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Yaoundé - 21 June 2021 -
Finance

BDEAC exceeded budgetary forecasts in 2020 with XAF9.8 bln net profit (Administrative Board)

BDEAC exceeded budgetary forecasts in 2020 with XAF9.8 bln net profit (Administrative Board)
  • Comments   -   Friday, 11 June 2021 19:38

(Business in Cameroon) - Despite the coronavirus pandemic, the Development Bank of Central African States (BDEAC) recorded a XAF9.8 billion net profit in 2020. This was revealed during the June 9, 2021, administrative board meeting held via videoconference under the chairmanship of Ludovic Ngatse, Congo’s Delegated Minister of Finance and Budget.

According to the institution, this net profit represents 153% of the forecasts. Also, the development bank indicates, during the period under review, a sharp rise in the number of funding requests was recorded (63 in 2020 against 18 four years ago). Nineteen of those funding requests were approved, totaling XAF186 billion for Covid-19 projects that will create 4,600 jobs and impact 24 million people.

Similarly, there was a rise in the volume of funding disbursed by the BDEAC for CEMAC economic operators. In 2020, the bank disbursed XAF118 billion to support the operators, against XAF49 billion in 2019.

During the videoconference, the board members praised the volumes of resources raised by the bank in 2020 (XAF249 billion) and the sound quality of its portfolio constituted at 96.8% by performing receivables.

S.A.

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