BICEC to finance farmers eligible for PIDMA

The project for the investment and development of agricultural markets (PIDMA) in Cameroon, which received funding of about 50 billion francs Cfa from World Bank, is soon to benefit from a new local financial partner.

Indeed, after the partnership convention signed October 22, 2014 between this project piloted by the Cameroonian Ministry of Agriculture, and Afriland First Bank, to supplement the funding of eligible farmers to PIDMA, BICEC has just signed a partnership agreement with PIDMA.

Clearly, pending the conclusion of the framework agreement under negotiation with Ecobank Cameroun, we learned from sources close to PIDMA, that BICEC and Afriland First Bank are already members of the banking pool to grant credits to the 300 cooperatives to be eligible for this project.

PIDMA which will benefit 120,000 farmers and their families, aims to increase the production of corn, sorghum and cassava in Cameroon, in order to supply the food and drink industries engaged in the process of reducing imports of raw materials.

This agricultural project which is interested in agro-industries such as Guinness Cameroon, subsidiary of the Brewer Diageo or Nestlé Cameroon has already signed agreements for supply of raw materials with PIDMA.