Cameroon | - Part 2

Conflict Diamonds from CAR Entering International Markets via Cameroon

YAOUNDE (Capital Markets in Africa) – Cameroon is allowing conflict diamonds from the Central African Republic to cross over its borders and into the legal supply chain due to poor controls, smuggling and corruption, Partnership Africa Canada (www.PACweb.org) said in a report published today. The full report can be accessed at: http://bit.ly/fromconflicttoillicit The report, From Conflict to Illicit: Mapping the Diamond Trade from Central African Republic to Cameroon, investigates the failure of Cameroon’s implementation of…

Proparco invests in Sub-Saharan African insurance company

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Yaounde, Capital Markets in Africa: The insurance sector is an engine for the economic and social development of Africa. It is for this reason that Proparco is supporting the expansion of Activa Group via an equity investment. Proparco has committed a EUR10mn equity investment in Activa Group to support its development in Sub-Saharan Africa. Activa Group was set up in Cameroon in 1998 and is a major insurance player (life and non-life) in Sub-Saharan Africa….

Cameroon Budgets $1 Billion to Boost Cocoa, Coffee Output

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Cameroon, Capital Markets in Africa: Cameroon plans to spend 600 billion CFA francs ($1 billion) doubling cocoa and coffee production by 2020, an agriculture ministry official said. The money, which will be raised from cocoa and coffee export taxes, will help boost the quantity and quality of beans, Agriculture Ministry Inspector General Yankam Njonou said in an interview Wednesday. Cocoa export duties were tripled last season. “The government intends to step up cocoa production to 600,000…

Moody’s assigns B2 first-time issuer rating to the Republic of Cameroon with stable outlook

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Yaoundé, Cameroon, Capital Markets in Africa: Moody’s Investors Service (“Moody’s”) has today assigned first-time local and foreign-currency issuer ratings of B2 to the Government of Cameroon. The ratings carry a stable outlook. The rating assignment is based on the following key drivers: (1) Low (+) economic strength balancing the country’s exposure to the oil shock—albeit more contained than for regional peers—and our expectation of a stronger potential growth outlook supported by the infrastructure investment strategy…

Infrastructure | Cameroon, France’s EDF Finalize $1.2 Billion Hydropower Deal

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Cameroon, Capital Markets in Africa: Cameroon’s government and Electricite de France SA concluded a deal to build a 420 MW hydroelectricity plant that will increase the West Africa nation’s power capacity by more than a third. The partners established the Nachtigal Hydropower Company that will oversee the 700 billion CFA francs ($1.2 billion) project during a signing ceremony on Thursday at the site, 65 kilometers (40 miles) south of the capital, Yaounde. EDF will own a 40 percent…

Cameroon | Boost from the AfDB through €500m guarantee

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Yaounde, Cameroon, Capital Markets in Africa — Much of the discussion in Yaounde concerned the €500mn partial credit guarantee given to Cameroon by the AfDB. This agreement covers the government’s payment obligations in a cross-currency swap they had entered with commercial banks to ensure dollar availability to service the obligations of its US$750m Eurobond issued in November 2015. From the AfDB press release, the guarantee appears to have been approved solely to limit exchange rate…

IFC Supports Afriland to Provide Trade Finance Guarantees to Corporates in Cameroon

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Douala, Cameroon (Capital Markets in Africa) —IFC, a member of the World Bank Group, has signed an agreement with Afriland First Bank Cameroon (“Afriland”), to enable it to expand its trade finance operations and extend more services to small and medium enterprises and corporate clients in Cameroon. The risk-mitigating scheme will provide guarantees to local importers and exporters that alleviate trade lines limitations and related constraints within the banking community. A breakthrough initiative towards a privately-owned Cameroonian…

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