Burkina Faso secures US$20m loan from OPEC to enhance food security

BURKINA FASO – The government of Burkina Faso through the Ministry of Economy, Finance and Development has secured a loan of US$20 million from the Organization of the Petroleum Exporting Countries (OPEC) Fund to support agribusiness activities in the country.

The loan was signed by the Director-General of the OPEC Fund for International Development (the OPEC Fund) Dr Abdulhamid Alkhalifa and Burkina Faso’s Minister of Economy, Finance and Development, Lassané Kabore.

In a statment, OFID revealed that the funds will be specifically used to help finance Burkina Faso’s Agricultural Value Chain Support Project (PAPFA).

aims to contribute to poverty alleviation and to enhance food security in Burkina Faso.

Specifically, the project will help crop and vegetable farmers adopt efficient technologies related to the production, processing and storage of produce, ultimately enabling them to increase sales in local and regional markets.

Dr Alkhalifa said: “This latest OPEC Fund loan demonstrates our continued commitment to a striving country that retains hope, despite the challenges it still faces. It is our way of saying: ‘we are your partners’.”

While on the high-level mission to the West African country, Dr Alkhalifa attended the inauguration ceremonies of two major development projects co-financed by the OPEC Fund – the Hospital of Ziniaré and the University of Ouagadougou. The inaugurations were held under the aegis of the President of Burkina Faso, Roch Marc Kaboré.

The University of Ouagadougou project was co-financed by the OPEC Fund in partnership with the Arab Bank for Economic Development (BADEA) and the government of Burkina Faso.

The new and expanded facilities include dormitories and provide a better academic environment. Approximately 18,500 on-campus students are expected to benefit.

The Hospital of Ziniaré – a modern and fully equipped health center in the town of Ziniaré, 35 km from the capital Ouagadougou – is also co-financed by the OPEC Fund, BADEA and the government of Burkina Faso.

The hospital provides access to specialized, high-quality healthcare services and is expected to improve maternal / infant health and fight diseases endemic to the area.

The OPEC Fund has worked with Burkina Faso for more than four decades. During that time, the organization has approved more than 40 public sector loans amounting to nearly US$300 million to the country.

 The OPEC Fund has also approved 11 trade finance loans for a total of US$270 million, as well as a number of national grants.

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