#Bloomberg: #Nickel Royalty Helps #Burundi Boost Its Spending Plan by 40%
Burundi plans to increase its national budget by almost 40% for the fiscal year starting July as it eyes revenue from a nickel concession it awarded to a new partner.
Burundi, which has an estimated 6% of the world’s known nickel deposits, awarded a mining concession to East African Regional Projects. The deal involves remitting $1.5 billion to the government annually, with the first $500 million expected soon.
The government plans to increase investment in farming and infrastructure, including starting to build a railroad to neighboring Tanzania, according to the statement.
The nation’s economy may grow by 3.6% this year and 4.6% in 2023, according International Monetary Fund estimates.