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Cameroon is looking for microfinance to launch the financing of the agricultural products industrialization program

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(Business in Cameroon) – Cameroon is preparing to launch component 2 of the Project for the processing and development of agricultural and agri-food products (Transfagri), financed to the tune of 4 billion FCFA by the French Development Agency (AFD).

To this end, the coordinator of the said program housed at the Ministry of Finance, Victor Ndzana Nduga, has just launched a call for projects for the qualification of microfinance institutions (EMF), then the selection of projects to be subsidized with a view to the development of new products and financial services to meet the needs of agricultural and agri-food SMEs operating in the Transfagri areas: Adamaoua, Centre, Littoral, South-West, North, North-West, and West.

Any applicant microfinance institution must meet the following admissibility criteria: be approved by the Ministry of Finance and have been in operation for at least three years on the date of the launch of the call for projects; have certified financial statements for the last three years that show positive equity or net assets; comply with the coverage standard required by the regulations of the microfinance sector; have a manager approved by the monetary authority; have a credit management procedures manual; have a functional credit committee, etc.

To be eligible, MFIs must propose, among other things, a relevant project that meets the objectives of the call for projects; an intervention methodology and approach; demonstrate that the financial products or services contribute to the effective implementation of a financing activity for rural SMEs and agricultural and agri-food value chains; respect the limit of the amount of the request for subsidies which must not exceed 100 million FCFA per project… Applications are expected no later than October 18, 2022.

The Transfagri project was born from the cooperation between Cameroon and France within the framework of the 3e C2D. It aims to revitalize the agricultural and agri-food sectors through their development and sustainability through the development and sustainability of an ecosystem of services for the benefit of local economic actors (SMEs, GICs and cooperatives). The sectors targeted are, among others: cereals (wheat, maize, rice, millet, sorghum, beans, soya); fish farming; oil palm; pineapple and poultry farming.

Before the inclusion of MFIs in this project, the Bank of SMEs, controlled by the State, had already opened, in March 2020, an agricultural window of 200 million FCFA to finance the beneficiaries of Transfagri.

HER

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