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Ministry of SMEs: 720 SMEs to receive XAF2 bln in the framework of the economic resilience program

Ministry of SMEs: 720 SMEs to receive XAF2 bln in the framework of the economic resilience program
  • Comments   -   Thursday, 26 November 2020 14:35

(Business in Cameroon) - The Cameroonian Ministry of SMEs recently selected 720 companies and craftsmen, eligible for the economic and financial resilience program aimed at supporting businesses affected by the coronavirus pandemic. The eligible recipients were selected based on “fair and rigorous eligibility criteria” contained in a support guide published by the Ministry of SMEs.  

The companies and craftsmen will share XAF2 billion, which represents the amount allocated to the Ministry of SMEs out of the XAF180 billion solidarity fund. But, this is not the only financial assistance they will receive from the state, the Ministry of SMEs stresses.

Some of the SMEs are still eligible for funds allocated to some other ministries in the framework of the economic resilience program, we learn. From credible sources, the overall amount of the funds is XAF32.7 billion.  

Let’s note that according to a survey conducted by the GICAM (largest employers grouping in Cameroon), the coronavirus pandemic had “significantly negative” impacts on 61% of local SMEs.

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