The International Islamic Trade Finance Corporation (ITFC) and OCP Africa unite for the strategic financing, innovation, and capacity building of agriculture in Africa
ITFC and OCP Africa will jointly introduce a new “OCP School lab” campaign in Senegal in November 2019
RABAT, Morocco, October 2019/ -- The International Islamic Trade Finance Corporation, (ITFC, International
Islamic Trade Finance Corporation) (ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group and OCP Africa ) (OCPAfrica.com), a subsidiary of OCP SA has signed a Memorandum of Understanding (MoU) that will cater towards strategic funding, innovation, and capacity
building measures to increase agricultural production yields and income
levels for Africa’s smallholder farmers. The agreement was signed
between Mr Karim Lotfi Senhadji, CEO, OCP Africa and ITFC CEO, Eng. Hani Salem Sonbol.
The MoU will increase collaboration between ITFC and OCP Africa in
various areas, including smallholder farmer training on sound
agricultural practices; soil testing and fertility management to support better yields; innovation and digitalization tools to modernize
agricultural practices; and capacity building and support of young
farmers for sustainable and inclusive development.
Commenting on the MoU, Eng. Hani Salem Sonbol, CEO, ITFC, said that the
cooperation with OCP Africa is in line with ITFC’s mandate to support
the development of strategic value chains in countries member of the
Organization of Islamic Cooperation (OIC). “The services provided by
ITFC in the agricultural sector, both in terms of trade financing and tactical support, has expanded significantly over the past years,
targeting critical areas of the value chain, from farm input to processing, pre-export, and export. The sector is also one of the value
chains that is ready for innovation and SME development.”
OCP Africa’s CEO, Karim Lotfi Senhadji said, “The smallholder farmer is
central to OCP Africa’s strategy to support the transition of farming
communities from subsistence farming to modern, sustainable
agri-business. Our aim is to strengthen the continent’s agriculture
ecosystems thus enabling African farmers to prosper. The agreement with
ITFC will support efforts to train farmers on best farming practices,
test soils for accurate fertilizer recommendations, facilitate access to financing, and improve access to markets”.
ITFC and OCP Africa will jointly introduce a new “OCP School lab”
campaign in Senegal in November 2019. A flagship program of OCP Africa,
OCP School Lab is an innovative program aimed at increasing the yields
and the incomes of smallholder’s farmers on strategic crops by offering a full set of agri-services:
A School: interactive training sessions with live demos on good
agricultural practices and animated videos in local dialects for higher
impact
A mobile Lab: Soil-testing using latest innovations (X-rays, big data
and machine learning) and live information on soil needs and fertilizer
recommendations
ITFC has been providing significant support to ensure food security in
Sub-Saharan Africa. In 2018, trade finance approvals for the food &
agriculture sector amounted to US$749.6 million, representing 14.4% of the total trade finance portfolio, a 71% increase compared to the previous year. Sub-Saharan Africa accounts for 50% of ITFC’s food &
agriculture sector financing extended in 2018.
About OCP Africa:
OCP Africa (www.OCPAfrica.com) is a subsidiary of OCP Group is a leading global provider of phosphate and its derivatives with almost 100 years of experience. Based in
Morocco, OCP Africa, was created to work hand-in-hand with farmers to contribute to unlocking Africa’s vast agricultural potential, in 2016.
OCP produce fertilizer solutions customized to local conditions and crop needs, and works with partners in many different African governments,
non-profits and private enterprises to connect farmers to agricultural
services, knowledge, and resources they need in order to prosper. With a
presence across the continent, OCP understands the diversity and complex needs of Africa’s soils, and is committed to offering the right
fertilizer products at the right time, in the right place, at the right
price.
For more information go to: www.OCPAfrica.com
About the International Islamic Trade and Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) (ITFC-IDB.org) is a member of the Islamic Development Bank (IsDB) Group. It was
established with the purpose of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving the socioeconomic conditions of the people across the world.
Commenced operations in January 2008, ITFC has since consolidated all
trade finance businesses that used to be handled by various windows
within the IsDB Group. Earning the A1 rating by Moody’s reflects the
Corporation’s efficiency in service delivery by responding swiftly to
customer needs in a market-driven business environment.
Since 2008, ITFC has provided more than US$45 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.
Twitter: @ITFCCORP
Facebook: @ITFCCORP
Linkedin: International Islamic Trade Finance Corporation (ITFC)
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