The International Islamic Trade Finance Corporation has signed a framework agreement with the country. On November 28, 2018, in Jeddah, Saudi Arabia, the Cameroonian government concluded a new framework agreement with the International Islamic Trade Finance Corporation (ITFC), a subsidiary of the Islamic Development Bank (IDB) group. a three-year period, for a total amount of funding of $ 750 million (more than 433 billion CFA francs), or $ 250 million to be disbursed each year, we learn in an official statement.
“The signing of this new framework agreement demonstrates our commitment to maintaining close cooperation and a strategic partnership with the Republic of Cameroon, in the interest of its people […] Our continued partnership under the new framework agreement is symbolic of our will to continue to contribute to the well-being of the Cameroonian population through our investments … “
, said Hani Salem Sonbol, Director General of the ITFC.
Under this new agreement, we learn, the CFTO will support the funding of priority projects in areas such as the export of agricultural products and the importation of energy products such as crude oil and refined petroleum products; the import of agricultural inputs; the provision of financing lines to local banks in order to support SMEs; and the implementation of capacity building programs to improve trade flows.