logoBC
Yaoundé - 28 May 2022 -
Energy

The IsDB loans XAF55 bln to Cameroon for oil products’ purchases

The IsDB loans XAF55 bln to Cameroon for oil products’ purchases
  • Comments   -   Friday, 11 February 2022 13:46

(Business in Cameroon) - La Banque islamique prête 55 milliards de FCFA au Cameroun pour l’importation des produits pétroliers - Investir au Cameroun

Minister of Economy Alamine Ousmane Mey recently signed an €83.5 million (XAF55 billion) Murabaha financing agreement [ed. note: a sort of credit sale agreement] with the International Islamic Trade Finance Corporation (ITFC), a subsidiary of the Islamic Development Bank (IsDB). The Minister of Economy was authorized to sign the loan agreement in December 2021, through a presidential decree. 

The financial resources provided will fund the oil products imported by SONARA, Cameroon’s only refining plant. Indeed, since May 2019 when a fire outbreak destroyed part of SONARA’s petroleum products refining plant, Cameroon has been importing all of the finished petroleum products consumed on the national territory.  In that regard, every quarter, the country launches a call for tenders to select oil traders who would supply the products needed. 

According to the Ministry of Water and Energy, such supply mechanisms have proven beneficial given that it helps record substantial savings. Figures published by the Ministry show that between June 2019 and June 2020, the country saved XAF150 billion, meaning an average of XAF37.5 billion saved quarterly. 

S.A.

international-air-traffic-drops-by-62-in-cameroon-due-to-covid-19
The international air traffic in Cameroon fell by 62.04% from 868,788 to 357,564 passengers between 2019 and 2020. Domestic traffic also followed the same...
emile-parfait-simb-promoter-of-liyeplimal-arrested-for-cryptocurrency-scam
Emile Parfait Simb, the promoter of Global Investment Trading (better known as Liyeplimal), which specializes in cryptocurrency investments, was arrested...
cameroon-govt-completes-fundraising-for-automatic-toll-booth-project-launches-work
The Cameroonian government announced, via its Ministry of public work, (Mintp) that it has finally completed the fundraising for the construction of 14...
british-epc-joins-the-kribi-bitumen-plant-project
The British consulting firm Euro Petroleum Consultants (EPC), which specializes in petroleum and petrochemical projects, has just signed a "Project...

Mags frontpage


Business in Cameroon n110: April 2022

Covid-19, war in Europe: Some Cameroonian firms will suffer


Albert Zeufack: “Today, the most important market is in Asia”


Investir au Cameroun n120: Avril 2022

Covid-19, guerre en Europe : des entreprises camerounaises vont souffrir


Albert Zeufack: « Le marché le plus important aujourd’hui, c’est l’Asie »