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ITFC and Republic of Cameroon sign three-year US $ 750 million framework agreement to support key sectors in Cameroon through integrated business solutions

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  The International Islamic Trade Finance Corporation ITFC www ITFC IDB org a member of the Islamic Development Bank Group IDB and the Republic of Cameroon signed two agreements on April 12 2021 during a virtual signing ceremony between HE Alamine Ousmane Mey Minister of the Economy Planning and Regional Development Governor of the IDB and Ing Hani Salem Sonbol CEO ITFC The first signing is a three year framework agreement in the amount of US 750 million under which ITFC will provide Cameroon with a funding envelope of US 250 million per year over a three year period to facilitate imports of key commodities in strategic energy sectors mining in addition to the health sector with medical supplies including health equipment It will also maintain its already strong support for the priority sector of agriculture with exports of agricultural products such as cotton soybeans among others Through this framework agreement ITFC will also extend its support to SMEs and the private sector through financing mechanisms to local banks and financial institutions It will also support trade development through capacity building initiatives aimed at strengthening key sectors including health care The agreement also enshrines Cameroon s membership in ITFC s flagship program the Arab African Trade Bridges Program AATB which aims to facilitate trade and investment flows between the Arab and African regions In this regard HE Alamine Ousmane Mey stated that We are very satisfied with the agreements signed with ITFC The three year renewal of our cooperation framework is a sign of the good and strong cooperation between Cameroon and ITFC and the continued goodwill to implement a successful planning strategy in the country The funding of 750 million will help the Cameroonian government to consolidate its economic recovery efforts in the specific context of the fight against the COVID 19 pandemic by facilitate the importation of crucial energy products medical supplies and agricultural inputs while strengthening the fundamentals of Cameroon s economy through the development of the private sector and SMEs This is an opportunity for us to reiterate Cameroon s sincere thanks to the ITFC ITFC CEO Eng Hani Salem Sonbol reiterated the Company s commitment to support the economic recovery in Cameroon saying that We would like to continue our fruitful collaboration with the government of Cameroon by providing business solutions that best meet the needs of the country especially in view of the impact of COVID 19 We pledge to work more closely with our partners and to support the country in its efforts to develop important sectors such as agriculture in particular cotton which is a major export product as well as to support financial institutions of the country to stimulate private sector development and SME growth The second signature is linked to a Murabaha financing agreement of 98 million euros in favor of the Cotton Development Company SODECOTON to facilitate the purchase of agricultural inputs such as fertilizers pesticides and herbicides seed cotton and soybeans ITFC has a long standing relationship with Cameroon and SODECOTON ITFC funding to date has enabled the country to achieve a record production of 328 454 tonnes of seed cotton collected in 2019 2020 of which 115 000 tonnes of cotton lint has been exported despite the COVID 19 pandemic
ITFC and Republic of Cameroon sign three-year US $ 750 million framework agreement to support key sectors in Cameroon through integrated business solutions

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International Islamic Trade Finance Corporation

The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Bank Group (IDB) and the Republic of Cameroon signed two agreements on April 12, 2021 during a virtual signing ceremony between HE Alamine Ousmane Mey, Minister of the Economy, Planning and Regional Development (Governor of the IDB) and Ing. Hani Salem Sonbol, CEO, ITFC.

today news in nigerian newspapers

today news in nigerian newspapers

The first signing is a three-year framework agreement in the amount of US $ 750 million under which ITFC will provide Cameroon with a funding envelope of US $ 250 million per year over a three-year period to facilitate imports of key commodities in strategic energy sectors, mining, in addition to the health sector with medical supplies, including health equipment. It will also maintain its already strong support for the priority sector of agriculture with exports of agricultural products such as cotton, soybeans among others.

Arab-African Trade Bridges Program

Through this framework agreement, ITFC will also extend its support to SMEs and the private sector through financing mechanisms to local banks and financial institutions. It will also support trade development through capacity building initiatives aimed at strengthening key sectors, including health care. The agreement also enshrines Cameroon’s membership in ITFC’s flagship program, the Arab-African Trade Bridges Program (AATB), which aims to facilitate trade and investment flows between the Arab and African regions.

Alamine Ousmane Mey

In this regard, HE Alamine Ousmane Mey stated that “We are very satisfied with the agreements signed with ITFC. The three-year renewal of our cooperation framework is a sign of the good and strong cooperation between Cameroon and ITFC, and the continued goodwill to implement a successful planning strategy in the country. The funding of $ 750 million will help the Cameroonian government to consolidate its economic recovery efforts in the specific context of the fight against the COVID-19 pandemic, by facilitate the importation of crucial energy products, medical supplies and agricultural inputs, while strengthening the fundamentals of Cameroon’s economy through the development of the private sector and SMEs. This is an opportunity for us to reiterate Cameroon’s sincere thanks to the ITFC.

ITFC CEO

ITFC CEO, Eng. Hani Salem Sonbol reiterated the Company’s commitment to support the economic recovery in Cameroon saying that, “We would like to continue our fruitful collaboration with the government of Cameroon by providing business solutions that best meet the needs of the country, especially in view of the impact of COVID-19. We pledge to work more closely with our partners and to support the country in its efforts to develop important sectors such as agriculture, in particular cotton, which is a major export product, as well as to support financial institutions. of the country to stimulate private sector development and SME growth. “

Cotton Development Company

The second signature is linked to a Murabaha financing agreement of 98 million euros in favor of the Cotton Development Company (SODECOTON), to facilitate the purchase of agricultural inputs such as fertilizers, pesticides and herbicides, seed cotton and soybeans. ITFC has a long-standing relationship with Cameroon and SODECOTON. ITFC funding to date has enabled the country to achieve a record production of 328,454 tonnes of seed cotton collected in 2019/2020, of which 115,000 tonnes of cotton lint has been exported despite the COVID-19 pandemic.

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