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Cameroon: Proparco grants a loan of 26 billion CFA to the BICEC

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Friday, 08 January 2016

Cameroon: Proparco grants a loan of 26 billion CFA to the BICEC

Proparco, the subsidiary of the French Development Agency (AFD) whose mission is to finance the private sector, has granted a loan of 26 billion CFA francs to the Banque Internationale du Cameroun pour l’Epargne et le Crédit (BICEC). It is understood that these funds will be used mainly to finance small and medium-sized enterprises (SMEs) which find it very difficult to access financing. “Through this financing, the BICEC seeks to support companies in their development projects, by creating more jobs, by improving their productivity, by modernising their facilities, thereby contributing added value to the Cameroonian economy,” explained the bank’s management. The loans to be granted will range between 10 million CFA francs for very small enterprises (VSEs) to 100 million CFA francs for some SMEs. This financing, allocated among others to the agri-food, energy, financial and telecoms sectors “increases the commitment of Proparco and the French Development Agency (AFD) in Central Africa,” notes the French group.

Source: Camerpost