Off the wire
• Top news items in major S. African media outlets  • Top news items in major Zambian media outlets  • 1st LD: China aiming to launch Mars mission around 2020  • China, Indonesia schedule senior leaders' meeting  • China to further boost global cooperation on addressing climate change  • 2nd Ld: China's job market remains stable  • Premature births linked to short mothers: New Zealand-Swedish study  • Chad President Deby Itno re-elected with 61.56 pct  • 1st LD-Writethru: Chinese shares edge up Friday  • S.Korea rejects DPRK's call for face-to-face contact between "defectors" and families  
You are here: 　 Home

West African Development Bank gives Malian textile company 54.8 mln USD loan

Xinhua, April 22, 2016 Adjust font size:

The Malian Company for Textile Development (CMDT) has received two loans of 32,920 billion CFA Francs (about 54.8 million U.S. dollars) from the West African Development Bank (BOAD).

Two agreements in this regard were signed Thursday in Lome by BOAD president Christian Adovelande and CMDT director Modibo Kone.

The first agreement of 15 billion CFA Francs will be used for partial funding of a project to extend and modernize CMDT.

The second loan of 17,920 billion CFA Francs will be used for funding cotton farming during the 2015-2016 and 2016-2017 seasons.

BOAD president said the loans are justified given the place occupied by cotton in Mali's economy. Mali is the second cotton producer in Sub-Saharan Africa after Burkina Faso.

"The second export product after gold, cotton directly or indirectly supports the livelihoods of 3.3 million Malians which is 21 percent of the country's population," he continued.

CMDT director said the first loan will enable his firm to acquire new equipments and repair three old ones.

"The second loan will enable CMDT to comfortably fund the farming season, from acquisition of farm inputs and fertilizers, to purchase and transport of the cotton as well as sale of the cotton fibre and other by-products," he added. Endit