Home / Knowledge / News / Textiles / Burkina's Sofitex gets €100mn loan for cotton campaign
Burkina's Sofitex gets €100mn loan for cotton campaign
20
Dec '13
courtesy: Embassy of Burkina Faso in Paris
courtesy: Embassy of Burkina Faso in Paris
The Burkinabe Textile Fibre Company (Sofitex), the largest cotton firm of Western African country of Burkina Faso has received a grant of €100 million (approx 65 million CFA francs) from an international banking syndicate, as funding for its next cotton campaign in the upcoming harvest season.
 
According to a statement issued by the Embassy of Burkina Faso in Paris, the loan agreement was signed between Sofitex and the international banking pool, led by HSBC bank, recently at the Embassy of Burkina Faso in Paris.
 
The agreement is the 23rd financial assistance received by Sofitex for its cotton campaign, and would allow the company to pay Burkina’s cotton growers quickly and prepare for next cotton harvest season. 
 
Jean Paul Sawadogo, director general of the Sofitex, said the signing of the agreement demonstrates the confidence of our financial partners, including the international banking syndicate.
 
Jean-Francois Lambert, managing director of HSBC raw materials division, said this is the largest offshore funding Sofitex has received since the 2006-07 cotton campaign season, and would allow Burkina Faso to become the largest producer of cotton in the African region.
 
The international banking syndicate comprised of seven banks, namely: HSBC, Societe Generale, BHF Bank, BMCE Bank International, DZ Bank, FIMBank, and Atijariwafa Bank.
 
Burkina Faso harvested a record 650,000 tons of cotton in 2012-13, registering a rise of 51 percent over previous season’s production of 417,393 tons. Cotton contributes nearly 5 percent to the country’s Gross Domestic Product (GDP) and accounts for 35 percent of export earnings of Burkina Faso. 
 

Fibre2fashion News Desk - India


Must ReadView All

Pakistan govt notifies 50% duty drawback on exports

Textiles | On 21st Oct 2017

Pakistan govt notifies 50% duty drawback on exports

The Pakistan government has notified the ‘Duty Drawback of Taxes...

Ghana sets up task force to clamp down on textile piracy

Textiles | On 21st Oct 2017

Ghana sets up task force to clamp down on textile piracy

Ghana’s ministry of trade and industry has set up a taskforce to...

Courtesy: Coach

Fashion | On 21st Oct 2017

US company Coach to change name to Tapestry from Oct 31

Coach Inc., a New York-based house of modern luxury accessories and...

Interviews View All

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Top executives
Textile & apparel bodies

The decision is transformational

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

October 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
77.1%
No
12.9%
Skip
10.0%

Total Votes: 70

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.4%
No
28.6%
Skip
10.0%

Total Votes: 70

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
85.7%
No
10.0%
Skip
4.3%

Total Votes: 70

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
75.7%
No
11.4%
Skip
12.9%

Total Votes: 70


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search