(Business in Cameroon) - On July 11, 2018, the Development Bank of Central African States (BDEAC) and Afreximbank signed a framework agreement for €500 million (about CFA327.5 billion) co-funding in favor of CEMAC. This agreement was signed in Abuja, Nigeria by Dr. Benedict Oramah (On the left side on the picture) president of Afreximbank and his peer at BDEAC, Fortunato Ofa Mbo Nchama (On the right side on the picture).
BDEAC explains that thanks to this co-funding, it will be able to meet the numerous funding requests from CEMAC member countries namely, Cameroon, CAR, Congo, Gabon, Equatorial Guinea and Chad.
These countries “resolutely oriented their economic policies towards diversification in order to build sustainable development”, the BDEAC says.
It further adds that this offers Afreximbank an opportunity to participate in the sub-region’s economic and social development by notably funding integrating and inter-African trade promotion projects. This agreement also offers Afreximbank the possibility for better visibility in Central Africa.