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Yaoundé - 22 October 2018 -
Agribusiness

Cameroon : About CFA4.3 billion invested in the agriculture sector since late June 2018 thanks to the PIDMA

Cameroon : About CFA4.3 billion invested in the agriculture sector since late June 2018 thanks to the PIDMA
  • Comments   -   Thursday, 26 July 2018 18:39

(Business in Cameroon) - Since the end of June 2018, not less than 19 agriculture projects proposed by cooperatives are being implemented in Cameroon in the framework of the agriculture development project Projet d’investissement et de développement des marchés agricoles (PIDMA), backed by World Bank (CFA50 billion).

According to PIDMA managers, CFA4.3 billion was disbursed by PIDMA, partner financial institutions and the beneficiaries of these projects.

Indeed, according to information provided by PIDMA coordination unit, the projects are funded under a risk-sharing scheme which entered into application in May 2018. In the framework of that scheme, PIDMA provides less than 70% of the fund while the financial partners provide more than 20% and the beneficiaries at least 10%.

To be able to support more projects in the framework of PIDMA, the coordination unit signed a partnership agreement with three financial partners on July 13, 2018, in Douala. These agreements increased the number of its financial partners to nine (five banks and four microfinance institutions).

Meanwhile, the number of business plans funded thanks to those agreements should reach 23. The project managers further inform that 38 sub-projects are actually being implemented thanks to funds provided by PIDMA and the cooperatives.

Let’s remind that PIDMA was initiated to boost the production of corn, cassava, and sorghum in Cameroon and supply them to local agribusinesses.

Brice R. Mbodiam

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