ITFC in $450 million development accord with Burkina Faso

ITFC in $450 million development accord with Burkina Faso

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Eng. Hani Salem Sonbol, CEO of ITFC, and Mrs Hadizatou Rosine Coulibaly, Minister of Economy, Finance and Development and Islamic Development Bank Governor for Burkina Faso, sign the agreement

JEDDAH  — The International Islamic Trade Finance Corporation (ITFC) has signed a three-year $450 million socioeconomic development framework agreement with the government of Burkina Faso, on the sidelines of the ongoing Islamic Development (IDB) Group 42nd Annual Meeting of the Board of Governors in Jeddah from May 14-18, 2017.

The agreement has been signed by Eng. Hani Salem Sonbol, CEO of ITFC, and  Mrs Hadizatou Rosine Coulibaly, Minister of Economy, Finance and Development and Islamic Development Bank Governor for Burkina Faso.

The framework agreement aims at financing and supporting Burkina Faso’s export of agricultural commodities, especially cotton, import of energy commodities such as crude oil and refi ned petroleum products, import of agricultural inputs and food stuff and extend lines of financing to local banks to support small and medium-sized enterprises.

Eng. Salem Sonbol said: “This agreement comes within the framework of ITFC’s keenness to support & promote trade and trade cooperation between the member countries. Eng. Salem Sonbol has also commended on the two parties’ assiduity to support and promote the close cooperative spirit prevailing between them in line with ITFC’s pledge to support Burkina Faso’s 2016/2020 National Program for Economic and Social Development (PNDES).”

Mrs Hadizatou Coulibaly has welcomed the support provided by ITFC to promote the socioeconomics in Burkina Faso, saying: “This agreement will enable our government to continue on supporting the target sectors and enhancing its investment program that aims at improving the lives of individuals and advancing our country’s national economy.” She added: “This agreement comes within the framework of the plan set by the government of Burkina Faso for correcting the economic situations in the different fields.”

ITFC has provided over $770 million since inception in 2008, in favor of Burkina Faso. — SG

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