Standard Chartered Bank to inject 300b FCFA in emergency plan

Cameroon branch of the Standard Chartered Bank will be the largest purveyor of funds under the emergency programme that was launched by the Cameroonian government for 2015, in order to accelerate the economic growth of the country.

Indeed, in 5 presidential decrees enabling the Ministers of economy and finance to sign, on behalf of the Government, agreements of loans with local and foreign banks, Standard will unlock 300 billion Cfa francs under this program for a total of 925 billion Cfa francs.

The money to be provided by the local subsidiary of the US Bank will be, noted the Presidential Decree, used in "funding of the project for the construction of two roads to open up in each region, as well as the project for the creation of 120,000 hectares of hydro-agricultural perimeter and the project of construction of the major markets to supply foodstuffs to the agro-industrial support; construction and development project of the retaining structures of water in Adamawa, the far North and Northern regions.

By order of magnitude of the envelope at the disposal of the State Banque Atlantique (190 billion CFA francs), for the construction of 1000 social housing and the rehabilitation of the technical platforms of the hospitals; BGFI Bank (CFAF 100 billion), for the rehabilitation of secondary roads and public lighting in Yaoundé and Douala; Ecobank (35 billion CFA francs), for the construction of wells and boreholes in 30 secondary towns; and Deutsche Bank (8.5 billion CFA francs), for the construction of abattoirs and refrigerated warehouses.