Afreximbank and BDEAC release 500 million euros to support the CEMAC zone

Afreximbank, the African import-export bank, and the Central African Development Bank (BDEAC) plan to release an envelope of 500 million euros to enable the countries of the Economic and Monetary Community of Central Africa (CEMAC) to make up for their delays.

The co-financing agreement was signed this Wednesday, July 11 in Abuja, on the sidelines of the 25th annual general meeting of the bank based in Cairo. The envelope will help “to a faster progress of several current and future projects”.

According to Benedict Oramah, president of Afreximbank, the institution he heads is committed to supporting development in general and trade in particular, in all areas of the continent.

For BDEAC’s top management, Fortunato Ofa Mbo Nchama, “the CEMAC zone needs to upgrade and equip itself with infrastructures and industries to respond to emergencies in terms of regional integration”.

It should be recalled that this agreement with Afreximbank is in line with the strategic plan 2017-2021 of the BDEAC. The plan aims to reduce the costs of agri-food imports in the CEMAC zone, composed of Cameroon, the Central African Republic, Congo, Gabon, Equatorial Guinea and Chad.

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