just now

    Burkina Faso-Agriculture Financing

    Burkina Faso: BOAD injects 10b CFAf in cotton sector

    APA-Ouagadougou (Burkina Faso)

    Coris Bank International (CBI) has secured financing of 10 billion CFA francs from the West African Development Bank (BOAD) to support the cotton sector in Burkina Faso, the CBI officials in Ouagadougou have told APA.

    The short-term credit line is for the partial refinancing of aid granted for the 2017-2018 cotton season in Burkina Faso.

    The objective is to adequately support the cash flow needs of the targeted cotton companies, including the Fiber and Textile Company (Sofitex), the Société du Gourma (Socoma) and the SN Citec oil mill.

    Burkina’s second-largest source of foreign exchange; after gold (since 2009), and on which more than four million people (nearly 30 percent of the population) depend, is cotton production, which contributes about 35 percent of national GDP.

    After experimenting with Bt cotton since 2003 with the American firm Monsanto, Burkina Faso has proposed a “gradual” and “significant” reduction of genetically-modified cotton in favour of conventional cotton.

    A leader in the ranking of African cotton-producing countries since 2004/2005, Burkina Faso has confirmed its position by the forecast results of the 2017-2018 campaign, which are estimated at 731,000 tonnes of seed cotton nationally compared to 681,454 tonnes for the previous campaign (2016/2017), an increase of 7 percent.


    TT/cat/lb/afm/APA

    React to this article