just now

    Burkina Faso-Economy

    Sofitex secures 70b fCFA from national banking pool

    APA-Ouagadougou (Burkina Faso)

    The national banking pool has granted Burkina Faso Textile Fibers (SOFITEX) 70 billion CFA francs for the 2017-2018 cotton season, APA learned from SOFITEX officials.

    This national banking consortium includes twelve banks namely, ECOBANK Burkina, Atlantic Bank, BCB, BDU, BICIA-B, BOA, BSIC, Coris Bank International, CBAO, ORABANK, Societe Generale and UBA.

    SOFITEX aims to produce 563,000 tonnes of conventional cotton for the 2017-2018 cotton season, against 544,000 tonnes in the previous season.

    According to the head of the national banking pool, Cheikh Travaly CEO of Ecobank-Burkina, the credit was granted at a rate of 6 percent against 6.4 percent for the past campaign and 8.25 percent for the 2012-2013 season.

    The funds will be used to purchase seed cotton from producers, transport cotton to the 15 ginning plants available to the company, and evacuate cotton fiber to the ports of embarkation of Cote d’Ivoire, Togo, Benin and Ghana, as well as the purchase and disposal of inputs.

    Created in June 1979 and based in Bobo-Dioulasso, SOFITEX is the largest of the country’s three cotton companies.

    It has 16 cottonseed processing plants, and accounts for 85 percent of the country’s cotton production.

    Cotton growing in Burkina Faso directly impacts around 400,000 households, and contributes about 4 percent to gross domestic product (GDP) and 17.5 percent to export earnings.

    Burkina Faso has been a leader in the ranking of African cotton producing countries since 2004-2005.


    React to this article