World Bank releases US$375M for phase 2 of Burkina Faso’s livestock project | Food Business Africa

By Pune Media On Sep 30, 2024 44

BURKINA FASO – The World Bank, through its International Development Association (IDA), has allocated US$375 million in financing to advance the second phase of the Regional Project to Support Pastoralism in the Sahel (PRAPS 2) in Burkina Faso.

This funding also targets five other countries in the region: Chad, Mali, Mauritania, Niger, and Senegal.

In Burkina Faso, the government has recently passed a bill to ratify a US$50 million credit agreement with the IDA.

The agreement, originally signed in July, will provide additional funds for the second phase of PRAPS 2.

The primary goal of this initiative is to enhance the resilience of small-scale producers who have been hit hard by ongoing food crises in the region.

According to the minutes of the Council of Ministers meeting on September 25, 2024, the fresh funds will enable the government to deliver food assistance to vulnerable communities while increasing the production capacities of local small-scale producers.

The financing will also facilitate the purchase of 54,000 tons of fertilizers, including 36,000 tons of NPK and 18,000 tons of urea, to improve access to essential agricultural inputs.

The project is expected to help the country’s herders and farmers endure repeated food crises while ensuring the long-term viability of their livelihoods.

In Burkina Faso, agriculture is a cornerstone of the economy, contributing 30% of the country’s GDP and employing over 80% of its labor force.

Livestock, meanwhile, makes up 18% of the GDP, and combined with agro-sylvo-pastoral activities, accounts for 44.7% of household income, as reported by the German Society for International Cooperation (GIZ) in November 2022.

The funding boost comes as Burkina Faso seeks to develop its livestock sector, particularly in the meat industry.

The country produces an estimated 30 million tonnes of beef annually and 264 million tonnes of milk, generating roughly US$22 million and US$120 million, respectively.

The country’s meat market is projected to generate US$803.80 million in 2024, with an annual growth rate forecasted at 6.10% between 2024 and 2029.

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