Burkina takes out a loan of 27 billion to make petroleum products available at very low cost

Ouagadougou: Burkina has taken out a loan of 50 million dollars, or 27.5 billion FCFA, from the Arab Bank for Economic Development in Africa (BADEA) in order to guarantee the availability of petroleum products at a lower cost, the AIB learned from an official source.Speaking during a council of ministers yesterday Wednesday, the authorities explained that this loan will also ease cash flow tensions and increase the profit margin of the Burkinabè National Hydrocarbons Company (Sonhaby) by of the order of 19 billion FCFA over the duration of the operation.'The objective pursued by this operation is to guarantee the availability of petroleum products at lower cost,' indicated the government spokesperson, Jean Emmanuel Ouédraogo.The operation is part of the government's strategy aimed at strengthening the country's energy security while optimizing available financial resources.It was concluded at the end of May 2024 and includes the import of an additional volume of 60,000 metric tons of petroleum product s each quarter, in order to meet growing demand estimated at at least 8% per year.At the council of ministers yesterday Wednesday, the government adopted a bill which will be submitted to the Transitional Legislative Assembly for authorization of ratification.Ratification of the agreement will allow Burkina Faso to benefit from a stable reserve of petroleum products, crucial to supporting national economic development.Source: Burkina Information Agency