ITFC invests €107 million in Burkina Faso’s cotton sector

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The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, signed a €107 Million Murabaha Financing Agreement (CFA franc 70 billion) to finance Burkina Faso 2017/2018 Cotton Season with SOFITEX (the national cotton company) as executing agent.

This transaction is in line with the new €450 million Framework Agreement, signed in May 2017, with the Government of Burkina Faso for the coming 3 years.

The EUR 107 Million Murabaha Financing Agreement was signed by Hani Salem Sonbol, CEO, ITFC, and Wilfried Yameogo, CEO, SOFITEX (representing Burkina’s Minister of Economy, Finance & Development).

Highlighting the importance of such agreements in terms of supporting trade finance activities in Burkina Faso, Hani Salem Sonbol said ITFC’s support for the Cotton sector in Burkina Faso is in line with its strategy of prioritizing its financing to the key sectors driving economic growth and income generation for the people in Member Countries.

He further explained that the proposed operation is to consolidate ITFC’s financing package for Burkina, leveraging on the Corporation’s ability to mobilize resources from the market while positioning itself as the Cotton Bank of West Africa.

This financing agreement will support the purchase of seed cotton from farmers and cooperatives. This will also 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.

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Thabo Mphahlele is the BizNis Africa Head of Sales and Marketing. Mphahlele was previously MultiChoice Production Support Analyst responsible for developing and monitoring applications. In addition, Mphahlele develops and automates batch scripts and is responsible for the daily infrastructure maintenance at MultiChoice. As a Production Support Analyst, he is responsible for incident analysis solving , developing and constructing business reports for SQL and Oracle and implement change controls for the business. Additional responsibility includes monitoring system performance via SOA, Kibaba (Elasticsearch), H.P BSM, HP Sitescope. Mphahlele is responsible for creating infrastructure performance reports through HP Ops Analytics, monitoring payments via Splunk and in-house built-in tool and disaster recovery simulation and testing. At Nashua Mobile, he was responsible for application development and enhancing the web sites At South West Gauteng College, he was the IT Technician and Network Administrator. During his tenure at Double Digit Media, he was he focused on application and web site development for new and existing clients Mphahlele contributes as a Content Manager for BizNis Africa.

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