OPEC Fund signs $20m loan to finance Burkina Faso’s Agricultural Support Project
London, Dec. 10, 2019 (AltAfrica)-The OPEC Fund for International Development has signed a US$20 million development loan to help finance Burkina Faso’s Agricultural Value Chain Support Project (PAPFA).
The Director-General of the OPEC Fund Dr Alkhalifa signed the loan in Ouagadougou with Burkina Faso’s Minister of Economy, Finance and Development, Lassané Kabore.
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.
Dr Alkhalifa said: “Ensuring inclusive and quality education for all – and promoting lifelong learning – is a fundamental ingredient to sustainable development. To see such a project come to life is inspiring and I believe this university will enable many people – young and old – to play a role in advancing the development of Burkina Faso, and more generally, in contributing toward a more equal global society.”
At the ceremony, Dr Alkassoum Maïga, Burkina Faso’s Minister of Higher Education and Scientific Research, conferred Dr Alkhalifa with L’ordre National de l’Etalon – a national honor in recognition of the OPEC Fund’s continued support of development in the country. The Minister conferred the honor on behalf of President Kaboré. Dr Alkhalifa said he was proud of the OPEC Fund’s work with Burkina Faso and honored to receive the decoration on behalf of the organization.
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.
Dr Alkhalifa said: “The enjoyment of the highest attainable standard of health is one of the fundamental rights of every human being. The OPEC Fund is committed to supporting access to healthcare as a goal in itself, as well as to achieve the Sustainable Development Goals. Our commitment is clear: as of December 31, 2018, our cumulative commitment to development projects in the health sector was well over US$1 billion.”
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.