The International Islamic Trade Finance Corporation (ITFC) 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.