OPEC Fund invests €26 million to boost Burkina Faso’s cotton sector

The OPEC Fund for International Development (OPEC Fund) is providing €26 million to support Burkina Faso’s vital cotton industry. The financing is part of a €100 million trade finance facility arranged by the International Islamic Trade Finance Corporation (ITFC) to strengthen the sector. The funds will enable Societe Burkinabe des Fibres Textiles (SOFITEX), the country’s largest cotton company, to purchase seed cotton from farmers at harvest, ensuring timely payments and financial stability.

OPEC Fund President Abdulhamid Alkhalifa emphasized the organization’s commitment to Burkina Faso’s cotton sector, highlighting its role in sustaining millions of livelihoods and boosting economic resilience.

Cotton is a cornerstone of Burkina Faso’s economy, contributing 5 percent to GDP and serving as a key source of foreign exchange earnings. As Africa’s third-largest producer, the country exports most of its cotton, supporting a vast supply chain.

The OPEC Fund has partnered SOFITEX since 2009, approving 11 operations totalling $373 million for cotton export financing. Over four decades, the OPEC Fund has invested over $800 million in Burkina Faso’s agriculture, energy, and infrastructure sectors, reinforcing its long-term commitment to the country’s economic growth.