Cameroon: 80% of the funds granted by ITFC were used in the agriculture sector

Yaoundé - 16 April 2024 -

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Cameroon: 80% of the funds granted by ITFC were used in the agriculture sector

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- Friday, 09 February 2018 10:04

(Business in Cameroon) - Since it was created in 2008, the International Islamic Trade Finance Corporation (ITFC), a subsidiary of the Islamic Development Bank (IDB) has approved $370.3 million (about CFA198 billion) in favor of Cameroon. This was revealed in December 2017 by Abou Jallow, special advisor of ITFC’s managing director and director of operations in the institution.

“80% of these funds were directed towards the agriculture sector”, he said during the signing of a funding agreement between ITFC and Société de développement du coton (SODECOTON), the giant of agribusiness company in the northern region of Cameroon.

With the decision taken in 2017 to increase the funds granted to SODECOTON from CFA13 billion to CFA65 billion, ITFC will multiply its actions in this sector in Cameroon, in the coming years.

Apart from its actions in the cotton sector, in Cameroon, ITFC is also active in the promotion of rice cultivation with its action in the Northwest (Grassfields integrated development project) and in the West (Mbappit Mount project) notably.

BRM

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