ITFC launches new funding scheme for West African SMEs

Wednesday 10 October 2018 09:38 CET | News

The International Islamic Trade Finance Corporation (ITFC) has announced two initiatives aimed at deepening economic growth across the West African sub-region.

The ITFC signed a USD 1.5 billion framework agreement with the Government of Burkina Faso under which ITFC will contribute to mobilising financial resources to finance the export of agricultural commodities such as cotton and the import of agricultural inputs and foodstuff, as well as energy commodities such as crude oil and refined petroleum products.

Also, ITFC will also finance the extension of lines of financing to local banks to support local small and medium enterprises (SMEs) and the implementation of capacity building programmes for the strategic sectors of the national economy.

ITFC also launched its West Africa SMEs Programme which is aimed at improving access to trade finance for SMEs in eight West African countries. The programme has been designed to bridge the substantial trade finance gap at the SME level within the region by providing financing lines, capacity building and advisory services to partner banks and SMEs in the West African Economic and Monetary Union (WAEMU) nations, namely Benin, Burkina Faso, Cote d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo.

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Keywords: International Islamic Trade Finance Corporation, SMEs, banks, finance, trade finance, West Africa
Countries: World