Cameroon Looks for Murabaha Funding from ITFC to Boost Cotton and Soy Sectors
March 24, 2020 | Updated at March 25, 2020
Email On the 19th of March, 2020, a presidential decree authorized the Cameroon’s Minister of Economy to enter into a financing agreement worth XAF 64.3 billion and its post-renewal documentation with Islamic Trade Finance Corporation (ITFC), Member of Islamic Development Bank (IsDB).
This amount is expected to be utilized for the development of Cameroon’s Cotton and Soy sectors and will go towards procuring agricultural inputs, soybean and cottonseed from the local market.
With the ITFC financing, it is expected to help industrial giants such as Sodecoton to relaunch their operations, since failing in soybean production and sale in 2017 due to the impacts of the avian flu.
