logoBC
Yaoundé - 28 March 2020 -
Agriculture

Cameroon seeks IDB’s XAF64.3 bln loan to boost the cotton and soya sectors

Cameroon seeks IDB’s XAF64.3 bln loan to boost the cotton and soya sectors
  • Comments   -   Monday, 23 March 2020 10:23

(Business in Cameroon) - Once again, Cameroon, as it did in late 2018, is turning to the International Islamic Trade Finance Corporation (ITFC) for a Murabaha funding contract (contract with a known profit margin agreed by the concerned parties).

On March 19, 2020, a presidential decree authorized the Minister of Economy to sign a XAF64.3 billion loan agreement and its post-renewal documents with the ITFC. The loan thus received is planned to be used for the acquisition of agricultural inputs, cottonseed, and soybean that will be sold in Cameroon.

Let’s note that this is the second time, within 2 years, Cameroon is soliciting the Islamic Development Bank (IDB), ITFC’s head office, for the cotton and soy sectors.

The resources can help relaunch the operations of industrial giants like Sodecoton, which failed in soybean production in 2017. It did not succeed in positioning its oil in Cameroonian markets and the sales of its soya-meal were disturbed by the avian flu.

Meanwhile, Cameroon’s yearly soybean imports are estimated at XAF14 billion while local producers’ current resources are estimated at XAF4 billion.

S.A.

bowleven-to-hand-back-its-bomono-block-exploration-license-to-cameroon
British oil and Gas company Bowleven plans to hand back its exploration license on the 2,328 km2 Bomono gas block, onshore Cameroon, to Cameroonian...
cameroon-to-raise-xaf45-bln-on-the-public-securities-market-to-fight-the-coronavirus-pandemic
On April 8, 2020, Cameroon will launch the first bond of a series of three on the BEAC money market. According to internal sources at the Ministry of...
cameroon-nexttel-ordered-to-immediately-postpone-implementation-of-new-performance-based-salary-calculation
There is a new development in the case between employees and the general management of Nexttel/Viettel over the new salary calculation method the company...
cameroon-currency-crisis-and-speculation-boosted-the-price-of-bread-and-cereals-in-2019-ins
In a recent analytical note about the Cameroonian consumer market in the 2019 fiscal year, the National Institute of Statistics (INS) reveals the causes...

Mags frontpage


Business in Cameroon n85: March 2020

Minim Martap«It might be the best bauxite ever at the moment»


The necessary reform of Cameroonian public firms


Investir au Cameroun n95 Mars 2020

Minim Martap« Peut-être la meilleure bauxite au monde à ce jour »


La nécessaire réforme des entreprises publiques camerounaises