The Cotton Development Company (SODECOTON) of the west Central African country of Cameroon has set the target of producing 240,000 tons of cotton in 2014, as against 210,000 tons produced in 2013.
The target set by SODECOTON for 2014 is 30,000 tons more than the cotton output achieved last year, reports Agencia Ecofin.
In order to achieve the set target the company has also started operations for quick purchase from farmers this year, in order to restrain them from selling their produce in Nigeria.
In November 2013, the President of Cameroon Paul Biya signed a decree authorizing the Minister of Economy of the country, for a loan agreement of ?3 million with the Islamic Trade Finance Corporation (ITFC), a subsidiary of the Islamic Development Bank (IDB), in order to finance the 2013-14 cotton harvest period in the country.
The loan would be utilized by SODECOTON for financing the current season of cotton harvest in the country.
In January 2013, for the previous cotton harvest period, SODECOTTON benefitted from 5 Cameroonian banks, which provided a credit of 15 billion CFA francs, under the leadership of Commercial Bank of Cameroon (CBC), to the agency for cotton harvest.