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Business News of Wednesday, 11 February 2015

Source: Investir au Cameroun

Sonara welcomes refinancing worth 143.5bn CFA F

Finance Minister Alamine Ousmane Mey, and a consortium of four banks BGFI Bank Cameroon, SG Cameroon, Afriland First Bank and Ecobank Cameroon, signed on February 10, 2015 in Yaoundé, a convention of bridging allowances of an amount of 143.5 billion Cfa francs, for the refinancing of Sonara.

This concern of the banking sector in Central Africa towards Sonara was welcomed, as well by the Minister of Energy and Water, Basile Atangana Kouna and by the Director General of the Sonara, Ibrahim Talba Malla. He also indicated that this bridging loan is "the end of the tunnel of a first step for the refinery to operate normally”.

Cameroon oil refinery has indeed been facing enormous hardship for several years, due to the lack to earn because of the subsidy policy of the prices of petroleum products to the pump set up by the State.