SONACOS Receives USD 45.3 Million Funding from ITFC to Promote Groundnut Campaign in Senegal

Senegal National Groundnut Company (SONACOS) has received a EUR 40 million (USD 45.3 million) loan from the International Islamic Trade Finance Corporation (ITFC) towards part financing the country’s 2021-2022 groundnut campaign.

Why it Matters?

This facility is dedicated to the Senegalese agriculture sector's post-COVID-19 recovery and will cover around 45% of SONACOS' financing needs to secure the purchase of 150,000 tons of groundnuts from farmers for processing into groundnut oil, animal feed and edible groundnuts. This is anticipated to aid the Senegalese economy's full recovery, as agriculture accounts for roughly 16% of the country's gross domestic product (GDP), with income from groundnut exports totalling EUR 329.3 million (USD 372.8 m...