Burkina Faso is receiving strengthened financial support from the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, with €106 million in funding allocated to support the upcoming cotton growing season.
A total of €106 million has been allocated to support the country’s cotton farming season through a Murabaha financing arrangement. The funds will be channelled through the national textile company, SOFITEX.
According to ITFC’s Chief Operating Officer, Nazeem Noordali, the organisation has prioritised the cotton sector in Burkina Faso since 2008 due to its key role in the nation’s development.
SOFITEX CEO, Bienvenu Paré, described the financing as a timely intervention that will strengthen the cotton value chain and improve livelihoods in rural communities.
This funding is part of a larger $900 million framework agreement signed in 2023 between ITFC and Burkina Faso to support sustainable development.
Since the start of their partnership, ITFC has committed over $3.3 billion to the country, focusing mainly on agriculture and energy.
This initiative is part of broader efforts to enhance agricultural output and promote economic resilience in Burkina Faso as cotton remains one of the country’s most significant cash crops, supporting thousands of rural families.
