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OFID supports energy access in Burkina Faso
January 8, 2019. OFID is contributing US$50 million in support of Burkina Faso’s energy access via a participation agreement with the International Islamic Trade Finance Corporation (ITFC).
OFID’s contribution to the financing – the aggregate amount is US$123 million – will enable the West African country to purchase petroleum products from the international market.
The total financing is expected to cover in excess of one-quarter of Burkina Faso’s required imports of petroleum products. OFID recognizes that energy security is critical to the country’s economic growth.
OFID has a strong partnership with Burkina Faso and has committed more than US$575 million to development operations in the country since providing a Balance of Payments support loan in 1976.