en
en
Bitcoin
65,553
Bitcoin
$ 70,777
Bitcoin
65,553

Banking consortium raises 300 billion FCFA for Congolese enterprises

The CEO of the BGFI, Henri-Claude Oyima, announced on September 19 in Brazzaville the establishment by a group of banks of a financing of three hundred billion CFA francs, intended to support companies in the Republic of Congo .

According to him, these banks, which are among the Congo’s creditors, are united in an economic interest group called Club de Brazzaville.

“We are happy to announce that we have concluded both with all the creditors of this club and the Ministry in charge of Finance and Budget for an envelope of three hundred billion CFA francs”, he declared, following an audience with President Denis Sassou N’Guesso.

For Henri-Claude Oyima, this financing should “make it possible to settle part of Congo’s internal debt”. “It is not about funding that is given directly to the state, but funding to support businesses and help revive the country’s economy,” he said. Note that apart from BGFI, this group of banks also includes Ecobank, LCB (La Congolaise de Banque) and BSCA (Banque sinocongolaise pour l’Afrique).

Prime Minister Clément Mouamba praised the support of these creditors, which he said will help pay off part of the domestic debt. “We welcome and congratulate the fact that this operation is carried out in a technical manner within the agreed timeframe,” he said.

“First, we select a few creditors who will be paid on time. They will still have titles with a discount because this work has a cost in the implementation. These creditors will have an obligation to put the money back into the economy. So by then, we will have more than 250 billion that will be injected into the economy, ” Clément Mouamba said.

In addition, the head of government said that the state, banks and companies will find their account in this operation which is the first in Congo.

As part of its economic program concluded in July 2019 with the International Monetary Fund (IMF), Congo is required to pay off domestic debt in order to promote the revival of private sector activities impacted by the effects of the covid-19 pandemic..