International Islamic Trade Finance Corporation (ITFC) to enhance Groundnut Oil Quality Standards and boost Senegalese Export Capabilities
Technical Assistance in favour of SONACOS to boost global value chains, groundnut oil processing standards and Senegalese export capabilities as it seeks to enter new markets
The Technical Assistance that ITFC has approved for SONACOS will help the company improve the quality and quantity of groundnut oil produced locally
The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, has approved a Grant Agreement for the Senegalese Groundnut Oil Processing Company, SONACOS, to acquire new laboratory analysis equipment.
The Technical Assistance will enable SONACOS to acquire equipment that will specifically enable the company to ensure that its groundnut oil always meet international quality and safety standards, and therefore be able to conquer new international markets acquire. The funding will also be used to train laboratory staff in the use and maintenance of the new equipment and carry out research into the fatty acid composition of edible vegetable oils.
SONACOS is a public limited company that has operated in the groundnut sector in Senegal for over 40 years, with an annual processing capacity of 360,000 tons through its five factories in Lyndiane, Ziguinchor, Diourbel, Louga and Dakar. The company works hand in hand with producers of groundnut seeds and other aspects of the value chain.
The CEO of ITFC, Eng. Hani Salem Sonbol, spoke of the contribution that the financing will make, saying, “The Technical Assistance that ITFC has approved for SONACOS will help the company improve the quality and quantity of groundnut oil produced locally. This will make an important contribution to the nation’s export capabilities as the firm seeks to enter new markets and improve the contribution that SONACOS makes to global value chains. It will also safeguard farming jobs, support a sustainable revival of the groundnut sector and enable SONACOS to meet international standards of food and safety.”
ITFC has been actively supporting trade development in Senegal since its inception in 2008, with more than US$764 million of financing and trade facilitation programs in favour of the West African country and its critical sectors, including energy and agriculture.
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
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About the International Islamic Trade and Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org) is a member of the Islamic Development Bank (IsDB) Group. It was established with the purpose of advancing trade among the Organization of Islamic Cooperation (OIC) Member Countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world. Commenced operations in January 2008, ITFC has provided more than US$51 billion of trade financing to OIC Member Countries, making the Corporation the leading provider of trade solutions for OIC Member Countries’ needs. With a mission of being a catalyst for trade development among OIC Member Countries and beyond, the Corporation helps entities in Member Countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market.
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