Cameroon government and Islamic bank partner to support cotton farmers

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.

Laws & Regulations
• Egypt’s tax-free car import initiative generates $... 03-20
• Resource curse: more Africa countries could benefi... 01-16
• Morocco Announces Cigarette Price Hike for 2024 as... 12-27
• Nigeria wins appeal in landmark ruling against Pro... 11-16
• Togo, Benin slash telecommunication charges 10-24
• Egypt adopts new strategy to increase industry’s c... 10-05

Trade Shows
• African Energy Week (AEW) 2024: Date Set 10-12
• Cityscape Egypt 2023 expo kicks off on Tuesday wit... 09-19
• Cotonou to host first Auto Moto Show on October 12... 06-27
• Ministerial Forum a top feature at Big 5 Construct... 05-17
• THE BUILD&DECOR EXPO 05-06
• SIAM: Moroccan, International Companies Showcase I... 05-03