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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

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