Home / Knowledge / News / Textiles / Burkina Faso's banks to lend 75bn CFA francs to SOFITEX
Burkina Faso's banks to lend 75bn CFA francs to SOFITEX
27
Jan '14
A pool of national banks, led by Ecobank, would lend 75 billion CFA francs (about US$ 150 million) to Burkina Faso Fibres and Textiles Company (SOFITEX), local media reported.
 
The loan is intended to support 2013-14 cotton production in Burkina Faso, including transportation, ginning, marketing and payment to cotton farmers, according to the agreement.
 
In the previous season, the domestic banks contributed 70 billion CFA francs to SOFITEX.
 
Since 2010-11 season, SOFITEX’s cotton production has continuously increased. From producing 280,000 tons of cotton in 2009-10 season, SOFITEX’s production increased to 330,000 tons in 2010-11, 500,000 tons in 2011-12, and to 550,000 tons in 2012-13.
 
With 16 cotton ginning factories, SOFITEX is the largest of the three cotton companies in Burkina Faso.
 
Last month, SOFITEX received a grant of €100 million (approx 65 million CFA francs) from an international banking syndicate, led by HSBC bank, as funding for its next cotton campaign in the upcoming harvest season.
 

Fibre2fashion News Desk - India


Must ReadView All

Apparel/Garments | On 21st Sep 2017

UK fashion exports £10.7 bn in 2016; highest till now

Exports of British fashion goods rose to £10.7 billion in 2016, the...

Apparel/Garments | On 21st Sep 2017

BFC announces partnership with Chinese firm JD.com

The British Fashion Council (BFC) has forged a new partnership...

Textiles | On 21st Sep 2017

Indonesia’s textile exports may reach $15 billion by 2019

Indonesia’s textile-related exports are projected to reach $15...

Interviews View All

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Top executives
Textile industry, India

Such fairs are a must for industry to showcase new innovations

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Kai Poehler
Voith Paper GmbH & Co. KG

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

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Kerem Durdag
Biovation II LLC

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

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Tony Ward
Tony Ward

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

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

September 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
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

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
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

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
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

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
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


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