The International Finance Corporation (IFC), a member of the World Bank Group focused on the private sector in emerging markets, has reaffirmed its commitment to increase its support for Burkina Faso.
Through strategic investments and advisory services, IFC aims to assist regional leaders in infrastructure, industrialisation, agribusiness, energy, and financial inclusion to foster innovation, create opportunities, and close development gaps.
“The determination, ingenuity, and resilience of Burkina Faso’s private sector are key to maintaining and creating jobs and driving the country’s development forward,” IFC wrote on LinkedIn on May 30.
This was the central message of the inaugural Burkina Faso Private Sector Forum, held from May 27 to May 28 in the country’s capital, Ouagadougou.
More than 200 government representatives, business executives, and development partners convened at the event to map out a course for more inclusive, sustainable, and private sector-led growth.
Key Focus Areas: Digitalisation and SMEs funding
Participants discussed how to increase private investments in several areas that are essential to Burkina Faso’s growth and job creation, such as digitalisation, financial inclusion, assistance for displaced people, energy, agriculture, health, women’s empowerment, housing, and more.
The World Bank Group hosted the forum, co-organised with the Confédération générale des entreprises du Faso (COGEF), Burkina Faso’s leading employers’ organisation.
Encouraging Burkinabé SMEs and improving access to financing were core priorities. Discussions highlighted solutions such as enhancing the business climate, leveraging technology for financial inclusion, strengthening risk management, and developing tools like climate insurance for agricultural SMEs.
Energy and infrastructure development
With only about 25 percent of the population having electricity access and heavy reliance on imports, strengthening Burkina Faso’s energy sector is vital. Forum participants prioritised investments in renewable energy, infrastructure improvement, and regulatory reforms to expand rural electrification.
Agricultural challenges and opportunities
Agriculture remains the backbone of Burkina Faso’s economy, with food security a top government priority. However, the sector faces challenges including poor infrastructure, climate risks, and limited financing.
Investment in modern agricultural techniques, irrigation systems, and climate-resilient technologies was deemed essential to boost productivity. Agricultural credit and climate insurance emerged as critical tools for empowering farmers and fostering sustainable growth.
IFC noted, “The government’s ongoing reforms and programs in energy, land, agriculture, and trade demonstrate that progress is possible — and is happening, but more needs to be done.”
The forum was hosted under the high patronage of Prime Minister Jean Emmanuel Rimtalba Ouédraogo, who was represented by Minister of Economy and Finance Aboubakar NACANABO.
NASSA Idrissa, the COGEF President and chairman of the prestigious baking institution Coris Group, participated actively in the event.
IFC is the largest global development institution under the World Bank, focused on the private sector in emerging markets.