WASHINGTON, November 29, 2018—The World Bank today approved $100 million grant for Burkina Faso to finance recurrent costs. This grant is being provided by the International Development Association (IDA), the World Bank’s fund for the poorest countries.
The Emergency Recurrent Cost Financing Project will help the country address a series of crises linked to the worsening insecurity in the North, Sahel, and East regions, which have reduced the already tight fiscal space of the Government. It will strengthen Government’s capacity in food security and help provide basic health and education services in the crisis-affected regions.
This project will supplement existing initiatives such as the Government’s Emergency Program for the Sahel. It will allow students living in the affected regions to continue their education and sustain the delivery of basic healthcare to women and children.
“The approval of this financing confirms the World Bank’s desire to strengthen its partnership with Burkina Faso to achieve the objectives set forth in its National Economic and Social Development Plan (PNDES). This emergency project is very timely as it is designed to address, in a holistic manner, the challenges facing these regions of the country, with the aim of strengthening their resilience,” said Cheick Kanté, World Bank Country Manager for Burkina Faso.
“This innovative and multisectoral operation will provide critical support to the Government to tackle the multiple crises facing Burkina Faso. As a result of the mutual trust and the establishment of special mechanisms by the government and World Bank teams, project preparation took place in record time,” said project Task Team Leaders Veronique Kabongo and Michel Maellberg.