Local Banks rescue CICAM

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- Thursday, 10 January 2013 04:20

(Business in Cameroon) - Afriland First Bank, Ecobank and SCB bank jointly loaned the textile manufacturing company, CICAM, CFAF 5.5 billion.

The fund will help the company to rehabilitate its production units in Douala and Garoua. The Minister of Finance and Minister of Mines, Industries and Technological Development both signed the guarantee letter, according to state TV.

Speaking at the signing ceremony, the Minister of Finance, Alamine Ousmane Mey, said the loan is part of efforts made by the government to refurbish and restructure CICAM.

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