IFC, SocGen, BNP Paribas finance cotton campaign in Burkina Faso

The International Finance Corportion has signed a €65 million financing facility with Societe Burkinabe des Fibres Textiles (SOFITEX) to finance the 2017-2018 cotton campaign in Burkina Faso. IFC will finance €28.5 million of the facility, while Societe Generale will also provide €28.5 million and BNP Paribas an additional €10 million financing. The facility will allow SOFITEX to buy cotton from its producers and convey it to the Abidjan, Cotonou and Lome ports, from where it will be exported to international markets.