The FINANCIAL — The World Bank’s Board of Executive Directors has approved support for Burkina Faso to cut poverty and hunger by laying the foundation of a national safety net system.
The FINANCIAL — The World Bank’s Board of Executive Directors has approved support for Burkina Faso to cut poverty and hunger by laying the foundation of a national safety net system. The new credit will provide the initial investment in a cash transfer program which can be scaled up nationwide and eventually reach a large share of the country’s poor people, according to the World Bank Group.
Under the 5-year, US$50 million Burkina Faso Social Safety Net Project supported by IDA, the World Bank Group’s Fund for the poorest countries, about 40,000 poor households will benefit from direct cash transfers. Also community-level activities will encourage these households to invest in their children’s development and nutrition, as well as in their own productivity.
Despite strong economic growth, nearly 47 percent of Burkina Faso’s rapidly growing population still lives in poverty and 58 percent cannot meet basic caloric needs. The project is designed help the country to work towards more inclusive economic development that does not leave poor people behind, according to the World Bank Group.
An important element of any national safety net system is the methodical targeting of households that are most in need. In Burkina, this will begin with cash transfers in regions with the highest rates of chronic poverty, malnutrition and food insecurity. With an average of nearly eight members in a rural household, about 316,000 people will directly benefit from the project in the East, North, and Center-East regions.
Social protection is a key pillar of Burkina Faso’s development strategy (Stratégie de Croissance Accélérée et de Développement Durable) for 2011-2015. In addition, the National Social Protection Strategy (Politique Nationale de la Protection Sociale) outlines the country’s vision for a national safety net system, according to the World Bank Group.
