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Covid-19: BGFI opens a XAF10 bln credit line to support Cameroonian SMEs

Covid-19: BGFI opens a XAF10 bln credit line to support Cameroonian SMEs
  • Comments   -   Tuesday, 01 September 2020 16:08

(Business in Cameroon) - Today September 1, 2020, BGFI Cameroon signed an agreement with the Cameroonian government to support SMEs affected by the coronavirus crisis. The bank reveals that it set a XAF10 billion credit line to boost economic recovery under the technical supervision of the Ministry of Finance.

In the framework of that agreement, selected SMEs (selected based on a set of criteria) will be provided the support they need to roam through the COVID-19 crisis. “The coronavirus pandemic affected all of us to varying extents. It made us realize that we all depend on one another. We cannot, therefore, ignore the various requests from actors in our value chain,” said Abakal Mahamat (photo), Managing Director of BGFI Cameroon. The bank adds that this support is needed to preserve jobs and production infrastructures.

Indeed, according to a survey carried out by the employers’ organization Gicam, 72% of SMEs have been affected by the pandemic and the losses were up to 80%. That situation, therefore, exposes the job market.

The criteria to be used to select beneficiaries of the credit line have not been disclosed but BGFI indicates that they will be less stringent. “My teams will collaborate with the Ministry of Finance to elaborate conditions that will be less restrictive,” Abakal Mahamat assures.

After the signature, Finance Minister Louis Paul Motaze welcomed the support on behalf of the Cameroonian government. “We are glad BGFI is resolutely standing by our side during this struggle. The support provided by the bank is critical since it comes at the same time as the president of the republic’s instructions to elaborate a recovery plan,” the Minister said.

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