches to the country of Upright Men over the period 2019-2021.

He added that the first financing agreement, relating to the first operation of the series of support for development policies, commonly called budget support, is about 59 billion CFA francs.

“It aims to support the government's reform agenda which is articulated around three pillars, namely improving domestic resource mobilization and the efficiency of public expenditure; encourage more inclusive growth that enhances the productivity of artisanal mining and livestock, while limiting environmental risks and damage and finally that focused on reducing spatial disparities and social inequalities by improving the universal access and quality of health services,” he said.

According to Mr. Kanté, reforms have been supported in important areas such as taxation, public investment management, livestock, artisanal mining and health.

The second financing agreement, he said, concerns the CEA project for an amount of 19.5 billion FCFA. It aims to support training and applied research in scientific, technological and mathematical disciplines.

According to him, these are essential for the development of the technical capacities of African countries, but there are great shortages in Africa.

For the resident representative of the World Bank, this project also brings together sub-regional community institutions, in particular ECOWAS and UEMOA, as main supporters.

The third agreement, he said, amounts to 59 billion FCFA and concerns the Support Project for Financial Inclusion in Burkina Faso (PAIF).

Its objective, he explained, is to increase and facilitate access to digital financial services and access to credit for targeted beneficiaries.

The Minister of Economy, Finance and Development, Lassané Kaboré, reiterated, for his part, his availability to ensure that his services can contribute effectively to the implementation of the actions identified for the achievement of the objectives that they set themselves within the framework of these projects and within the agreed deadlines. He also expressed his gratitude to the WB for its multiple supports.