The Islamic Development Bank (IDB) on Sunday signed two agreements worth $10.4 million with officials of the Government of Burkina Faso to assist the country in the area of food security.
The first agreement was for funding the first phase of Souma Agricultural Development Project comprising construction of a 1.6-kilometer long dam on River Ranso which will help to reclaim over 1,000 hectares of land, thus ensuring food security through water supply for agricultural purposes on a permanent basis.
The second agreement would provide technical assistance in the form of a loan and a grant for economic feasibility study and engineering design for the reclamation of 2,000 hectares of land in the Sourou Valley of Dabandjamana Province in Burkina Faso.
The overall financing operations approved by the IDB in favor of Burkina Faso so far stands at $208 million for 49 development projects in various sectors.
The purpose of IDB is to foster the economic development and social progress of member countries and Muslim communities, individually as well as jointly, in accordance with the principles of Shariah Islamic Law. The present membership of IDB consists of 54 countries.
IDB is headquartered in Jeddah, Saudi Arabia, with regional offices in Morocco, Malaysia and Kazkahstan. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
