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The European Investment Bank (EIB) has agreed to support US$13.6mn of new long-term financing for entrepreneurs and businesses across Cameroun with leading local partner Commercial Bank
The strengthened partnership between EIB, the world’s largest international public bank and Commercial Bank Cameroun, will increase access to long-term finance by businesses across the country and strengthen economic resilience to challenges of the COVID-19 pandemic.
The new business financing will support investment by manufacturing, agriculture, services and trading companies across the country. The new EIB - Commercial Bank cooperation to support business investment in Cameroun was formally announced in Brussels and Yaoundé earlier today ahead of the EU-Africa Summit at the EU-Africa Business Forum.
“Companies across Cameroun have been impacted by the COVID-19 pandemic. Commercial Bank is supporting private sector investment across our country and enabling our corporate, business and agricultural clients to invest for the future and create economic opportunities. The US$13.6mn European Investment Bank and EU backing for Commercial Bank will unlock new private sector financing to be provided by our branches across the country to private businesses. The close cooperation between Commercial Bank and EIB financial experts over recent months will unlock access to longer term loans essential for businesses to grow during challenging times and ensure that Cameroun benefits from the EIB’s rapid response to strengthen economic resilience to COVID across Africa,” said Léandre Djummo, director general of Commercial Bank.
The scheme is part of the EIB’s increased engagement across Africa to ensure that companies can continue to access finance when faced with unprecedented health, business and trade challenges linked to COVID-19, approved by European Union finance ministers in April 2020, within weeks of the impact of the pandemic being recognised.