info.afrindex.com
China-Africa Trade Information Service
Photo by Journal du Cameroon
The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, has signed a €100 million ($118 million) syndicated agreement with Cameroon’s government to support over 300,000 cotton farmers, Anadolu Agency said on Tuesday.
According Cameroon’s Minister of Economy, Louis Paul Motaze, who signed the agreement in Yaounde, the financing is aimed at providing a means of livelihood to over 300,000 farmers and indirectly to over three million people in the North and Far-North regions of Cameroon. To him, it will enable the government to provide the needed agricultural inputs to the farmers and ensure timely payment of cotton harvests of the farmers.
For his part, Jallow, ITFC general manager of operations, said the financing will meet the needs of cotton farmers, while fulfilling ITFC’s goal to create an impact on the people in its member countries,”
According to Cameroon’s cotton development company, Sodecoton, aid will facilitate them to distribute fertilizer to farmers, buy raw cotton and process it for exportation.