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Friday, 05 November 2010

€10M German loan to Cameroon bank

The German Investment Bank (DEG) has approved a loan worth almost 10 million euros (6.5bn FCFA) as part of financial convention signed with Afriland First Bank Cameroon on the final day of a German-Cameroon business forum. According to the CEO of DEG, Philip Kreutz, the convention will allow Afriland First Bank “to increase its credit facilities and to extend its operations to regions that do not currently have access to banking services”. “With our quasi-equity loan, we will strengthen the capital basis of a long-time customer, thereby enabling Afriland to further expand its financial services,” he added. The two institutions have been partners since Afriland First Bank was first set up, developing an “innovative approach” that has allowed the local bank to gain twelve percent of the market, becoming the third largest bank operating in Cameroon, just behind two international French banks. An effective banking sector in a country such as Cameroon enables financing for small and medium-sized enterprises and can “contribute to making Cameroon an emerging market” by 2035 as forecast by the Government. In this context, Afriland head, Alamine Ousmane Mey, noted that projects are planned for financing growth-intensive Cameroonian and regional companies through the “Catalyst Fund 1”, which provides long-term capital financing.

Source: Afriqueavenir.org