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Cameroon Government seals 10 billion FCFA deal with BGFI to assist Enterprises affected by COVID 19

A memorandum of understanding was signed on September 1, 2020 between the Minister of Finance, Louis Paul Motaze, and the Managing Director of BGFI Bank Cameroon, Abakal Mahamat.

The Cameroonian subsidiary of the Gabonese banking group BGFI Bank, has just granted a line of credit of FCFA 10 billion at the request of the Cameroonian government. This envelope is intended to finance small and medium-sized enterprises (SMEs) hard hit by the coronavirus pandemic.

“For us, the main thing is first to preserve the jobs of SMEs. Then they must come so that we can find together the conditions for relaunching their activities, ”said Abakal Mahamat, Managing Director of BGFI Bank Cameroon after signing a memorandum of understanding with the Minister of Finance (MINFI). September 1, 2020.

“It is our satisfaction to see that the BGFI Bank group is resolutely on the side of the government and would like the banks from time to time to understand what our own priorities are. We preferred all these initiatives which allow us to reduce imports and produce locally what we have been importing up to now, ”Louis Paul Motaze told reporters.

According to a report published in April 2020 by the Groupement inter-patronal du Cameroun (GICAM), 72% of SMEs are negatively affected by Covid-19 for losses estimated at more than 80% of their turnover. The support of BGFI Bank Cameroon will enable them to gradually recover. It should be remembered that SMEs represent more than 99% of companies in Cameroon. They generate 67% jobs and 34% of total turnover for companies in the country.