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Cameroon Government and SGB seal 25 billion FCFA for SME’s

This is the epitome of the signing of the letter of intent between the Cameroonian government and Société Générale Bank of Cameroon. In order to support Small and Medium Enterprises (SMEs) as part of the post Covid-19 recovery, Société Générale bank signed a letter of intent with the Cameroonian government on December 14, 2020.

It aims to open a line of credit of CFAF 25 billion for SMEs. The Minister of Finance, Louis Paul Motaze, represented the Cameroonian side. He was accompanied by his government colleague, Achille Bassilekin III, Minister in charge of SMEs. The general manager of this bank, Mareme Mbaye Ndiaye, was herself present.

To benefit from this money, these SMEs “will have to operate in the fields of manufacturing, transport, tourism, clothing and exceptionally agriculture, among others. They will have to justify how the crisis linked to Covid-19 has negatively impacted their activities and above all, being clients of the Société Générale du Cameroun, ”

The Director of this bank says that the opening of this line of credit is part of the initiative called “Grow With Africa”. Its objective is to “strengthen the bank’s commitment to the sustainable development of the African continent. It will therefore be a question, for this line of credit, of relaxing the usual conditions.”

Although the interest rate for this operation was not disclosed, Mareme Mbaye Ndiaye assured that it would be more attractive and that disbursements would be faster. For our colleague, “this money made available to eligible SMEs is intended either to meet urgent cash flow needs or to finance the purchase of equipment necessary for the revival of businesses”.

Finally, the newspaper affirms that to these 25 billion FCFA, “must be added the 10 billion FCFA of a previous line of credit opened in the same bank thanks to the support of the European Investment Bank”.