Eyewitness  News
  • Home
Friday, March 24, 2023
  • Home
  • Diplomacy
  • ECONOMY
  • Agriculture
  • Faith
  • Security
  • Tourism
  • International
  • Latest News
No Result
View All Result
  • Home
  • Diplomacy
  • ECONOMY
  • Agriculture
  • Faith
  • Security
  • Tourism
  • International
  • Latest News
No Result
View All Result
Eyewitness  News
No Result
View All Result
  • Home
  • Diplomacy
  • ECONOMY
  • Agriculture
  • Faith
  • Security
  • Tourism
  • International
  • Latest News

The International Islamic Trade Finance Corporation (ITFC) “The Cotton Bank of Africa” Supports Burkina Faso’s Cotton Sector with a EUR 107 Million Financing

December 26, 2017
in Latest News
Reading Time: 2 mins read
0
Share on FacebookShare on Twitter

RelatedPosts

Monitoring of Local Gov’ts Lacking-MPs

Parliament Rejects Govt Report for Lack of Quick Interventions.

Opposition Call off Parliament Boycott

PRESS RELEASE

The International Islamic Trade Finance Corporation (ITFC) “The Cotton Bank of Africa” Supports Burkina Faso’s Cotton Sector with a EUR 107 Million Financing

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

JEDDAH, Kingdom of Saudi Arabia, December 18, 2017/ — The International Islamic Trade Finance Corporation (ITFC) a member of the Islamic Development Bank (IsDB) Group signed a EUR 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 USD 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 Eng. Hani Salem Sonbol, CEO, ITFC, and Mr. 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, Eng. 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 USD 925 million of financing since ITFC’s inception in 2008.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

 

About the International Islamic Trade and Finance Corporation (ITFC): 
The International Islamic Trade Finance Corporation is an autonomous entity within the Islamic Development Bank (IsDB) Group. ITFC commenced operations in January 2008 with the purpose of consolidating all the trade finance businesses that used to be handled by various windows within the IsDB Group. The consolidation of IsDB Group’s trade finance activities under a single umbrella enhanced the Corporation’s efficiency in service delivery by enabling rapid responses to customer needs in a market-driven business environment.

As a leader in Shari’ah-compliant trade finance, ITFC deploys its expertise and funds to businesses and governments in its Member Countries. With the vision of being the leading provider of trade solutions for OIC Member Countries’ needs, the Corporation helps entities in Member Countries gain better access to trade finance and provides them with trade development programmes in order to help them compete successfully in the global market. Operating to world class standards, ITFC promotes IsDB developmental objectives through its two main pillars, Trade Finance and Trade Development, to fulfil its brand promise of ‘Advancing Trade & Improving Lives’.

SOURCE
International Islamic Trade Finance Corporation (ITFC)

Multimedia content

Previous Post

Women Activists Welcome Changes In Marriage Bill. Want It Passed Fast  

Next Post

Kadaga declined to adhere to the plea of different mps including the leader of opposition who had not gotten chance to debate on the report

Related Posts

Monitoring of Local Gov’ts Lacking-MPs
Latest News

Monitoring of Local Gov’ts Lacking-MPs

January 19, 2023
0

Inspection and monitoring of service delivery at local government level remains wanting, according to a section of Members of Parliament...

Read more
Parliament Rejects Govt Report for Lack of Quick Interventions.

Parliament Rejects Govt Report for Lack of Quick Interventions.

April 12, 2022
Opposition Call off Parliament Boycott

Opposition Call off Parliament Boycott

November 20, 2022
Aringa MP- Calls for More Funds For Yumbe Regional Hospital

Aringa MP- Calls for More Funds For Yumbe Regional Hospital

December 7, 2021
Oulanyah Rallies Agago to Take up Vaccination

Oulanyah Rallies Agago to Take up Vaccination

December 4, 2021
Health Consumers Push For Patients’ Rights Law 

Health Consumers Push For Patients’ Rights Law 

October 26, 2021
Next Post

Kadaga declined to adhere to the plea of different mps including the leader of opposition who had not gotten chance to debate on the report

