JEDDAH — THE International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, announced a pledge of $875 million to support Burkina Faso’s National Program for Economic and Social Development (PNDES). The amount represents a significant portion of the IDB Group total pledge which amounts to $1.3 billion.
The declaration of the contribution took place on Dec. 7, 2016 during the Burkina Faso’s Development Partners Conference which was organized in Paris.
In line with ITFC’s mandate to improve lives and enhance the welfare of its member countries, ITFC was keen to express its full support to Burkina Faso’s PNDES. The overall goal of the subject development plan is to achieve the required structural transformation of the Country’s economy, leading to a strong, sustainable and resilient growth that creates decent jobs and improves people’s social welfare.
Despite the political challenges faced by the country recently, the dynamism and professionalism of Burkinabe authorities have allowed ITFC to stand by its member country and expand its activities while creating more awareness on Islamic finance.
Following the framework agreement signed in June 2014 with the government of Burkina Faso, ITFC has been able to build and grow a healthy portfolio of operations in the country, with a total financing of $699.75 million since inception.
Over the last years, Burkina’s diversified portfolio has reached the status of ITFC’s first beneficiary country in Sub-Saharan Africa, i.e., a model to be replicated in other member countries, with operations in all essential sectors: Agriculture with Sofitex (the national cotton company), Energy with Sonabhy (the national petroleum company), Food&Agro business with Kanis International (a leading importer of foodstuff), and SMEs financing with Coris Bank International (a major West African bank). — SG
