OUAGADOUGOU, May 17, 2025 – – The International Islamic Trade Finance Corporation [ITFC], the trade finance arm of the Islamic Development Bank [IsDB] Group, has renewed its longstanding support to the Republic of Burkina Faso through the signing of a EUR 106 million facility under the Master Murabaha Agreement. The facility will be implemented in partnership with the Société Burkinabè des Fibres Textiles [SOFITEX], the executing agency.
The financing aims to support Burkina Faso’s cotton campaign, reinforcing ITFC’s enduring commitment to enhancing agricultural productivity and promoting economic stability in the country.
Commenting on the agreement, Nazeem Noordali, Chief Operating Officer of ITFC, said:
“ITFC’s commitment to Burkina Faso’s economic development is once again demonstrated through this renewed financing facility. We recognise the critical role of the cotton sector in the national economy and its importance for employment. This has been a central focus of our operations in the country since 2008. Our partnership with SOFITEX reflects our dedication to fostering sustainable growth, resilience, and long-term prosperity in the agricultural sector.”
Speaking on behalf of SOFITEX, CEO M. Bienvenu PARE stated: “We are pleased to further strengthen our strategic partnership with ITFC through this facility. This financing will not only help to boost cotton production but will also deliver tangible benefits for rural livelihoods, reinforce value chains, and support Burkina Faso’s sustainable economic development. We anticipate positive outcomes from this collaboration for the country’s cotton industry and the broader agricultural sector.”
The agreement forms part of the US$ 900 million Framework Agreement signed in May 2023 between ITFC and the Government of Burkina Faso. With this facility, ITFC continues to play a pivotal role in advancing the nation’s agricultural sector, contributing to economic resilience and productivity while supporting the achievement of Sustainable Development Goals [SDG] 1 – “No Poverty” and SDG 2 – “Zero Hunger”.
To date, ITFC has approved a total of US$ 3.3 billion in financing across 48 operations in Burkina Faso, with a focus on the energy and agriculture sectors, reflecting a robust and enduring partnership.
https://thecooperator.news/nasarri-to-revamp-cotton-growing-with-new-varieties/
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