317 Vote in Favour of  Article 102 (B) to lift Presidential Age Limit,As Term Limit is Restored

317 Vote in Favour of Article 102 (B) to lift Presidential Age Limit,As Term Limit is Restored

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
Phaneroo Boss, Sudhir Grilled Over Nakawa Land

Phaneroo Boss, Sudhir Grilled Over Nakawa Land

April 22, 2022
MPs – Reaction to The State of Nation Address

West Nile MPs, Govt Chief Whip Clash Over Electricity in the Region

January 15, 2023
Peter Magomu Mashate is a London based Ugandan Barrister of the Honourable Society of Lincoln’s Court in London

Ugandan Lawyer Mashate: The Unsung NRM Hero!

March 24, 2019
Gov’t Procures Sh1.9b Bone Marrow Transplant Machines

Gov’t Procures Sh1.9b Bone Marrow Transplant Machines

November 14, 2022
Budget Advocates Concerned With New Wave Of Corruption In Govt.

Budget Advocates Concerned With New Wave Of Corruption In Govt.

1
Musoke Ibrahim a father to Rahim who is now eight years

Being A Good Father Does Not Mean Money But Love & Care

1
URBRA Cautions On NSSF Mid-Term Access 

URBRA Cautions On NSSF Mid-Term Access 

1

Hello world!

0
Govt Entities Struggle to Pay Water Bills.

Parliament Will Not Be Intimidated Over Anti-Homosexuality Bill – Speaker

March 23, 2023
Uganda Parliament Passes The Anti Homosexuality Bill 2023

Parliament Honours Late Speaker – Oulanyah

March 23, 2023
Museveni Rallies Ugandans To Embrace-PDM

UN High Commissioner for Human Rights Urges Museveni  Not to Sign – Anti-Homosexuality Bill

March 22, 2023
Uganda Parliament Passes The Anti Homosexuality Bill 2023

Uganda Parliament Passes The Anti Homosexuality Bill 2023

March 22, 2023

Recent News

Govt Entities Struggle to Pay Water Bills.

Parliament Will Not Be Intimidated Over Anti-Homosexuality Bill – Speaker

March 23, 2023
Uganda Parliament Passes The Anti Homosexuality Bill 2023

Parliament Honours Late Speaker – Oulanyah

March 23, 2023
Museveni Rallies Ugandans To Embrace-PDM

UN High Commissioner for Human Rights Urges Museveni  Not to Sign – Anti-Homosexuality Bill

March 22, 2023
Uganda Parliament Passes The Anti Homosexuality Bill 2023

Uganda Parliament Passes The Anti Homosexuality Bill 2023

March 22, 2023

Eyewitnessug.com is Licensed by Uganda Communications Commission (UCC) Under Dominion Media Limited.

Dominion Media Limited is registered by Uganda Revenue Authority.

For Advertisement Reach out to Marketing Department via.
Email: [email protected]

Contact us through our Postal Address.
P.O.BOX 21157 Kampala-Uganda.

Browse by Category

  • Agiriculture
  • Agriculture
  • Business
  • Development
  • Diplomacy
  • ECONOMY
  • Editor's Pick
  • Education
  • Entertainment & Arts
  • Enviroment
  • Faith
  • Feature News
  • Governance
  • Health
  • International
  • Latest News
  • obituary
  • Opinion
  • Politics
  • Politics
  • Security
  • Social
  • Sports
  • Technology
  • Tourism

Recent News

Govt Entities Struggle to Pay Water Bills.

Parliament Will Not Be Intimidated Over Anti-Homosexuality Bill – Speaker

March 23, 2023
Uganda Parliament Passes The Anti Homosexuality Bill 2023

Parliament Honours Late Speaker – Oulanyah

March 23, 2023
  • Home

© 2023 Allrights Reserved EYEWITNESS NEWS UGANDA

No Result
View All Result
  • Home
  • Diplomacy
  • ECONOMY
  • Agriculture
  • Faith
  • Security
  • Tourism
  • International
  • Latest News

© 2023 Allrights Reserved EYEWITNESS NEWS UGANDA

error: Content is protected !!