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World Bank sanctions US$70 million grant for Burkina Faso

The World Bank has commended Burkina Faso for its sound macroeconomic management which has sustained economic growth in 2012. (Image source: Jeff Attaway/Flickr)

The World Bank has approved a grant of US$70mn to the West African nation of Burkina Faso in an attempt to help the country promote its economic growth and competitiveness

The facility was approved by the bank’s board of executive directors last week in Washington DC, USA.

The grant will be the second in a four-year programmatic series of growth and competitiveness budget support operations to Burkina Faso for the 2012‒2014 period.

The World Bank said that the grant would “catalyse private sector growth and employment, strengthen resiliency, reduce vulnerability and improve governance and public resource management” in the country.

World Bank country manager in Ouagadougou, Mercy M Tembon, said, “Our objective is to assist the government of Burkina Faso in its efforts to achieve sustained growth.

“The funds will support the private sector, the true engine of growth, while helping to improve the cotton sector’s competitiveness, particularly by establishing an input fund for production.”

The World Bank has also commended Burkina Faso for its sound macroeconomic management following a good rainy season and an increase in commodity export prices, which has led to the return to sustained growth of close to eight per cent in 2012.

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