Proparco grants BICEC FCFA 26 bln for SMEs

Proparco, a subsidiary of the French Development Agency (AFD) dedicated to private sector financing, granted a credit line of FCFA 26.2 billion to BICEC, Cameroon subsidiary of French banking group BPCE, to support the local economy.

The above was revealed by official sources on December 18, 2015.

Specifically, the statement of Proparco read, "This funding will allow the establishment (BICEC bank, Ed) to develop its medium-credit activity and long term with Cameroon's Business" which represent nearly 80% of total funding granted by BICEC.

As part of the top three banks in Cameroon, BICEC, which has a network of 37 branches located throughout the country, has in its portfolio of companies active in sectors such as energy, agribusiness, telecommunications, manufacturing, trade, and distribution.

Housed in the Cameroonian economic capital for over 10 years, Proparco, in turn, works with the private sector in a variety of sectors such as energy, telecommunications, agribusiness and the financial sector.

Currently, the amount of financial commitments in the area is approximately FCFA 98.4 billion.