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Yaoundé - 16 July 2019 -
Economy

Search for financing for new Ngaoundéré oil-mill “well advanced,” Sodecoton informs

Search for financing for new Ngaoundéré oil-mill “well advanced,” Sodecoton informs
  • Comments   -   Monday, 08 July 2019 14:27

(Business in Cameroon) - Société de développement du coton (Sodecoton), flagship of North Cameroon’s agribusiness, informs that its search of financing for the construction of a new oil-mill in Ngaoundéré are “well advanced.”

According to Sodecoton, the new mill will help meet the ever-growing needs of the Southern part. The company expects its cottonseed production to reach 400,000 tons by 2022. Oil and by-products’ production should follow the same pattern, Sodecoton indicates adding that the corollary of such increase will be growth in the monthly production of various livestock feeds to 100,000 bags.

Let’s note that Sodecoton has already upgraded its Maroua oil-mill with a XAF2.5 billion loan contracted from Afriland First Bank. With this investment, the plant’s milling capacity rises from 70,000 tons (in 2016) to 110,000 tons.

Next will come Garoua plant’s upgrading thanks to an outstanding loan of XAF6 billion from the Arab Bank for Economic Development in Africa.

S.A

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