Cameroon's government grants more than €30 million for the creation of an agricultural and SME bank
A sum of Fcfa 20 billion (€30.5 million) has been released by Cameroon's government to form the capital of two new financial institutions.A sum of Fcfa 20 billion (€30.5 million) has been released by Cameroon's government to form the capital of two new financial institutions.
The Banque camerounaise des Pme (BC PME S.A) - which will be dedicated to SME financing - and the Cameroon Rural Financial Corporation (Carfic) will be operational this year.
This announcement was made on January 18th by the Minister of Finance of Cameroon Alamine Ousmane Mey.
With a capital of Fcfa 10 billion each, the two new entities will aim to strengthen the financing of rural activities and stimulate job creation across the country.
The banks should also improve access to finance for farmers and promoters of small and medium-sized enterprises, in a country where 60 percent of the population lives from agriculture and 90 percent of companies are SMEs, Cameroon Tribune newspaper reports.
Finally, the banks could help reduce the volume of imports, through a revival of national production.