Burkina Faso, a land-locked country in western Africa, has bagged an International Development Association (IDA) grant for increasing its cotton exports, among other things.
The US$ 90 million grant, approved by the World Bank, aims to help Burkina to enhance its cotton exports to over 400,000 tons, according to the multilateral institution.
The new grant will assist the Government of Burkina Faso in its aim to catalyze private sector growth and employment by helping the Government to constitute an input fund for cotton as well as increasing competitiveness of cotton sector.
The World Bank notes that cotton has been a major driver of economic growth in Burkina and it estimates cotton production to rise this year, compared to 2011.
Madani M. Tall, World Bank Country Director for Benin, Burkina Faso, Togo and Cote D’Ivoire, said the World Bank’s objective is to assist the Government of Burkina Faso to extend greater profit and power to farmers and producer associations.
Mr. Tall said the cotton sector forms the backbone of Burkina’s rural economy and it provides jobs to over 2 million people.
The US$ 90 million grant is the first of the four Growth and Competitiveness (GC) budget support operations that the World Bank proposes to extend to Burkina Faso during 2012-14.
Fibre2fashion News Desk - India