Afreximbank signs agreement to provide Cameroon with EUR 200m facility to support National Development Strategy implementation

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The African Export-Import Bank (Afreximbank) in Yaoundé signed a EUR200 million financing facility to support the Government of Cameroon in the implementation of its National Development Strategy.

Dr. George Elombi, Executive Vice-President, Governance, Legal and Corporate Services, signed the facility agreement on behalf of Afreximbank while Louis Paul Motaze, Minister of Finance, signed for the Government of Cameroon during a ceremony held at the headquarters of the Ministry of Finance.

Under the terms of the agreement, the Government of Cameroon will deploy the facility to implement trade enabling infrastructure projects approved in the country’s financing plan as part of the national development strategy.

Commenting on the agreement, Dr. Elombi said: “This facility reflects Afreximbank’s continued commitment to transforming African economies through the development of African trade and will enable the Republic of Cameroon to invest in strategic infrastructure for economic and social development. The financing will also pave the way for additional partnerships to be developed between Afreximbank and the government to support the structural transformation of the economy.”

Dr. Elombi added that Afreximbank was committed to increasing its presence in Central Africa and to supporting the development of trade in the region, saying that he was confident that the financing would have a regional impact given Cameroon’s role as an economic leader in the Central African Monetary and Economic Union.

A milestone in the relationship between Afreximbank and the Government, the facility is the largest financing facility ever provided by the Bank in support of Cameroon’s economic development.

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