SMEs Opportuned to Smile Again after COVID-19 Impact on Affairs

By Valincia LEKOU

Afriland First Bank has signed a 22.2 million dollars financing agreement with the Cameroonian government to support Small and Medium Enterprises (SMEs). The initiative is part of the second phase of the Strategic Plan for Preparedness and Response to the Covid-19 Pandemic (Psprp), backed by the Islamic Development Bank (IDB). Aiming to boost around 200 SMEs in sectors like agriculture and energy, the funds will be provided with a repayment rate capped at 6%. This deal builds on Afriland’s long-standing cooperation with the IDB, having raised over 100 billion CFA francs in the past decade.