SOFITEXSociété Burkinabé des Fibers Textiles (Burkina Faso agro-industrial commercial entity)
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The facility will allow SOFITEX to buy cotton from its producers, gin, it and convey it to the Abidjan, Cotonou and Lome ports, from where it will be exported to international markets.
Manager, Agribusiness, Sub Saharan Africa, IFC, Samuel Dzotefe said ''Our partnership with SOFITEX, Societe Generale and BNP Paribas is important to encouraging agricultural production in Burkina Faso.
Wilfried Yameogo, CEO, SOFITEX, representing Burkina's Minister of Economy, Finance and Development.
Burkina's cotton parastatal, the Societe Burkinabe des Fibres Textiles (Sofitex) buys, transports and gins cotton grains, supplies inputs (fertilisers and seeds) to farmers, offers support services and promotes textile production.
"For a producer who needs money, shop keepers don't loan money, but when a cotton farmer needs money, they can get credit," Sofitex's Kara says.
IFC Regional Financial Institutions Group Head for Sub-Saharan Africa Aliou Maiga said, "IFC's partnership with SOFITEX demonstrates our confidence in Burkina Faso's cotton sector and our commitment to support the economic revival of the country following a difficult period.