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 6967 times
PR Category : Others
Posted on : Monday, December 12, 2016  5:43:00 PM UAE local time (GMT+4)
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
What Procedure I Got Done to My Skin [34206-Views]
Introducing Burberry Bespoke Fragrances [16917-Views]
An Amazing Collection for Ladies From Police [15933-Views]
From Tracks to the Street: Puma Re-issues CELL Venom [15900-Views]
Flaunt your gravity-defying hairstyles to become the face of our brand [15887-Views]
Michael Kors Unveils Spring 2019 Michael Kors Collection Ad Campaign [13928-Views]
Cole Haan Delivers True Performance Footwear With the Release of the Zerøgrand All-day Trainer [13218-Views]
A City by the Sea and the Desert: Diana Arno SS19 Collection [13030-Views]
Completes Acquisition of Versace [12411-Views]
Profeta - Premium Range of Halal Vitamins and Supplements for Men, Women and Children [11824-Views]
Nissan Energy demonstration hits the spot [10004-Views]
Sony Unveils Newest Products and Introduces Latest Efforts from Entertainment Businesses at CES 201... [9590-Views]
Ralph Lauren offers the spring 2019 collection [9204-Views]
Huawei Launches 5G Multi-mode Chipset and 5G CPE Pro [9106-Views]
Rolls-Royce Motor Cars Achieves Historic Business Record [8770-Views]
19 reasons to fly with British Airways in 2019 [8466-Views]
Turkish Airlines reached the 80.2% Load Factor in December 2018. [7536-Views]
LG Electronics' Promise of AI for an even Better Life Delivered at CES 2019 Keynote [6999-Views]
Honor 10 Lite Packs Stylish Looks and Flagship Performances Into New Device [6896-Views]
Continental Commissions First Driverless Tyre Test Vehicle [6851-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories