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Cameroon: BDEAC grants Atlantic Cocoa CFA7.2bn to complete its cocoa processing plant

Cameroon: BDEAC grants Atlantic Cocoa CFA7.2bn to complete its cocoa processing plant
  • Comments   -   Tuesday, 18 September 2018 18:07

(Business in Cameroon) - The Development Bank of Central African States (BDEAC) approved CFA7.2 billion in financing to Atlantic Cocoa to finalize the construction and operation of a plant for processing cocoa beans into semi-finished products (mass, butter and press cake) in the industrial zone of the deep-water port of Kribi, a seaside town in the South Cameroon region.

The document was signed September 17 in Douala between the president of the Atlantic Group, Ivorian Koné Dossongui, and the BDEAC president Fortunato Ofa Mbo Nchama, we learnt. The fund was negotiated by JMJ Africa, a Cameroonian firm specialized in investor support.

The facility which is valued at over CFA30 billion is expected to create about 160 direct jobs, once operational by the end of the year. Processing capacity will be 48,000 tons of beans per year, which can be extended to 64,000 tons.

It is part of a whole agro-industrial project (CFA50 billion) initiated by Mr. Koné Dossongui. The project also includes“the development of industrial agricultural plantations, including agricultural excellence centers in the various cocoa production areas in Cameroon over 25,000 hectares,”  the company’s MD Georges Wilson said.

According to BDEAC, the deal with Atlantic Cocoa is in line with the orientations of its 2017-2022 strategic plan as the company contributes to diversify the Cameroonian economy and reduce its dependence on oil revenues.

Let’s note that Atlantic Cocoa was the first company to operate in the deep-water port of Kribi, following an agreement signed January 24 with the autonomous port of Kribi (PAK).

Brice R. Mbodiam

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