China Development Bank grants funding of 26.2 billion FCfa to Afriland First Bank

Alphonse Nafack, Director-general of Afriland First Bank, has just signed with Hu Huaibang, president of the Board of Directors of the China Development Bank, a financing agreement for an amount of EUR 40 million, or about 26.2 billion Cfa francs.

It was revealed during the visit from 17 to 21 June 2015 in China, by Cameroonian Prime Minister, Philémon Yang.

This funding, which goes in a straight line of the overall policy of China to improve the capacity of funding on the African continent, learned from good sources, should allow the Cameroonian banking institution to boost its financial support to SMEs, unanimously recognized as the main drivers of economic growth.

The agreement between the two banks also provides an exchange of experience in financing the economy and training of personnel.

The group founded by Paul Kammogne Fokam appears in the top three of the largest banks in the country with the BICEC and Société Générale, and has representative offices in China and in France, as well as subsidiaries in a dozen African countries.