The OPEC Fund for International Development (OPEC Fund) has approved €26 million in trade financing to bolster Burkina Faso’s cotton sector. 

As part of a broader €100 million trade finance package arranged by the International Islamic Trade Finance Corporation (ITFC), the funding will enable Société Burkinabè des Fibres Textiles (SOFITEX), the country’s largest cotton company, to purchase seed cotton from farmers at harvest. 

Cotton accounts for approximately 5% of Burkina Faso’s GDP and is a major source of foreign exchange. As Africa’s third-largest cotton producer, the sector provides income to millions and plays a key role in the country’s economic framework.

Longstanding support for the cotton sector

OPEC Fund President Abdulhamid Alkhalifa said, “The OPEC Fund remains committed to supporting Burkina Faso’s cotton industry, which plays a vital role in the nation’s economy. This financing will help ensure stability for farmers and reinforce the country’s presence in global cotton markets.”

The OPEC Fund has been a financial partner to SOFITEX since 2009, over which time it has approved 11 cotton export financing operations totalling $373 million. The fund has been active in Burkina Faso for more than 40 years, investing over $800 million in agriculture, energy, and infrastructure projects.

About the OPEC Fund

The OPEC Fund for International Development is a development institution that provides financing to non-member countries. 

Established in 1976, it has committed more than $29 billion to projects in over 125 countries, focusing on infrastructure, trade, energy, healthcare, and education. 

The OPEC Fund holds an AA+/Stable rating from Fitch and S&P.