The Pan African financial institution has officially opened its Central Africa Regional office in Yaounde during its Roadshow events recently.
The African Export and Import Bank (AFREXIMBANK) is now operating in Yaounde, Cameroon’s political capital following the inauguration of the Central Africa Regional Office recently. The Regional office that covers the entire Central African Economic and Monetary Community (CEMAC) zone was launched in Yaounde after a series of roadshow events organised to showcase the bank’s intervention in Cameroon and the entire sub region as a whole.
Bank’s Portfolio in Cameroon
According to the AFREXIMBANK Global Head- Clients Relations, Réné Awambeng, since the banks inception, it has injected over USD 333,586,451. (Over FCFA 187 billion) while USD 62,151,528 is in the process of disbursement. Cumulatively, Afreximbank has disbursed about USD 2.3 billion during the past few years to the Central Africa region destined to finance commercial banks, special economic zones, governments, manufacturing industries and development banks of the sub-region. Cameroon, he stated, benefitted from 20 per cent of the total amount.
Close To FCFA 300 Billion For CEMAC Economies
The Roadshow event in Yaounde organised by the continental bank that today counts 51 member states from 37 in 2015, has announced a panoply of programmes and products destined for the continent. With the Covid-19 ravaging effects on the economies, coupled with other challenges facing the sub-region leading to budget constraints, Afreximbank is putting up a credit line of USD 500 million (close to FCFA 300 billion) to refinance commercial banks. With the opening of the regional office in Yaounde, the bank intends to triple its intervention in the Central African sub-region to attain USD 5 billion in five years. The bank also indicated that it will increase the number of commercial banks to benefit from its credit from four to 15 within two years as it increases its credit line from USD 85 million to USD 500 million. Afreximbank’s Global Head –Clients Relations manager equally detailed the financial institutions readiness to promote regional integration as a line of credit amounting to 1 billion Euro non concessional loans will be opened to finance six integrating projects of the CEMAC Economic and Financial Reforms Programme.