Latest News

On 12 April in Douala, the Cameroonian National Shippers' Council (CNSC) and AFREXIMBANK signed a partnership agreement to facilitate access to financing for Cameroonian SMEs which constitute 90% of Cameroon's economic fabric and account for 51% of the country's gross domestic product

The two-day training and information seminar jointly organized by the CNSC and its financial partner AFREXIMBANK was held in Douala. According to the Governor of the Littoral Region, Samuel Dieudonné Ivaha Diboua, who presided over the seminar, the choice of Cameroon's economic capital and port city was quite significant.

Indeed, 79% of small businesses, 19% of small and medium-sized enterprises and 10% of medium-sized enterprises are based in Douala. These figures are consistent with remarks earlier made by the 1st Deputy Mayor of the city. Dr. Solle Jereme pointed out that as Cameroon's economic hub, the city of Douala has opened its doors wide to both national and multinational companies. Thanks to their various activities, these companies contribute to the economic growth of the city as well as to the realisation of the national development strategy as outlined by the Ministry of Economy.

An array of opportunities

Speaking at the seminar organised by the Cameroon National Shippers' Council, CNSC's General Manager, Mr. Auguste Mbappe Penda, noted that the seminar will help reinforce the capacities of local SMEs and above all ease their access to financing, a real challenge for entrepreneurs and wealth creators. Organized on the theme "optimizing opportunities open to SMEs within the African continental free trade area", the Douala seminar provided AFREXIMBANK with the opportunity to present a series of innovative measures to assist SMEs. The establishment of the free trade area as well as the partnership between the CNSC and AFREXIMBANK will help boost the competitiveness of Africa's economies. The signing of this CNSC - AFREXIMBANK partnership today will facilitate access to credit for African SMEs. In the past, more than 51% of financing requests from SMEs were rejected by banks, taking their employment rate down by nearly 33%, as well as considerably reducing intra-African trade. Yet SMEs account for 90% of the economic fabric and account for up to 51% of the gross domestic product.

Free Trade Area

The African Continental Free Trade Area (AfCFTA), implemented since 1 January 2021, has significantly improved intra-African trade. It has a market size of 1.2 billion people and accounts for $2.5 trillion of Africa's gross domestic product.

Source : La Grande Tribune, 14 April 2022