Proparco and Afriland First Bank Cameroon Sign €20mln Trade Finance Deal
Friday, 12 July 2024 06:08
Proparco has strengthened its support for Cameroon’s commercial bank, Afriland First Bank, by finalizing a second partnership agreement.
Announced on July 10, this €20 million ($21.6 million) guarantee agreement will enable Cameroon’s leading bank in terms of loans and deposits (as of the end of 2023) to enhance its international trade financing capabilities. Import companies that are clients of the bank will benefit from new financing sources for their operations.
"We are pleased to support Afriland Cameroon through this guarantee, which will facilitate the financing of essential imports in a context of inflation," said Emmanuel Haye, Head of Africa for Proparco's Financial Institutions and Inclusion Division.
In 2022, the two institutions concluded an initial €15 million guarantee agreement. This aimed to enable the Cameroonian commercial bank to issue trade finance instruments to support its clients' imports.
Live News
-
Camtel-Ethio Telecom Deal Signals Ambition, But Questions Remain on Digital Delivery
08:32
-
Cameroon Finalizes MoU to Connect to Medusa Africa Submarine Cable System
08:29
-
Libya Prepares First Oil and Gas Licensing Round Since 2008 as It Seeks Higher Output
06:34
-
CAR to Launch $17.7M State Guarantee Fund to Support SME Financing
05:54
-
Togo Pitches Reforms at Ongoing Diaspora Investment Forum
17:03
-
Nigeria: Bottomline Assist Helps Companies Access Tech Talent
15:47
-
Black Swan’s Derick Kazimoto Pushes Data-Driven Credit Models in Africa
15:06
-
Djibouti Moves Toward Launch of National Cybersecurity Authority
14:52
-
Mali Adopts 2026-2030 Cybersecurity Strategy to Counter Rising Attacks
14:48
-
Local Initiatives Organise Fish-Farming Bootcamp in Move to Slash Cameroon’s Fish Import Bill
13:37
Camtel to launch Blue Money in 2026, entering Cameroon’s crowded mobile money market led by MTN Mo...
Eritrea faces some of the Horn of Africa’s deepest infrastructure and climate-resilience gaps, lim...
Huaxin's $100M Balaka plant localizes clinker production, saving Malawi $50M yearly in f...
Nigeria seeks Boeing-Cranfield partnership to build national aircraft MRO centre Project aims t...
Omer-Decugis & Cie acquired 100% of Côte d’Ivoire–based Vergers du Bandama. Vergers du Band...
Cameroon’s state operator has finalized a three-year partnership with Ethio Telecom to boost digital payments, modernize networks and prepare the launch...
Cameroon finalizes MoU to join Medusa Africa submarine cable project Medusa to boost connectivity with Europe, Africa, Asia; operational by...
Libya to award first oil, gas licenses in 18 years by early 2026 Tender includes 20 blocks; major international firms among pre-qualified...
AES condemns Nigerian military plane’s unauthorized landing in Burkina Faso Nigeria cites emergency due to technical issue; all personnel reported...
Cameroon’s REPACI film festival returns Dec. 11-13 with 135 short films Events include screenings, masterclasses, panels on social cinema and...
Cidade Velha, formerly known as Ribeira Grande, holds a distinctive place in the history of Cape Verde and, more broadly, in the history of the Atlantic...