(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.