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IFC to support cotton production in Cameroon
07
Apr '17
IFC, part of the World Bank Group, has signed a €15.5 million investment deal with Standard Chartered Bank Cameroon. The investment is part of a €31 million one-year pre-export facility being set up by the Standard Chartered Bank for Société de Développement du Coton (Sodecoton), a state-owned enterprise, which purchases 100 per cent of the country's cotton.
 
The facility will be used to finance the cotton campaign, mainly for the purchase of seed cotton from smallholder farmers, the ginning of seed cotton by Sodecoton and the transportation of lint cotton to the port of Douala for exports to international markets.  Sodecoton purchases 100 per cent of the country's seed cotton production. Cotton is the most important agriculture crop in Northern Cameroon.  
 
Mehita Sylla, IFC country manager for central African sub-region, said "It is crucial for IFC to support the cotton sector in Cameroon. As you know, Cotton is the largest source of employment in Northern Cameroon, providing livelihood to approximately three million people".  
 
Chuks Ugha, CEO, Standard Chartered Bank Cameroon, said, "This is an excellent example of collaboration between Standard Chartered Bank and IFC/World Bank to support Sodecoton. The company has been in operation for more than 40 years. It is a strategic company for the Government of Cameroon."
  
IFC will also explore the provision of advisory services to farmers in collaboration with Sodecoton to strengthen the cotton value chain. This will likely include financial management, good agricultural practices and soil management. (SV)

Fibre2Fashion News Desk – India


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