Home / Knowledge / News / Textiles / ITFC signs €100mn deal for supporting cotton in Cameroon
ITFC signs €100mn deal for supporting cotton in Cameroon
19
Dec '17
The International Islamic Trade Financing Corporation (ITFC), a member of the Islamic Development Bank (IDB) group, has signed a syndicated agreement of €100 million with the government of Cameroon and the Société de développement du coton (Sodecoton) as the executing agency for the export of cotton and the import of various agricultural inputs.

The agreement was signed by Louis Paul Motaze, minister of economy, planning and regional development, and IDB Group governor for Cameroon, which took place at Yaoundé, Cameroon.

"ITFC approved a total financing of $370.30 million for the republic of Cameroon since its inception in 2008, and eighty per cent of the approved financing went to the agricultural sector. This financing is tailored to suit the financing needs of cotton farmers, and resembles ITFC drive to create impact on the people in our member countries," said Abou Jallow, the special advisor to the CEO of ITFC and general manager of operations, ITFC.

The financing is in line with Cameroon’s policy of promoting agricultural exports especially cotton. Sodecoton will ensure the distribution of the fertilizers, in addition to buy from farmers their raw cotton and process into cotton fibre for exporting. Cotton is one of the country’s main exports, and an important revenue generating vehicle for the country.

"This financing is directly providing means of livelihood to over 300,000 farmers and indirectly to over 3 million people in the north and far-north regions of Cameroon by enabling the government to provide the needed agricultural inputs to the farmers and ensure timely payment of cotton harvests of the farmers," Louis Paul Motaze said.

It is worth mentioning that Cameroon is one of the main oil-producing countries in Africa, thus in complementing the government’s agricultural support programme, ITFC is contributing to the government’s policy of diversifying the economy through the promotion of agriculture. (RR)

Fibre2Fashion News Desk – India


Must ReadView All

Azerbaijan's Gilan Textile Park raises exports by 40%

Apparel/Garments | On 18th Aug 2018

Azerbaijan's Gilan Textile Park raises exports by 40%

Azerbaijan's Gilan Textile Park has raised its exports by 40 per cent ...

CPD studies living cost of Bangladesh RMG workers

Apparel/Garments | On 18th Aug 2018

CPD studies living cost of Bangladesh RMG workers

The living cost of readymade garment (RMG) workers in Bangladesh...

Brazilian cotton price index returns to April 2018 level

Textiles | On 18th Aug 2018

Brazilian cotton price index returns to April 2018 level

Cotton prices dropped in Brazil in the first fortnight of August as...

Interviews View All

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Top executives
Textile & apparel bodies

The mid-term review of FTP is progressive, growth oriented

Sham Shah

Shamal and Shamal Pvt Ltd is into manufacturing and sales of textile...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Mr Ambrose Chan
DSG International (Thailand) PLC

Silke Brand-Kirsch
Schlegel und Partner GmbH

<div>Schlegel und Partner is the market research and consultancy company...

Kerem Durdag
Biovation II LLC

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

Divvya and Nidhhi Gambhir
Walnut

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

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

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


August 2018

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

news category


Related Categories:

Advanced Search