logoBC
Yaoundé - 09 August 2020 -
Agro-industry

Cameroon: IDB funds 2018-19 Cotton Year with over XAF64bln

Cameroon: IDB funds 2018-19 Cotton Year with over XAF64bln
  • Comments   -   Wednesday, 06 February 2019 14:38

(Business in Cameroon) - The Islamic Development Bank (IDB) through the International Islamic Trade Finance Corporation (ITFC) is opening in the coming days a new credit line worth XAF64.2 billion to finance the 2018-19 cotton campaign in Cameroon. This follows a presidential decree signed December 2018 enabling the economy minister to enter into agreement with IDB, sources close to the matter informed.

The money will be provided to the national cotton development company (Sodecoton) to purchase agricultural inputs, cottonseed and soybeans from the 250,000 growers monitored by the company. This new IDB support, let’s note, is higher than the XAF13 billion the bank usually granted Cameroon until 2016-17. It is seen as a strong help for the mixed capital firm which is gradually recovering from a long turbulent period.

Indeed Sodecoton suffered dead loss of XAF11 billion in 2014, against XAF18.8 billion and XAF5.8 billion in 2015  and 2016 respectively, making a total loss of XAF35.6 billion over the three-year period. The company got back into profitability in 2017, when it reported a net result of XAF4.3 billion; a good performance that showed the outcomes of a restructuring plan set a year earlier.

Brice R. Mbodiam

chanas-assurance-s-a-posts-xaf683-4-mln-net-profit-for-2019-up-by-16-2-yoy
Cameroonian insurance company Chanas Assurances, majority-owned by National Hydrocaborns company SNH, informs that it recorded XAF683.4 million of net...
africa-food-manufacture-to-invest-xaf13-bln-in-the-construction-of-cameroon-s-first-durum-flour-mill
On July 30, 2020, Africa Food Manufacture (AFM), which produces Broli-branded pasta, signed an investment agreement with Cameroon’s investment promotion...
snh-estimates-its-stored-oil-data-at-over-xaf10-000-billion
The Cameroonian National Hydrocarbon Company (SNH) estimates the value of oil data currently stored in its Mbanga-Bakoko (Douala) based Petroleum...
cameroon-saves-close-to-xaf11-mln-monthly-after-adjusting-the-salary-of-4-490-health-personnel
Some days ago, when they received their July 2020 salary, some physicians and health personnel operating for Cameroon noticed that their usual salaries...

Mags frontpage


Business in Cameroon n90: June 2020

Top 100 economic actors in Cameroon


Colonel Roger Kuitche: “Military strategy is an important tool that will beneft businesses and public administrations”


Investir au Cameroun n100 Juillet-Août 2020

Le Top 100 des acteurs économiques du Camerouns


Colonel Roger Kuitche : « la stratégie militaire appliquée aux entreprises et aux administrations est un outil à exploiter »