WASHINGTON, July 5, 2018 – Today, the World Bank Group endorsed a new Country Partnership Framework (CPF) for Burkina Faso for the period 2018-2023. This CPF will guide the World Bank Group’s actions in support of the country’s efforts to implement its National Economic and Social Development Plan (PNDES).
“The objectives of the World Bank Group are consistent with those of the PNDES. This CPF will help Burkina Faso accelerate the structural transformation of its economy in order to create productive employment and meet the country’s development challenges,” said Pierre Laporte, World Bank Country Director for Benin, Burkina Faso, Côte d’Ivoire, and Togo.
It is expected that over the next six years, the CPF will stimulate job creation and economic growth, strengthen human capital investment, and promote social protection. Developed on the basis of extensive consultations with public and private sectors, as well as with civil society, including young people, women, and development partners, the CPF also aims to help Burkina Faso strengthen economic governance and citizen participation.
“At the Round Table on PNDES financing held in Paris in December 2016, the World Bank Group made a commitment to support Burkina Faso in the implementation of its ambitious development plan. Over $800 million has been allocated to the country to date. Thanks to this new CPF, a total of over $2 billion in grants and concessionary loans will be injected into the economy of Burkina Faso, including record funding of $300 million allocated recently to the strategic water and sanitation sector,” said Cheick Kanté, World Bank Country Manager for Burkina Faso.
The CPF will operate on the basis of coordinated interventions by all World Bank Group institutions. The International Development Association will provide the necessary funding. The International Finance Corporation will help attract the private sector, and the Multilateral Investment Guarantee Agency will be responsible for promoting foreign direct investment.