ITFC signs $450m pact with Burkina Faso for development push
On the sidelines of the Islamic Development Bank (IDB) Group’s 42nd annual meeting of the board of governors in Jeddah, held on Nov. 14-18, the International Islamic Trade Finance Corporation (ITFC) signed a three-year $450 million socioeconomic development framework agreement with the Burkina Faso government.
The accord was inked by Hani Salem Sonbol, CEO of ITFC, and Hadizatou Rosine Coulibaly, minister of economy, finance and development and IDB governor for Burkina Faso.
The framework agreement aims at financing and supporting Burkina Faso’s export of agricultural products, especially cotton, import of energy products such as crude and refined petroleum products and import of food stuff.
It also aims at extending finance lines to local banks to support small and medium-sized enterprises (SMEs).
Sonbol said: “This agreement comes within the framework of the ITFC’s keenness to support and promote trade and trade cooperation between the member countries.”
Sonbol praised the two sides for their desire to boost mutual coop- eration in line with the ITFC’s pledge to support Burkina Faso’s 2016/2020 National Program for Economic and Social Development (PNDES).
Coulibaly welcomed the support provided by ITFC to promote the socioeconomics in Burkina Faso. She said: “This agreement will enable our government to continue 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 formulated by the Burkina Faso government for correcting the economic situations in different fields.”
The ITFC, since its inception in 2008, has provided to Burkina Faso over $770 million.