Echoes of the IDB: Burkina lands 495 billion FCFA with the Islamic Trade Finance Corporation

2023-05-15 17:53:23

The annual meetings of the IDB held in Jeddah, Saudi Arabia from May 10 to 13, 2023 have the participation of BUrkina Faso, as a member state. On occasion, the country was able to secure a few conventions, including that of the International Islamic Trade Finance Corporation (ITFC). On May 13, 2023, Dr. Aboubakar NACANABO, Minister of Economy, Finance and Prospective proceeded with Mr. Hani Salem SONBOL, Director General of the International Islamic Trade Finance Corporation (ITFC) and the Islamic Society for development of the private sector (ICD), to the signing of a framework cooperation agreement whose envelope amounts to 900 million USD, or approximately 495 billion CFA francs.

This framework agreement is a renewal of the previous one which expired at the end of 2022. The allocated amount will support “the export of agricultural commodities such as cotton, the import of agricultural inputs and foodstuffs, the import of basic energy products such as oil and electricity as well as the provision of lines of financing and confirmation of letters of credit to local banks with the objective of supporting SMEs and the private sector…. »

ITFC is a member of the Islamic Development Bank Group. Its purpose is to promote trade among member countries of the Islamic Development Bank, by providing trade finance and engaging in activities that facilitate trade between member countries and international trade.