INTERNATIONAL TRADE FINANCE

FINANCEMENT DU COMMERCE INTERNATIONAL

18 Sep 2024 | NEWS | 0 comments

Cameroon renews its framework cooperation agreement with ITFC

The relevant documents were signed on 27 April 2024 in Riyadh (Kingdom of Saudi Arabia) by the Minister of Economy, Planning and Regional Development, Alamine OUSMANE MEY and the Managing Director of the International Islamic Trade Finance Corporation (ITFC), Hani Salem Sonbol.

On the sidelines of the 49th Annual Meeting of the Board of Governors of the Islamic Development Bank Group being held from 27 to 30 April in Riyadh, the Islamic Development Bank Group institution specialising in international trade finance and Cameroon renewed their framework cooperation agreement, following the performance deemed satisfactory by both parties of the previous framework agreement signed in April 2021. Under this framework agreement, out of a total of US$ 750 million, US$ 602.4 million was mobilised in favour of Cameroon, i.e. 80% of the total amount. This enabled the following operations to be carried out: the financing of SODECOTON’s cotton campaigns, SONARA’s imports of petroleum products and ALUCAM’s imports of raw materials. Under the new framework agreement, the ITFC intends to make US$800 million available to Cameroon over the next three years.

Ces ressources qui sont en augmentation par rapport à celles du précédent triennat (750 millions de dollars), seront destinées au financement des opérations à convenir par les deux parties, notamment dans les domaines ci-après : la commercia[1]lisation des produits de base agri[1]coles tels que le coton, la disponi[1]bilisation d’intrants agricoles et des produits énergétiques de base (pétrole, alumine, électricité), la mise à disposition des lignes de finance[1]ment et de confirmation de lettres de crédit aux banques locales pour soutenir les PMEs, la facilitation de la mise à disposition des médicaments et équipements médicaux, ainsi que le renforcement des capacités dans le cadre des programmes spéciaux tels que l’Initiative « Arab-Africa Trade Bridges » (AATB).

Par Rosine NKONLA AZANMEN

Source : Cameroun Emergent

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