The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org) will publish a series of four (4) short documentaries that present the depth of ITFC’s interventions in the groundnut sector in Senegal.
Called The ITFC Peanut Project: Complete Cycle, the documentary will be broadcast on Africanews from 16e to 31st December 2021 and on Afrique Media TV from the 16the to 24e December 2021 and also appear on ITFC’s social media platforms.
The ITFC has established and consolidated over the years a strategic partnership with the “Société Nationale de Commercialization des Oléagineux” (SONACOS), the peanut oil processing company in Senegal; with support ranging from financing the purchase of peanuts from local farming communities, processing peanut oil for export, and purchasing laboratory analysis equipment for SONACOS. ITFC’s intervention was crucial in making funding available in a timely manner, thus ensuring no disruption in the supply chain. With groundnuts being the main source of income for most farmers in Senegal and the country’s main agricultural export, ITFC’s partnership with SONACOS has a direct impact not only on farming and rural communities, but also on the country. national economy as a whole. ITFC is providing US $ 47.2 million in financing to the sector for this crop year which is expected to increase in the coming years. This brings the total funding allocated to this sector in Senegal to US $ 380.2 million since the creation of ITFC in 2008.
Commenting on the launch of the series, ITFC CEO Eng. Hani Salem Sonbol said: “One of our strategic axes at ITFC is the agricultural sector and working with member countries to fuel the sector is at the heart of our post-covid recovery interventions. We are fully aware that one of the sectors that has been hit hard by the pandemic is the agricultural sector and especially small farmers and rural communities. This documentary goes on to confirm that the path to socio-economic recovery is through structured and strategic interventions to support sustainable agricultural production and ITFC remains firmly committed to this goal, particularly in the sub-Saharan Africa region.. “
Watch ITFC’s White Gold series on Africanews and Afrique Media TV.
Distributed by APO Group on behalf of the International Islamic Trade Finance Corporation (ITFC).
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About the International Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank Group (IDB). It was established with the main objective of advancing trade among the OIC member countries, which would ultimately contribute to the overall objective of improving the socio-economic conditions of the people across the world. Starting its operations in January 2008, ITFC provided US $ 61 billion in financing to OIC member countries, making it the leading provider of business solutions for the needs of these member countries. With the mission of becoming a catalyst of trade development for OIC member countries and beyond, the Company assists entities of member countries to gain better access to trade finance and provides them with the necessary tools for strengthening trade. trade-related capabilities, which would enable them to compete successfully. in the world market.
