Jeddah-based International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, recently signed a euro 107-million agreement to finance the cotton sector in Burkina Faso in the 2017-2018 season under Islamic regulations. SOFITEX, the country’s national cotton company, will be the executing agent.
The agreement was recently signed by ITFC CEO Hani Salem Sonbol and SOFITEX CEO Wilfried Yameogo on behalf of Burkina Faso’s minister of economy, finance and development, according to an ITFC press release.Jeddah-based International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, recently signed a euro 107-million agreement to finance the cotton sector in Burkina Faso in the 2017-2018 season under Islamic regulations. SOFITEX, the country's national cotton company, will be the executing agent.#
The agreement will support the purchase of seed cotton from farmers and cooperatives and aims to have a positive impact on the income of the farmers and improve their living conditions.
Burkina Faso has benefited from more than $925 million of financing since ITFC’s inception in 2008. The transaction follows a $ 450-million agreement signed with the country in May 2017 for the next three years. (DS)
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