Commercial Bank Cameroon and European Investment Bank unveil €12m COVID Resilience Business Finance Initiative


Download logo

EIB (www.EIB.org) the partnership with Commercial Bank Cameroon dedicated to helping local businesses overcome the challenges of COVID builds on past cooperation; First line of credit in Cameroon as part of the EIB’s COVID response in West and Central Africa

The European Investment Bank has agreed to support EUR 12m of new long-term financing for entrepreneurs and businesses across Cameroon with lead local partner Commercial Bank. The enhanced partnership between the European Investment Bank, the world’s largest international public bank, and Commercial Bank Cameroon, will increase companies’ access to long-term finance across the country and strengthen economic resilience in the face of challenges of the COVID-19 pandemic. This builds on close cooperation over the past few years to support private sector investment across the country.

The new private sector financing will help businesses affected by COVID-19 and is part of the EIB’s rapid response across Africa to build economic resilience in the face of the pandemic.

The new business financing will support investments by manufacturing, agricultural, service and trade businesses across the country.

The new cooperation between the EIB and the Commercial Bank to support business investment in Cameroon was officially announced in Brussels and Yaoundé earlier today ahead of the EU-Africa Business Forum EU-Africa Summit.

“Companies in Cameroon have been affected by the COVID-19 pandemic. The Commercial Bank supports private sector investment across the country and enables our client, commercial and agricultural businesses to invest for the future and create economic opportunity. The new €12 million support from the European Investment Bank and the EU to the commercial bank will unlock new private sector financing which will be provided by our branches across the country to private businesses. The close cooperation between the Commercial Bank and EIB financial experts over the past few months will unlock access to longer-term loans essential for business growth in these difficult times and ensure that Cameroon benefits from the response. EIB rapid response to build economic resilience to COVID across Africa. said Léandre Djummo, General Manager of the Commercial Bank.

“Ensuring access to finance for entrepreneurs and businesses is crucial to overcome business uncertainties and economic challenges heightened by COVID-19. As part of Team Europe, the European Investment Bank is pleased to provide EUR 12m of new targeted financing to Commercial Bank to unlock critical new private sector financing to boost private sector investment, create jobs and accelerate Cameroon’s post-pandemic recovery. Today’s new agreement shows how Team Europe and its African partners are joining forces to beat COVID and ensure private sector businesses can create jobs and grow. said Thomas Ostros, Vice-President of the European Investment Bank.

“The European Union is committed to supporting the private sector in Africa. Team Europe’s cooperation with Commercial Bank will increase access to targeted commercial finance by businesses across Cameroon. By helping the private sector weather the new €12 million funding scheme, it will create jobs, unlock business growth and help reduce poverty for years to come.” said Ambassador Philippe Van Damme, Head of the European Union Delegation to Cameroon.

Supporting business investment across Cameroon in these challenging times

The EUR 12m, 7-year EIB loan to Commercial will provide new financing to private businesses, including SMEs, across Cameroon. The European Commission will also support the initiative to further reduce borrowing costs for loans granted under the scheme.

The new funding will enable longer average tenors for business loans and allow businesses to better reflect the economic life of new investments.

Ensure that Cameroon benefits from the EIB’s rapid response to build economic resilience in the face of COVID

The new EIB-Commercial Bank cooperation represents the EIB’s first dedicated support for business investment in Cameroon.

The program is part of the EIB’s increased engagement across Africa to ensure businesses can continue to access finance as they face unprecedented COVID-related health, business and commercial challenges. -19, approved by European Union finance ministers in April 2020, weeks after the impact of the pandemic was recognised.

The European Investment Bank is the largest international public bank in the world, owned directly by the 27 Member States of the European Union.

Since the pandemic, the EIB has provided over EUR 8 billion for private and public investment across Africa.

Distributed by APO Group on behalf of the European Investment Bank (EIB).

Press contacts:
EIB:
Shirin Wheeler (in Brussels)
E: [email protected]
Mobile: +44 7827 445611

Anne-Cécile Auguin (in Brussels)
E: [email protected],
Phone. : +352 43 79 83330
Mobile: +352 621 36 19 48

Richard Willis
E: [email protected]
Phone. : +352 43 79 82155
Mobile: +352 621 55 57 58
Website: www.EIB.org/press
Press office: +352 4379 21000 – [email protected]

Social networks:
Twitter: bit.ly/3pMKidw
Facebook: bit.ly/31TarPV
Instagram: bit.ly/3IES169
Youtube: bit.ly/3yoLR57
RSS feed: bit.ly/3dOhXy0
LinkedIn: bit.ly/3m0yZNN

Background information:
The European Investment Bank (EIB) is the European Union’s long-term lending institution owned by its member states. It makes long-term finance available for sound investments to help achieve EU policy objectives.

EIB Global (www.EIB.org) is the new specialist arm of the EIB Group dedicated to increasing the impact of international partnerships and development finance. EIB Global is designed to foster a strong and focused partnership within Team Europe (https://bit.ly/3sM2RA6), alongside other development finance institutions and civil society. EIB Global brings the Group closer to local people, businesses and institutions through our offices around the world (https://bit.ly/3gTuzW2).

This press release was issued by APO. Content is not vetted by the African Business editorial team and none of the content has been checked or validated by our editorial teams, proofreaders or fact checkers. The issuer is solely responsible for the content of this announcement.

About the author