The International Islamic Trade Finance Corporation (ITFC) has reaffirmed its commitment to Burkina Faso’s economic growth by signing a €106 million facility agreement under the Master Murabaha structure. The new funding will support the country’s cotton campaign and bolster its critical textile and fabric sector.
The financing will be executed in partnership with Société Burkinabè des Fibres Textiles (SOFITEX), one of the country’s key players in cotton production and processing. This initiative is part of a broader USD 900 million Framework Agreement signed between ITFC and Burkina Faso in May 2023.
Nazeem Noordali, Chief Executive of ITFC, emphasized the strategic importance of the agreement:
“We recognize the vital role the cotton sector plays in Burkina Faso’s economy and employment. This renewed financing demonstrates our continued support for the country’s agricultural productivity and economic resilience.”
Burkina Faso is one of Africa’s leading cotton producers, and the textile sector remains a major source of employment and export revenue. The ITFC facility is expected to have far-reaching impacts by boosting rural livelihoods, enhancing the cotton value chain, and reinforcing sustainable economic growth.
Representing SOFITEX, M. Bienvenu Paré noted:
“This financing will not only support cotton production but also create tangible benefits for rural communities and the wider textile industry. It aligns with our mission to strengthen local value addition and improve agricultural incomes.”
Since 2008, ITFC has approved over USD 3.3 billion across 48 operations in Burkina Faso, with a focus on agriculture and energy sectors. This latest agreement continues that legacy, advancing UN Sustainable Development Goals including SDG 1 (No Poverty) and SDG 2 (Zero Hunger).
The partnership reinforces Burkina Faso’s strategic push to revive and modernize its textile and garment industries, laying the foundation for export-led growth and industrial development in West Africa