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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. 

Read more at: Nickel Royalty Helps Burundi Boost Its Spending Plan by 40% – Bloomberg