Admin I Friday, May 15, 2025
OUAGADOUGOU, Burkina Faso – The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), the trade finance arm of the Islamic Development Bank (IsDB) Group, renewed its longstanding support to the Republic of Burkina Faso with the signing of a EUR 106 Million Facility terms under the Master Murabaha Agreement, with Société Burkinabè des Fibres Textiles (SOFITEX) as the executing agency.
The facility provided aims to support the country’s cotton campaign, reinforcing ITFC’s longstanding commitment to enhancing agricultural productivity and economic stability in Burkina Faso.
Commenting on the signing, Nazeem Noordali, COO of ITFC stated: “ITFC’s commitment to Burkina Faso’s economic development is once again demonstrated through this renewed financing facility. We recognize the critical role of the cotton sector in the economy and its impact on employment in Burkina Faso, which has been a key focus of our interventions since 2008. This partnership with SOFITEX aligns with our ongoing efforts to drive sustainable growth in the sector while ensuring its long-term resilience and prosperity.”
Speaking on behalf of SOFITEX, the CEO, M. Bienvenu PARE, said: “We are delighted to strengthen our strategic partnership with ITFC through this facility. This financing will not only help boost cotton production but also create tangible impacts on rural livelihoods, strengthen value chains, and support the country’s sustainable economic growth. We look forward to the positive outcomes of this collaboration for Burkina Faso’s cotton sector and wider agriculture industry.”
This signing is in line with the US$900 million Framework Agreement signed in May 2023 between ITFC and Burkina Faso. With this financing, ITFC continues to play a crucial role in supporting Burkina Faso’s agricultural sector and contributing to the country’s economic stability and agricultural productivity while advancing SDG Goal 1 “No Poverty” and SDG 2 “Zero Hunger”.
Over the years, ITFC and the Republic of Burkina Faso have enjoyed a good and longstanding relationship with a total of US$3.3 billion approved in financing across 48 operations in Burkina Faso, mainly in the energy and agriculture sectors.
