Burkina Faso obtains multimillion-dollar loan from AfDB for agricultural project

Friday 11th October, 2019
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OUAGADOUGOU, Oct. 11 (Xinhua/GNA) -- Burkina Faso on Wednesday obtained a mixed loan and grant financing up to a total amount of 21 billion CFA francs (about US$35.15 million), from the African Development Bank (AfDB) for an agricultural project in the western region of the country, the ministry of economy, finance and development said in a press release.

Lassané Kaboré, the minister of economy, finance and development, and Pascal Yembiliné, the representative of AfDB, signed the financing agreements on Wednesday in Ouagadougou.

For the total amount of US$35.15 million, the financing comprises account for nearly US$30 million and with the rest comes from donation, according to the source.

The intervention of the AfDB will help finance Leraba plain management and development project (PAVAL) in western Burkina Faso in a bid to achieving food and nutrition security in the Cascades region.

The PAVAL project will enable to develop an irrigated area of 1,000 hectares and to produce additional 7,500 tons of food crops and 14,000 tons of garden products per year.

"With this project led by the ministry of agriculture and hydro-agricultural development, 1,500 jobs will be created, producers' annual incomes will increase to 550,000 CFA from 330,000 CFA and 50 per cent of women will have access to land", a release from the ministry of agriculture said.

GNA