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ITFC signs US$750mn deal to support Cameroon’s key sectors

ITFC is extending its support to SMEs and private sector through financing facilities to local banks and financial institutions. (Image source: ITFC)

The International Islamic Trade Finance Corporation (ITFC), the Islamic Development Bank Group (IsDB) and the Republic of Cameroon have signed two agreements to support key industries in Cameroon

The first signing is a three-year framework agreement amounting to US$750mn under which ITFC will provide to Cameroon a financing envelop of US$250mn annually over a period of three years to facilitate the imports of key commodities in the strategic sectors of energy, mining, and the health sector with medical supplies including healthcare equipment.

Through this framework agreement, ITFC will also be extending its support to SMEs and private sector through financing facilities to local banks and financial institutions. It will also support trade development through capacity building initiatives to strengthen key sectors including healthcare.

The agreement is set to enshrine Cameroon’s membership to ITFC's flagship programme, the Arab-Africa Trade Bridges (AATB) programme, which aims to facilitate trade and investment flows between Arab and African regions.

HE Alamine Ousmane Mey, Minister of Economy, Planning, and Regional Development, Cameroon, stated, “The three-year renewal of our cooperation framework is a sign of the good and strong cooperation between Cameroon and the ITFC, of the continued goodwill to implement a successful planning strategy in the country. The US$750mn financing will help the Cameroonian government consolidate its economic recovery efforts in the specific context of the fight against the COVID-19 pandemic, by facilitating the importation of crucial energy products, medical supplies and agriculture inputs, whilst strengthening the fundamentals of the economy of Cameroon through private sector and SME development.”

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