Islamic Development Bank Provides $14 Million For H.E. Project In Burkina Faso

An agreement providing for a US$ 14 million financing from the Islamic Development Bank (IDB) to support higher education in Burkina Faso was signed at the IDB Headquarters between HE Jean Gustave SANON (Minister of Economy and Finance) and Dr. Ahmad Mohamed Ali (IDB President).

The financing is expected to contribute to phase II of the expansion of Students’ Hostels at the University of Bobo-Dioulasso Project which is Burkina Faso’s second-largest city located 350 kilometers south-west of Ouagadougou, the capital. In 2009, IDB had provided the US $10 million financings for phase I of the project.

At the meeting, the Minister spoke of the transition taking place in his country and underlined that preparations for presidential and legislative elections would not affect the priority to the timely implementation of the already planned development projects. He further stressed the strong will of his country’s private sector to benefit from the services provided by the Islamic Corporation for the Development (ICD), IDB’s private sector development arm, of the Private Sector. The Minister lauded the existing strong relations between the IDB Group and Burkina Faso stressing strongly to continue this working relationship.

The IDB Group Chairman, Dr. Ahmad Mohamed Ali, while expressing pleasure over the present relations between Burkina Faso and the IDB Group, hoped that the high-level visit would advance cooperation between both sides. He emphasized the readiness of the IDB Group to support the country through its affiliates including the International Islamic Trade Financing Corporation (ITFC), the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD) as well as the Islamic Research and Training Institute (IRTI).

Since 1978 when Burkina Faso joined IDB, the Group has approved nearly US $1.2 billion towards financing various projects like education, power generation, agriculture, health, different mines, roads, and sewerage systems as well as foreign trade operations.