SCB Cameroun will finance imports from Arab countries through IFTC credit lines
-
Comments - Sunday, 26 March 2017 02:55
(Business in Cameroon) - The International Islamic Trade Finance Corporation (IFTC), a member of the Islamic Development Bank group (BID), recently signed with the Moroccan banking group Attijariwafa, parent company of SCB Cameroun, an agreement to support trade between Arab countries and African countries.
Through this agreement, revealed the platform Arabnews, ITFC will provide funding complying with Shariah law to Attijariwafa Bank subsidiaries; who will in turn finance companies wishing to import goods from Arab countries. The amount of the credit line to be opened by ITFC was not revealed.
According to again Salem Sonbol, CEO of ITFC, the first phase of this financing agreement with Attijariwafa targets the subsidiaries of the Moroccan banking group in three countries. These are Cameroon, Côte d’Ivoire and Senegal. The agreement was signed during the fifth edition of the International Africa Development Forum, which just ended in Casablanca, Morocco.
Brice R. Mbodiam
Mags frontpage
Business in Cameroon n110: April 2022
Covid-19, war in Europe: Some Cameroonian firms will suffer
Albert Zeufack: “Today, the most important market is in Asia”
Investir au Cameroun n120: Avril 2022
Covid-19, guerre en Europe : des entreprises camerounaises vont souffrir
Albert Zeufack: « Le marché le plus important aujourd’hui, c’est l’Asie »
- Most read 7 days
- shared 1 month
- read 1 month
