logoBC
Yaoundé - 22 April 2021 -
Finance

Covid-19: BADEA to support heavily affected Cameroonian SMEs with XAF10.4 bln

Covid-19: BADEA to support heavily affected Cameroonian SMEs with XAF10.4 bln
  • Comments   -   Tuesday, 30 March 2021 13:27

(Business in Cameroon) - The Arab Bank for Economic Development in Africa (BADEA) recently agreed to support Cameroonian SMEs heavily affected by the coronavirus pandemic. This was revealed in a Tweet posted by Jean-Luc Stalon (UNDP resident representative in Cameroon) on his Twitter page on March 24, 2021. 

"An 18.9 M USD [ed.note: XAF10.4 billion] project has been approved between the Government of Cameroon and BADEA to support SMEs as part of the Covid-19 Social & Economic Response Plan. The UNDP will support the implementation process through specialized stakeholders," the Tweet reads.

The funds will be provided in the framework of a joint program, initiated under the Arab Africa Trade Bridges Program (AATB), carried out thanks to a partnership between the BADEA and the  International Islamic Trade Finance Corporation (ITFC) to help African countries deal with Covid-19. The said partnership was strengthened in March 2020 (with the confirmation of the Covid-19 cases) with the release of $100 million by Badea to support 44 African countries in the fight against the pandemic. Thanks to the funds, the countries were able to boost their capacity to respond to the health crisis, we learn.  

In Cameroon, local businesses, SMEs notably, have been negatively impacted by the pandemic. According to a survey published in July 2020 by the employers’ grouping GICAM (Groupement inter patronal du Cameroun), at end-June 2020, 96.6% of the businesses surveyed claimed that they were affected by the pandemic while at end-April 2020, it was 92.5%.

The survey also forecasted that 81.7% (100% in most-exposed segments and 83% for micro-companies) of businesses in the country would record turnover declines in the 2020 financial year.  

Joseph Roland Djotié

minddevel-expresses-concerns-over-the-management-of-garbage-removal-tax-proceeds
Minister of Decentralization and Local Development, Georges Elanga Obam (photo) recently expressed his concerns over the management of the...
cameroon-loses-40-to-50-of-its-cocoa-seedlings-to-climate-change-every-year-sodecao
Cameroon loses 40 to 50% of its cocoa seedlings in nursery plants every year because of climate change due to which dry seasons are increasingly longer....
cemac-towards-the-creation-of-a-regional-credit-information-bureau
On April 20, the Bank of Central African States (Beac) issued a pre-qualification notice for the selection of a technical and strategic partner to...
china-is-the-main-destination-for-cameroon-s-cotton-sodecoton
During the 2020-2021 cotton season, which will be concluded in the next few days, Cameroon Cotton Development Corporation (SODECOTON) is expected to...

Mags frontpage


Business in Cameroon n98: March 2021

State personnel Time for a slimming diet


More support to boost the Cameroonian industry’s competitiveness


Investir au Cameroun n108: Mars 2021

Personnel de l’Etat Un régime minceur s’impose


Un soutien à la compétitivité de l’industrie camerounaise