logoBC
Yaoundé - 26 June 2022 -
Public management

IsDB claims a CFA683bln active portfolio in Cameroon

IsDB claims a CFA683bln active portfolio in Cameroon
  • Comments   -   Thursday, 23 June 2022 14:50

(Business in Cameroon) - The Islamic Development Bank (IsDB) has an active portfolio of $1.1 billion (about CFA683 billion with current value) in Cameroon. The information was reported on June 21 during a meeting in Yaoundé between the Minister of Finance, Louis Paul Motazé, and Anasse Aissani, the IsDB Country Director in Cameroon.

The resources are invested in various areas ranging from infrastructure to agriculture. One of the main beneficiaries is the Cotton Development Corporation (Sodecoton), which receives annual financing from the IsDB to buy inputs and seed cotton from producers. Initially set at CFA13 billion per year, the funding for Sodecoton was increased during the 2017-2018 cotton season, after negotiations between the Cameroonian authorities and the donor. The amount was finally increased to nearly CFA65 billion after that campaign.

This new amount allows Sodecoton to pay the 250,000 producers it supervises on time. Above all, it allows the company to avoid the sometimes prohibitive interest rates of bank loans on the local market. Before the IsDB financial support was increased, Sodecoton regularly sought assistance from credit institutions to meet its cash flow needs.

BRM

afriland-first-bank-cd-shaken-by-internal-conflicts-fueled-by-malpractice-accusations
For about a year now, Afriland First Bank CD - 95.6% owned by Afriland First Group- is ripped apart by internal conflicts. The bank’s majority shareholder...
the-port-authority-of-douala-launches-the-container-terminal-renovation
The Port Authority of Douala (PAD) announced it has started works to renovate its container terminal. The project is expected to improve the fluidity and...
mobile-money-tax-revenue-above-target-for-2022
Revenue from the Mobile Money tax in Cameroon stood at CFA7.3 billion between February and May this year, according to data published by the Directorate...
isdb-claims-a-cfa683bln-active-portfolio-in-cameroon
The Islamic Development Bank (IsDB) has an active portfolio of $1.1 billion (about CFA683 billion with current value) in Cameroon. The information...

Mags frontpage


Business in Cameroon n110: April 2022

Covid-19, war in Europe: Some Cameroonian firms will suffer


Albert Zeufack: “Today, the most important market is in Asia”


Investir au Cameroun n120: Avril 2022

Covid-19, guerre en Europe : des entreprises camerounaises vont souffrir


Albert Zeufack: « Le marché le plus important aujourd’hui, c’est l’Asie »