39.9 C
Saturday 18 September 2021
HomeAfricaSMEs get 5 billion FCFA credit

SMEs get 5 billion FCFA credit

The Cameroonian government has released 5 billion francs CFA to finance small and medium-size enterprises (SMEs) pending the launch of a specialized bank promised by the head of state two years ago.

According to the Cameroonian minister of finance, Alamine Ousmane Mey, who made the announcement on Thursday, the money constituted a guarantee mechanism aimed at promoting the financing of SME investments, within the framework of the partnership between the State, credit and micro-finance institutions and SMEs.

In a bid to block the access of ghost promoters to the funding, the ministry promises a rigorous credit grant process.

Applicants are expected to channel their applications through their banks or micro-finance institutions. The priority areas are handicraft, agriculture, trade, mining, cattle breeding and forests.

President Paul Biya in his inaugural speech of the Agro-pastoral Committee of Ebolowa, southern Cameroon, on 17 January 2011, announced the creation of the Bank of SMEs and the agricultural development bank. None has been created so far.


Please enter your comment!
Please enter your name here

- Advertisement -