The Islamic Development Bank has signed three infrastructure financing agreements worth $106m with Burkina Faso, while a member of the IDB group signed a further trade-financing agreement worth $94m with SOFITEX, a Burkinabé company specialising in agricultural imports.
The deals were hashed out by Dr Ahmed Mohammed Ali, IDB’s President, who met with HE Jean Gustave Sanon, Minister of Economy and Finance and IDB Governor for Burkina Faso.
The two sides then signed three financing agreements worth $106m, the largest of which will see the IDB contribute $75m towards a 145km road from Kantchari to the Benin border — part of regional route connecting 15 ECOWAS countries, 12 of which are IDB members.
The IDB is also contributing $18.5m to support the second phase of a project to supply drinking water to the capital Ouagadougou, while a third deal will see the IDB will contribute $12m towards seven solar-powered electricity generators for 41 villages across six regions.
Jean-Paul Sawadogo, GM of SOFITEX, a fibre and textile company in Burkina Faso, signed a further financing agreement worth $94m with Dr Walid Al-Wohaib, CEO of the International Islamic Trade Finance Corporation (an IDB Group member), for the purchase of cotton seeds and other agricultural inputs.
Burkina Faso joined the IDB in 1978, and since then the body has approved $1.15bn in funding for the country, on projects spread across every sector.