Sodecoton raises FCfa 35 billion to finance 2016 season

The Société de Développement du Coton (Sodecoton), a para-public company and flagship of the agro-industry in Northern Cameroon, has just raised FCfa 35 billion from five local banks, to manage its 2016 season. This loan, we learned, is upgradable to FCfa 40 billion, depending on the needs of the company.

Once again spearheaded by Commercial Bank of Cameroun (CBC), who contributed FCfa 8 billion to the total, this operation also saw the contribution of Afriland First Bank, the biggest contributor with FCfa 15 billion; Bicec (FCfa 6 billion), UBA (FCfa 5 billion) and Société Générale (FCfa 1 billion).
The funds thus raised, we learned, will be used to buy cotton from small producers.

As a reminder, Sodecoton officially manages over 250,000 small producers in Northern Cameroon.