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Yaoundé - 22 August 2018 -
Agriculture

Cameroon to borrow CFA34.6 billion from the Islamic Development Bank for an agriculture project

Cameroon to borrow CFA34.6 billion from the Islamic Development Bank for an agriculture project
  • Comments   -   Monday, 23 July 2018 15:06

(Business in Cameroon) - The Cameroonian minister of economy Alamine Ousmane Mey, has just been directed by president Paul Biya to sign three loan agreements totaling CFA34.6 billion with the Islamic Development Bank.

The first agreement is a KD3.55 million loan amounting to $4.99 million(about CFA3.22 billion) for an agriculture infrastructure construction and the development of value-added chains in Cameroon.

The second loan agreement is for the forward sale contract (to be paid in many installments) of $15.72 million (about CFA10.15 billion) for the same agriculture project mentioned above.

The last agreement is for a “Lives and Livelihood Fund” and a forward sale contract of $33 million (about CFA21.3 billion) still for the same project.

S.A

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