LYCOS RETRIEVER 
Burkina Faso
built 503 days ago
Burkina Faso has been a MIGA member since 1988. MIGA’s portfolio in Burkina Faso consists of seven contracts of guarantee with a combined gross exposure of US$43.03 million. All seven guarantees were issued to a French company for its investments into Société Cotonnière du Gourma (SOCOMA). The project, MIGA’s first exposure in the country, is part of the restructuring of the cotton sector by the Burkinabé authorities and aims at modernizing and expanding the cotton ginning capacity in order to meet the expected increase in cotton production. It ... contributes to the promotion of local ownership, as the investor is providing financial support to the national cooperative of cotton producers and three local private entities to enable them to acquire equity in SOCOMA. In FY07, MIGA expects to underwrite two projects, in support of the services and tourism sectors in Burkina Faso, with a combined gross exposure of US$32 million.
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Burkina Faso is a parliamentary republic with a population of approximately 13.9 million. In November 2005 President Blaise Compaore was reelected to a third term with 80 percent of the vote. Observers considered the election to be generally free, despite minor irregularities, but not entirely fair due to the ruling party's control of official resources. Some in the opposition ... contested the legality of the president's candidacy. President Compaore, assisted by members of his party, the Congress for Democracy and Progress (CDP), continued to dominate the government. Civilian authorities generally maintained effective control of the security forces.
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One of the poorest countries in the world, landlocked Burkina Faso has few natural resources, a fragile soil, and a highly unequal distribution of income. About 90% of the population is engaged in (mainly subsistence) agriculture, which is vulnerable to variations in rainfall. Industry remains dominated by unprofitable government-controlled corporations. Following the African franc currency devaluation in January 1994 the government updated its development program in conjunction with international agencies, and exports and economic growth have increased. Maintenance of macroeconomic progress depends on continued low inflation, reduction in the trade deficit, and reforms designed to encourage private investment. The internal crisis in neighboring Cote d'Ivoire continues to hurt trade and industrial prospects and deepens the need for international assistance.
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One of the poorest countries in the world, landlocked Burkina Faso has few natural resources and a weak industrial base. About 90% of the population is engaged in subsistence agriculture, which is vulnerable to periodic drought. Cotton is the main cash crop and the government has joined with three other cotton producing countries in the region - Mali, Niger, and Chad - to lobby for improved access to Western markets. GDP growth has largely been driven by increases in world cotton prices. Industry remains dominated by unprofitable government-controlled corporations. Following the CFA franc currency devaluation in January 1994, the government updated its development program in conjunction with international agencies; exports and economic growth have increased.
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In 2000, Burkina Faso became one of the first developing countries to prepare a full Poverty Reduction Strategy Paper (PRSP). Donors have progressively aligned support to the PRSP. To support PRSP implementation the Bank has increased allocation of International Development Association (IDA) resources through a wide range of instruments, including traditional investment loans, programmatic lending through budget support and community driven development. Budget support is provided through a series of annual Poverty Reduction Support Credits (PRSCs). In recent years, the PRSCs has underpinned privatization and spin-offs in the cotton sector, liberalization of the telecommunications and electricity sectors, and initial investment climate reforms aimed at reducing the cost of doing business in Burkina. The current PRSC series puts even greater emphasis on economic and export diversification, investment climate reform, increasing public-private partnerships for infrastructure and energy development and supporting administrative and fiscal decentralization.
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Throughout the past decade Burkina Faso has pursued a satisfactory resource-allocation policy that reflects the priority assigned to basic education. Thus, between 1990 and 1999 primary enrollment rose from 30 percent to 41 percent (34 percent for girls). The number of new admissions in the first year of primary education doubled in the same period. Educational opportunities have been greater for urban children and particularly for those in rural areas, where 70 percent of all new classrooms have been built over recent years. The disparities between provinces are becoming less in that the proportion of provinces failing to reach the national average enrollment rate has fallen from 73 percent to 58 percent.
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Burkina Faso