Saudi Fund for Development provides $43 million for infrastructure projects

The Saudi Fund for Development (SFD) has granted Burkina Faso two financing facilities worth $43 million (about FCFA25 billion) for infrastructure projects.

Agreements for the funding were recently signed by Burkina Faso’s minister of economy, finance and development, Rosine Coulibaly, and Yousef Al-Basam, vice president and director general of SFD.

The first facility, which amounts to $37 million (about FCFA21.5 billion), in the form of sovereign loan, will be used to partially finance the construction and coating of the N23 Ouahigouya-Djibo national road. It spams over 115km.

The agreement for the second facility, a memorandum of understanding, comes in the form of a grant of $6 million (FCFA3.5 billion). It will be injected in stage 5 of Saudi project for drilling, deposits and rural development. This project aims at drilling 110 large flow holes, and develop 10 drinking-water mains in the Cascades and Haut-Bassins regions.

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