The project "aims to create and put into practice a body of common rules to protect biodiversity and take the necessary measures to safeguard the environment," a statement from the West African Economic and Monetary Union (WAEMU) office in the Burkina Faso capital said.

The fund will be divided among the eight members of the WAEMU -- Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal and Togo.

The money comes from two agencies of the World Bank: a donation of 5.4 million dollars from the Global Environment Facility (GEF), and a loan of 3.9 million dollars from the International Development Association.

The project will affect 10 million households dependent on agriculture in the WAEMU area.