By Ayuure Kapini Atafori
The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, has approved a grant for the Senegalese Groundnut Oil Processing Company (SONACOS) to acquire new laboratory analysis equipment.
The technical assistance under the grant will enable SONACOS acquire equipment that will empower the company to ensure that its groundnut oil meets international quality and safety standards.
A press release issued by ITFC in Dakar on 17th November, 2020 stated that the grant would 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 the edible vegetable oil.
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 at its five factories in Lyndiane, Ziguinchor, Diourbel, Louga and Dakar. The company works hand in hand with producers of groundnut seeds and others in the value chain.
The CEO of ITFC, Eng. Hani Salem Sonbol, said, “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.
ITFC was established with the purpose of advancing trade among the Organization of Islamic Cooperation (OIC) member countries, ultimately contributing to the overarching goal of improving socio-economic conditions of people across the world. Having commenced operations in January 2008, ITFC has provided more than US$51 billion of trade financing to OIC States, making the Corporation the leading provider of trade solutions for OIC members’ needs.
With a mission of being a catalyst for trade development among OIC member countries and beyond, ITFC helps entities in the countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools which will enable them to compete successfully in the global market.
