Burkina Faso: the African Development Bank and the International Fund for Agricultural Development formalize a fund administration agreement for the financing of the PAVAL project in the Cascades region.
The project notably provides for development and rehabilitation works covering a total area of 1,410 hectares divided into several lots.
The African Development Bank (www.AfDB.org) and the International Fund for Agricultural Development (IFAD) signed on February 2 in Abidjan. The letter of agreement for the administration by the Bank of the loan granted by IFAD to the government of Burkina Faso, with a view to financing the Léraba plain development and enhancement project (PAVAL), in the Cascades region in western Burkina Faso.
The agreement was signed by Ms. Hassatou Diop N’Sele, Acting Vice-President in charge of Finance, on behalf of the African Development Bank Group, and by Mr. Donal Brown, Assistant Vice-President in charge of the program management, on behalf of IFAD.
“We are particularly pleased, as the African Development Bank, with the confidence granted by the International Fund for Agricultural Development for the administration of its loan for the benefit of PAVAL, especially since this is the first agreement administration of funds between our two institutions, and that it will pave the way for many other collaborations of this type that our two institutions wish to develop across Africa,” said Ms. N’Sele.
Mr. Brown for his part underlined “the synergies that this partnership helps to strengthen between PAVAL and the Support Project for Agricultural Sectors in the Cascades, Hauts-Bassins, Boucle du Mouhoun and South-West regions ( PAFA-4R) financed by IFAD in Burkina Faso”, and that this letter of understanding “opens the way to a mutually beneficial and long-term collaboration between our two institutions”.
PAVAL is a hydro-agricultural development project downstream of the Niofila-Douna dam, located in the Cascades region around the town of Douna in western Burkina Faso. The Board of Directors of the African Development Bank Group approved in July 2019, a loan from the Bank of EUR 26.94 million and a grant of EUR 4.9 million from the African Development Fund, its concession counter. The loan from the International Fund for Agricultural Development to be administered by the Bank amounts to €8.22 million. It is dedicated to taking charge of a large part of the activities of component B of the project, relating to the development of the developed irrigated areas.
In particular, the project provides for development and rehabilitation work covering a total area of 1,410 hectares divided into several lots. It will make it possible to increase the productivity, production and agricultural income of farmers (men, women and young people) in a sustainable manner.
By African Development Bank Group (AfDB)
Africa Global News Publication
