Ouagadougou – Burkina Faso’s Head of State, Captain Ibrahim Traore, presided over the unveiling of the Military and Paramilitary Savings and Credit Cooperative (COMIPEC) on Friday, May 17, announcing an initiative designed to bolster the financial capabilities of the country’s defense forces by 2025.
According to Burkina Information Agency, the cooperative is expected to provide both financial and non-financial services to enhance the overall development of the Defense and Security Forces (FDS). Captain Traore emphasized the cooperative’s role in improving the living conditions of military personnel and their families. “We will be proud to be able to improve your living conditions and those of your families. This is why this cooperative was designed,” he stated during the event.
The cooperative aims to support the FDS by alleviating financial constraints that might hinder their personal and professional projects. It was highlighted that the cooperative would encourage investments in agriculture and livestock, sectors identified as pivotal for economic development and food self-sufficiency in Burkina Faso. “The military is also concerned. We must manage to produce to help our people,” Captain Traore added, referring to a new presidential initiative on agricultural production.
The Minister of State, Minister of Defense and Veterans Affairs, Brigadier General Kassoum Coulibaly, noted that the establishment of COMIPEC followed thorough analysis and reflection on improving the living conditions of FDS members. Meanwhile, Minister of Economy, Finance, and Foresight, Aboubakar Nacanabo, explained that the cooperative operates on a principle of mutual aid and solidarity among members. He detailed a solidarity fund within the cooperative designed to assist members in financial distress.
Nacanabo also highlighted the benefits of COMIPEC membership, which includes more flexible terms and lower interest rates compared to traditional banks. The experiences of Rwanda and Togo with similar initiatives were shared, noting Rwanda’s success in evolving their cooperative into a fully-fledged bank with substantial state support.