The Senegalese National Groundnut Company (Sonacos) has secured 40 million euros in funding from the International Islamic Trade Finance Corporation (ITFC) as part of the post-Covid revival of the Senegalese agricultural sector.
The facility, dedicated to financing part of the 2021-2022 peanut campaign, will cover Sonacos’s financing needs to ensure the acquisition of 150,000 tonnes of peanuts from the current harvest from farmers. It brings the total ITFC-approved funding to Senegal to more than $ 1.1 billion in 19 operations since ITFC’s inception in 2008.
A vital sector of the Senegalese economy, agriculture contributes around 16% of the country’s GDP with revenues from peanut exports totaling 329.3 million euros during the 2020/2021 crop year.
“ITFC’s € 40 million funding provides an indispensable resource for our farmers and it is a fundamental step to ensure the success of the 2021/2022 peanut marketing campaign in Senegal,” said the Managing Director. from Sonacos, Modou Diagne Fada.
It should be noted that the facility comes one month after ITFC granted a loan of 100 million euros to the Senegalese National Electricity Company (Senelec) to ensure its supply of petroleum products.
