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Regional integration and economic opportunities: World Bank funds $470 million in Burkina Faso, Niger and Togo

19/07/2021
Categories: Economy/Forex

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The World Bank Group is Committed to Helping Burkina Faso, Niger, and Togo Succeed in Their Efforts to Improve Regional Connectivity, Security, and Economic Opportunities on the Lomé-Ouagadougou-Niamey Axis , the road corridor that connects the three capitals and millions of people along its 1,065 km. The International Development Association (IDA) will release 470 million dollars for the 3 countries.

The Lomé-Ouagadougou-Niamey (LON) Economic Corridor Project will stimulate collaboration between the three countries with the aim of improving the quality of transport services along this axis, developing social and economic infrastructure and strengthening resilience. in the face of security and climate threats. Its objective is to boost trade between the three countries and reduce transport times for goods imported and exported from the port of Lomé. “The LON Corridor is of strategic importance to Burkina Faso, Niger and Togo, and we are committed to helping these countries unlock their full economic potential,” said Anne-Cécile Souhaid, Senior Transport Specialist at the World Bank and project team leader. “This project facilitates regional cooperation by combining support for transport and trade networks with institutional reforms and logistics services to collectively address common challenges among participating countries,” she said. One of these challenges is the complexity of coordinating multiple institutions and stakeholders in the three countries, whose involvement and capacities are uneven.

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