BizNis Africa
Latest News
South African Reserve Bank appoints new advisor for governors
The South African Reserve Bank (SARB) has appointed Fundi...
Deloitte Africa unveils 2018 Outlook for Emerging Market insights
The year 2017 saw Emerging Markets (EMs) become the...
African Real Estate demand soars
Demand for investment in African real estate is expected...
deVere Group launches cryptocurrency app in South Africa
A cryptocurrency app is to be launched by one...
African Economic Outlook 2018 officially launched in Côte d’Ivoire
The African Development Bank (AfDB) has officially launched the...
How to make the tax act work for you
South Africa has a highly favourable tax environment for...
Vumile Msweli
Vumile Msweli is the Chief Executive Officer at Hesed...
Royal Bafokeng Platinum gets approval for Maseve mine acquisition
Royal Bafokeng Platinum (RBPlat) announced today, 17 January 2018,...
Ghana fast tracks EMV migration
Gemalto, a digital security company is providing its PURE...
ICRC and Tony Elumelu Foundation empower Nigerian entrepreneurs
The International Committee of the Red Cross (ICRC) and...

The International Islamic Trade Finance Corporation (ITFC), The Cotton Bank of Africa supports Burkina Faso’s Cotton Sector with a €107 Million Financing

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.

Leave a Reply

Ver peliculas online
%d bloggers like this: