Burkina Faso calls on the African Development Bank to boost investments and support the economy

Written by: Mohamed Ragab

The Minister of Economy and Finance received Burkina Faso Faso Dr. Abubakar Nakanabo received a delegation from the African Development Bank led by Lamine Barrow, as part of consultations aimed at strengthening the economic partnership and supporting the country’s development priorities in the coming years.

The meeting took place in the capital, Ouagadougou, as part of a working visit by a delegation from the bank. To complete The interim strategy document for Burkina Faso for the period 2022-2025, which has been extended until 2026, along with the start of consultations regarding the formulation of the new strategy for cooperation between the two sides.

Joint performance evaluation and prioritization 

According to officials, the mission aims to conduct a joint assessment between the government and the African Development Bank to analyze the results of cooperation over the past five years, and to identify the most prominent achievements, challenges and lessons learned, in order to determine future priorities and improve the effectiveness of development programs.

Lamine Barrow explained that the visit was to obtain strategic guidance from the Burkinabe government on ways to develop cooperation with the African Development Bank, stressing the institution’s keenness to continue supporting economic and social development efforts in the country.

He noted that the current consultations will help to formulate a vision more in line with the needs of Burkina Faso, especially in light of the economic and security challenges facing the region.

Call for investment in productive sectors

For his part, Minister of Economy and Finance Aboubacar Nakanabo praised the new dynamism of the African Development Bank under the leadership of its new president, calling on the financial institution to play a greater role in supporting productive investments within Burkina Faso.

The minister stressed that the government wants to direct the bank’s interventions towards the fourth pillar of the National Development Plan for the period 2026-2030, which focuses on “developing infrastructure and transforming the economy sustainably.”.

Nakanabu also called on the bank to adopt greater speed and flexibility in implementing its projects and programs, with the aim of increasing efficiency and achieving tangible results on the ground.

A plan to revive the economy and boost manufacturing

The fourth pillar of the National Development Plan, known as the “Recovery Plan,” is one of the top priorities of the Burkinabe government in the coming period, as it aims to strengthen national manufacturing, increase production in the energy sector, and improve the competitiveness of the private sector.

The plan also includes upgrading infrastructure in the areas of transport, communications and storage, which will contribute to supporting local production and stimulating sustainable economic growth.