'CMR has assets to get its 1st eurobond of 750 bn CFA F'

In accordance with a presidential decree signed on February 6, 2015, Standard Chartered Bank Cameroon subsidiary and the Société Générale Paris officially received on February 10, 2015 in Yaoundé, the mandate letter of the Government of Cameroon, to mobilize the international capital market, a sum of 750 billion Cfa francs to be used for the financing of the triennial plan launched this year by the Government.

Speaking on the occasion of the signing of this letter of mandate, the Minister of Finance, Alamine Ousmane Mey indicated that this first bond beyond its financial scope, was to assert the reputation of Cameroon on the international capital market.

After the local and sub-regional market where Cameroon has respected all its commitments, this is a question to affirm on the international market. We are confident, because the country has all the assets to succeed in this first issuance of eurobond in its history," said Minister Alamine Ousmane Mey.

Since 2010, Cameroon has decided to diversify the sources of funding of its budget, by issuance of a bond of 200 billion francs on the Stock Exchange securities of Douala (DSX).

At the same time, Cameroon, since 2011 has become the main organizer of the market of Government securities of the Bank of the Central Africa States (BEAC) with strong respect to commitments made to the subscribers in that market, the rate of coverage of the claims of Cameroon which regularly exceeds 400%.

These performances are to develop the assets of some economic indicators in the country, a sovereign BB rating with stable Outlook on 12-month by S & P, only 20% debt-to-GDP ratio, while the average in the CEMAC is 70%.

These are elements that can justify the optimism of the Minister of Finance on the first eurobond in the history of the Cameroonian public finances.