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

Courtesy: Stone Island

Apparel/Garments | On 25th Jun 2018

Stone Island has mastered ingredient branding: Braind

Italian high-end men's apparel brand Stone Island tops the list of...

Courtesy: Tecnorama

Textiles | On 25th Jun 2018

'Tecnorama automatic dyeing system offers efficiency'

Italy based Tecnorama’s fully-automatic machinery for dispensing...

Courtesy: Lenzing

Textiles | On 25th Jun 2018

Lenzing launches Veocel nonwoven speciality brand

Leading fibre company, the Lenzing Group has unveiled Veocel, the new ...

Interviews View All

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Kerem Durdag
Biovation II LLC

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

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

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

Leave your Comments


June 2018

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

news category


Related Categories:

Advanced Search