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Yaoundé - 21 January 2020 -
Economy

CEMAC : BDEAC approves XAF126 bln financing for integration projects

CEMAC : BDEAC approves XAF126 bln financing for integration projects
  • Comments   -   Wednesday, 08 January 2020 17:39

(Business in Cameroon) - The Board of Directors of the Development Bank of Central African States (BDEAC), after meeting at the end of December 2019, under the chairmanship of Komidor Njimoluh Hamidou, Cameroon's Ambassador to the Republic of Congo, approved the financing of integration projects amounting to XAF126 billion for Cameroon, Congo, Gabon and Equatorial Guinea.

These projects eligible for BDEAC financing are in the energy, social housing, agro-industry, microfinance, and agropastoral sectors. “Their implementation will not only significantly improve the quality of life of populations but also strengthen regional integration, particularly through interconnections of the electricity networks of Equatorial Guinea and Gabon,” BDEAC said.

In addition, with this new financing, the Bank indicates that it intends to reach the most vulnerable populations in the CEMAC zone with, in particular, job creation and access to decent housing.

This decision by the Board of Directors comes at a time when five projects totaling XAF155 billion, validated by the same body, are awaiting financing. In an internal note, the central bank of CEMAC (BEAC) indicates that continuing to provide financial support to BDEAC poses a risk to its free equity capital.

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