DEVELOPMENT NEWS
Boosting agricultural transformation in Malawi T he OPEC Fund signed a US$20 million loan agreement with Malawi to finance Phase II of the Shire Valley Transformation Program (SVTP II). The initiative is aimed at boosting agricultural productivity and resilience through sustainable irrigation and natural resource management in the southeastern African country. The program is designed to enhance food security,
reduce poverty and improve livelihoods for approximately 130,000 people in the Shire Valley, a key agricultural region in southern Malawi.
The program will improve
livelihoods for an estimated 130,000 people in the Shire Valley.
Supporting Burkina Faso’s cotton industry The “white gold” remains essential to the country's economic resilience and rural development
T he OPEC Fund is providing €26 million in trade financing to support Burkina Faso’s strategic cotton sector. The financing is part of a €100 million trade finance facility arranged by the International Islamic Trade Finance Corporation. It will enable Société Burkinabè des Fibres Textiles, the west African country’s largest cotton company and a key player in the sector, to purchase seasonal seed cotton from local farmers at harvest point, ensuring timely payments and financial stability for smallholder farmers. Cotton is the backbone of Burkina Faso’s rural economy, generating 5 percent of GDP and providing income for millions. As Africa’s third-largest producer the country exports the vast majority of its cotton, making it a key driver of foreign exchange
earnings and economic growth. The sector supports livelihoods from smallholder farmers to workers across the supply chain. Often referred to as “white gold,” cotton remains essential to Burkina Faso’s economic resilience and rural development.
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