Islamic Finance Body Grants $450m for Socioeconomic Development in Burkina Faso

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The International Islamic Trade Finance Corporation (ITFC) has signed a three-year $450 million framework agreement with the Government of Burkina Faso for socioeconomic development in the country.

Founded in 2008, the ITFC is an autonomous entity within the Islamic Development Bank Group that advances trade to improve socioeconomic conditions of the people across the Islamic world. It has provided more than $770 million to Burkina Faso since inception.

The current agreement will finance the country’s export of agricultural commodities such as cotton; import of energy commodities including crude oil and refined petroleum products; and import of agricultural inputs and food stuff.

It will also extend lines of financing to local banks to support small and medium-sized enterprises (SMEs).

The agreement was signed by the Chief Executive Officer of ITFC, Eng.Hani Salem Sonbol and Hadizatou Rosine Coulibaly, Burkina Faso’s Minister of Economy, Finance and Development and the  Islamic Development Bank Governor in the country.

“This agreement will enable our government to continue on supporting the target sectors and enhancing its investment program that aims at improving the lives of individuals and advancing our country’s national economy,” Coulibaly noted.

On his part, Sonbol said the agreement is in line with ITFC’s pledge to support Burkina Faso’s 2016/2020 National Program for Economic and Social Development (PNDES).

The agreement was signed on the sidelines of the Islamic Development (IDB) Group’s 42nd Annual Meeting of the Board of Governors in Jeddah, Saudi Arabia.

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