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Investments: after finance, billionaire Albert Kouinche wants to boost aquaculture in Cameroon with Fish&Co

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(Business in Cameroon) – The company Fish&Co, controlled by Cameroonian billionaire Albert Kouiche, has just signed an agreement with the Investment Promotion Agency (API) relating to a project for the production of fish and fingerlings, breeding of marine and freshwater shrimp, then construction of a fish feed production plant.

Thanks to this agreement, Fish&Co will benefit, within the framework of its project, from certain tax and customs exemptions over a period ranging from 5 to 10 years, as provided for by the 2013 law (revised in 2017) providing incentives for private investment in Cameroon.

In detail, the project led by Fish&Co will be deployed on three sites. In Dibamba, in the Littoral region, the production of 5 million fingerlings per year is planned, the construction of a fish feed factory with a capacity of 12,000 tons, as well as the annual production of 5 000 tonnes of tilapia-type fish.

In Kribi, the seaside town in the south of the country, Fish&Co intends to raise marine and freshwater prawns, so as to obtain an annual production of 100 tonnes. On the reservoir of the Lom Pangar dam, in the Eastern region, the company aims to deploy a system for collecting fish production, in partnership with artisanal fishermen.

Massive imports

This project will bring a lot to the aquaculture sector in Cameroon. The demand for fish products in our country is around 500,000 tons, and we only produce about 300,000 tons. There is therefore a gap to fill and it is projects of this type that will help us to do so.“, indicates Divine Ngala Tombuh, deputy director of aquaculture at the Ministry of Livestock, quoted byCameroon Tribune, the public-owned daily. “For the moment, the gap is filled by imports, which bring foreign currencies out of the country for about 100 billion FCFA per year. It is a question, through projects like these, of domesticating these 100 billion FCFA“, he adds.

But, beyond boosting aquaculture production, which currently peaks at 10,000 tonnes per year, and which the government wants to quickly increase to 100,000 tonnes thanks to various ongoing initiatives, the Fish&Co project will enable billionaire Albert Kouinche to further diversify its activities in the country.

As a reminder, this economic operator, a former executive of Crédit Foncier, a public housing bank, is the promoter of Express Union. This money transfer company, which later branched out into microfinance, for a long time dominated the domestic money transfer market in Cameroon and the Central African sub-region, before losing its luster due to the Mobile Money from mobile operators.

Alongside Express Union, Albert Kouinche is a shareholder in Banque Atlantique Cameroun, and has discreetly taken control of the Cameroonian Equipment Company (SCE). This is a financial institution that grants its customers loans for the purchase of goods and small household equipment.

Brice R. Mbodiam

Read also:

24-07-2020 – Albert KOUINCHE, the domestic and regional money transfer expert

25-05-2022 – Aquaculture: Cameroon wants to produce fish feed at lower cost, to boost production

24-03-2022 – Aquaculture: 21.3 billion FCFA to boost fish production in Cameroon

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