Cotton sector gets loan of 8.5b CFA F from IDB

The Islamic Development Bank (IDB) through its subsidiary International Islamic trade fiance (CFTO), has granted a loan of 8.5 billion CFA francs in Cameroon for the development of the cotton sector.

A decision from the head of State Paul Biya, empowered the Minister of the economy, planning and development of the territory to sign a loan agreement in this sense with the leaders of this banking group.

Waiting to unveil all the projects that will benefit from this funding, sources close to the case suggested that the large portion of this envelope be allocated to the improvement of the production of the cotton development company (SODECOTON).

It especially will be chaneeled into the modernization of farming methods, to rehabilitate and improve infrastructure, while cotton production should stabilize this year around 235,000.