Encouraged by profit earning performance of Burkina Fibres and Textile Company (SOFITEX), several local banks have agreed to extend finance it for the cotton production season in 2005-2006.
An agreement was signed between the cotton growing company and local banks that will finance the company operations to the tune of 80 billions CFA francs, yesterday.
SOFITEX profited under adverse economic conditions and motivated by this performance, banks further supported the company, noted Gaspard Ouédraogo, General Director of the International Bank of Burkina (BIB) and head of the group of banks.
Cotton growing is carried out in 25 of 45 provinces of Burkina Faso employing over one million people.
Official data reveals that cotton seeds output of this nation increased from 248,388 tons in 1998-1999 to 600,000 tons in 2004-2005.
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