CEMAC: BEAC grants €609m for development finance and regional integration
The envelope will also help raise the refinancing ceiling for loans granted by the BDEAC.The Development Bank of Central African States (BDEAC) has received a 400 billion CFA francs (€609 million) funding from the Bank of Central African States (BEAC) to finance development projects in the CEMAC region.
The two parties signed an agreement in Yaounde on Tuesday, January 19th, which is aimed at improving the regional economic environment by strengthening the capital of the BDEAC.
"The BEAC has increased its stake in the capital of BDEAC from six per cent to 33 per cent to enable this institution - which was created in the sub-region to finance the development - to have sufficient resources to effectively fulfil its role," said Lucas Abaga Nchama, head of the BEAC, quoted by the Xinhua news agency.
This envelope will also help raise the refinancing ceiling - from 50 to 150 billion CFA francs -
for loans granted by the BDEAC to finance investment projects in the private and public sector that focus on developing the CEMAC as well as enhancing regional integration.