The Senegalese National Groundnut Company (Sonacos) has secured 40 million euros in funding from the International Islamic Trade Finance Company (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, should make it possible to cover Sonacos’ 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 the ITFC granted a loan of 100 million euros to the National Electricity Company of Senegal (Senelec) to ensure its supply of petroleum products.