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European Union gives Cameroon 10 billion FCFA to promote Entrepreneurship

The signing of an agreement to grant a line of credit between Société Générale Cameroun (SGC) and the European Investment Bank (EIB) took place on November 17, 2020 in Douala. Good news for Cameroonian Small and Medium-sized Enterprises hard hit by the coronavirus pandemic. In fact, Societe Generale Cameroon (SGC) and the European Investment Bank (EIB) signed, this Tuesday, November 17, 2020 in Douala, an agreement to grant a line of credit estimated at nearly 10 billion FCFA. to finance the development of SMEs in Cameroon.

Minister Achille Bassilekin III, Minister of Small and Medium Enterprises, Social Economy and Crafts, acknowledged that ” this new line of credit will make it possible to mobilize investments and support employment in the private sector throughout Cameroon.

Cameroon welcomes the solid support provided by Societe Generale Cameroon and the European Investment Bank to the development efforts of Cameroon and the private sector. This support allows Cameroonian SMEs to strengthen their immune defenses in the face of the global economic recession which is taking hold in the wake of the global crisis “, the member of the government said.

For the Interim Chargé d’Affaires at the Delegation of the European Union in Cameroon, Sébastien Bergeon, “the efforts to fight Covid-19 can only bear fruit in the long term as part of a comprehensive approach. Africa and Europe have chosen to join hands to, together, face the repercussions of this pandemic, in particular with increased support for the private sector which is one of the sectors most affected by this health crisis. .

The agreement concluded today between Société Générale Cameroon and the European Investment Bank therefore falls within this framework. Team Europe (the EU and its Member States) hopes that the envelope of nearly 10 billion FCFA (15 million euros) allocated to the project will help Cameroonian companies to relaunch their activities “, we read.

In a context marked by the health crisis linked to Covid-19, the vice-president of the European Investment Bank, Ambroise Fayolle, assured that the new device will allow “local businesses to face the consequences of Covid-19 and to continue to invest and create jobs. Once again, Team Europe enables a swift and effective response to the challenges posed by Covid-19 in cooperation with a global partner, “he said.