SaudiArabiaPR.com, Online Press Release from Saudi Arabia,Riyadh, Jeddah, Dammam, Meccca and Medina
 
Trade & Commercial(Others)
Filter PR by
  
ITFC Pledges US$ 875 Million to Support Burkina Faso 2016-2020 Development Plan
 
ITFC Pledges US$ 875 Million to Support Burkina Faso 2016-2020 Development Plan

Dubai, UAE, December 12, 2016:  The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, announced a pledge of USD875 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 USD1.3 Billion. 

The declaration of the contribution took place on December 07, 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.

It is worth mentioning that 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 USD 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, ie. 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). 


Posted by : Saudi Arabia,Riyadh, Jeddah, Dammam, Meccca and Medina PR Network Editorial Team
Viewed 99247 times
PR Category : Others
Posted on : Monday, December 12, 2016  5:43:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of SaudiArabiaPR.com.
Previous Story : Xpress Money registers a 10% growth in 2017
Next Story : Fujairah anticipates increased trade between UAE and Saudi A...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Catrice Unveils the Spring/Summer 2024 Collection: Introducing Shine Bomb Lip Lacquer! [39387-Views]
POCO Sets New Standard with Global Launch of F-Series in Dubai [31958-Views]
Unleash Your Inner Royalty with "Call me Queen" Dramatic False Lash Effect Mascara by esse... [31557-Views]
Panasonic Announces FY24 Business Strategy For Sustained Growth in Middle East and Africa [28705-Views]
Last-Minute Eid Shopping With Max Fashion's New Collection [24841-Views]
Hunger Hotspots Report: Famine Looms In Gaza While Risk Of Starvation Persists In Sudan, Haiti, Mali... [24798-Views]
Ajmal Perfumes Unveils Eau D'Oud- A New Standard of Elegance and Luxury [24768-Views]
WFP News Video: WFP Warns Unprecedented Drought and Floods Causing Surge in Climate Related Hunger [23475-Views]
Urgent Call To Action To Address Historic El Niño Drought In Southern Africa [23316-Views]
Air Cargo Demand Continues Strong Growth into Q2 [22200-Views]
Catrice's drops new summer favorites: Slim Eye Shadow Palettes and Kohl Kajal! [21989-Views]
IATA SAF Registry [20906-Views]
Get Ready to have your Summer glow-up with essence Cosmetics' summer collection 2024 [20360-Views]
Amouage presents Rare Is The Rose, a poetic and cinematic tribute to the Omani Rock Rose [18310-Views]
Cathay Pacific to launch direct flights connecting Hong Kong and Riyadh [18150-Views]
Cigna Healthcare Names Leah Cotterill Middle East and Africa CEO, outside KSA [17662-Views]
Sudan is Facing an Unprecedented Hunger Catastrophe, Say UN Agency Chiefs [16661-Views]
Dubai Civil Aviation Authority participated in Future Aviation Forum in Riyadh [16184-Views]
Porsche Becomes Third Major Manufacturer To Commit To Formula E's Gen4 Era Until At Least 2030 [16096-Views]
Celebrate Weekends With Shang Palace's Exquisite Weekend Brunch [15425-Views]
 
RSS Facebook Twitter LinkedDin SaudiArabiaPR.com on Instagram
 
Top Sections
 
Top Stories