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Monday, 22 July 2013

EU supports banana sector Cameroon with €41 million

A total of 41.046 million Euro will be allocated from the European Union for the development of the banana sector in Cameroon, as part of the European Commission’s Banana Accompanying Measures (BAM) programme. The Government of Cameroon has recently signed the financing agreement with the EU at the beginning of July (2013). The amount is intended to lead to an an increase in production and a general improvement of working conditions of African suppliers.
The dessert banana in Cameroon is, after the wood, and excluding oil, the second export product in volume in the country (the third in value), the European Commission informs. However, the local producers intend to significantly increase the current level of production, approximated at less than 250,000 tons per year.
Under the BAM programme, ten ACP countries are to benefit from a total of 190 million EUR of accompanying measures in the banana sector over a period of nine years.
Its purpose is to help the ACP member states to cope with the new EU banana regime after December 2009, when the EU agreed to cut the EU's banana tariff for Latin American countries, which lead to a decrease in the preferential margin which ACP countries enjoyed.
The ten benefiting countries are the ones exporting to the EU more than 10,000 tonnes/year on average over the past decade). These are: Cameroon, Côte d'Ivoire and Ghana (in Africa), and Belize, Dominica, Dominican Republic, Jamaica, St. Lucia, St. Vincent & The Grenadines and Suriname (in the Caribbean).