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Cameroon: Financial partners support local SMEs with CFA14bn

Cameroon: Financial partners support local SMEs with CFA14bn
  • Comments   -   Thursday, 29 September 2022 15:41

(Business in Cameroon) - The Cameroonian Minister of Economy, Alamine Ousmane Mey, signed a partnership agreement last September 27, 2022, with the UNDP Resident Representative in Cameroon, Jean Luc Stalon. The new deal will provide financing for local SMEs that are still struggling to recover from Covid-19.

Of the CFA14 billion made available for the program, a little over CFA12 billion (about $18 million) are provided by the Arab Bank for Economic Development in Africa (Badea), which selected UNDP as the executing agent for the program. The UN agency also contributed CFA684 million, as did the Cameroonian government.

The UNDP envoy said the program has three main objectives, including “improving access to finance through pro-SME credit lines, strengthening the competitiveness of enterprises, and facilitating access to markets to improve the business climate and the productivity of SMEs.”

Official data from the Ministry of SMEs revealed that about 90% of all SMEs in Cameroon have been affected by the Coronavirus pandemic, resulting in the slowdown of activities and staff layoffs.

Before the new financing deal is signed, local Covid-19-affected SMEs have already benefited from the support of international financial institutions such as the EIB, or local banks such as BGFI Bank or Société Générale.

Written by BRM

Translated from French by Firmine AIZAN

 

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