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ITFC launches series on Senegal’s groundnut sector

The International Islamic Trade Finance Corporation (ITFC) has announced to release a series of four short documentaries showcasing the depth of ITFC’s interventions in the groundnut sector in Senegal

groundnutAFDec1421ITFC is providing US$47.2mn of funding for the sector for this crop season. (Image source: Adobe Stock)

Termed as The ITFC Groundnut Project: Full Cycle, the documentary will air on Africanews from 16-31 December 2021 and on Afrique Media TV from 16 to 24 December 2021. It will also be featured on ITFC social media platforms.

ITFC has established and consolidated a strategic partnership with “Société Nationale de Commercialisation des Oléagineux” (SONACOS), the groundnut oil processing company in Senegal; with support ranging from financing the purchase of groundnuts from local farming communities, processing groundnut oil for export, and acquiring laboratory analysis equipment for SONACOS.

ITFC’s intervention has been crucial in making funding available on a timely basis ensuring no supply chain disruptions. With groundnut being the main source of income for most farmers in Senegal and the country’s main agricultural export, the ITFC partnership with SONACOS has a direct impact on not only the farming and rural communities but on the overall national economy as well.

ITFC CEO Hani Salem Sonbol said, “One of our strategic focuses at ITFC is the agricultural sector and working together with member countries on powering the sector is at the heart of our post-covid recovery interventions. We are very much aware that one of the sectors that was hard-hit by the pandemic is the agricultural sector and most importantly the small-holder farmers and rural communities."

"This documentary goes on to confirm that the path to socio-economic recovery passes through structured and strategic interventions to support sustainable agricultural production and ITFC remains firmly committed to this objective especially in the sub-Saharan African region.”


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