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General News of Tuesday, 4 December 2018

Source: Lambert Akwa

ITFC supports development efforts in Cameroon with US$750m framework agreement

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, has signed a new three-year Framework Agreement with The Republic of Cameroon for a total financing amount up to US$ 750,000,000 over the period, US$250 million per year.

The Framework Agreement was signed on October 26th, 2018 between ITFC’s CEO Eng Hani Salem Sonbol and the Republic of Cameroon represented by the Minister of Economy, Planning and Regional Development, HE. Mr. Alamine Ousmane Mey.

The signing of this important Agreement is reflective of the close relationship ITFC has shared with the Republic of Cameroon since its inception in 2008. To date, ITFC approved 9 transactions for Cameroon to the tune of US$ 638.3 Million. 17% of those financings went to the Energy sector where 83% was injected to the strategic sector of Agriculture.

In his remarks regarding the signing of the agreement, Eng. Hani Salem Sonbol, ITFC CEO, said, “The signing of this new Framework Agreement signifies our commitment to ensure continued close cooperation and a strategic partnership with the Republic of Cameroon for the benefit of its population.

He added that, “Our continued partnership under the new Framework Agreement is symbolic of our focus to continue to contribute towards the wellbeing of the Cameroonian people through our investment in keys sectors of Energy and Agriculture.”

The Cameroonian Minister of the Economy Planning and Regional Development also expressed his delight with the signing of the new Framework Agreement with ITFC. He also indicated his optimism for continued partnership with ITFC towards the development of key sectors in Cameroon’s economy.

Through the new agreement, ITFC will support the financing of priority projects for The Republic of Cameroon in areas including, export of agricultural commodities and import of energy commodities such as crude oil and refined petroleum products.

It will also support the import of agricultural inputs, the extension of lines of financing to local banks with the objective to support SMEs and will go towards establishing capacity building programs aimed at improving trade flows through imports & exports.

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