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Cameroon: BGFIBank pledges FCFA 10B to help SMEs cushion COVID-19 blow

The BGFIBank has announced it will put at the disposal of Small and Medium-sized Enterprises in Cameroon the sum of FCFA 10 billion to help them relaunch and boost their activities hard hit by the Coronavirus pandemic so as to preserve jobs.

The pledge was made Tuesday September 1 in Yaounde by the General Manager of the Bank, Abakal Mahamat during an audience granted him by the Minister of Finance, Louis Paul Motaze.

During the visit, Minister Louis Paul Motaze and the Bank’s Manager formalized the protocol accord ahead of the disbursement of FCFA 10 billion to finance the activities of SMEs with the technical support of the Ministry of Finance.

Speaking after the audience, Abakal Mahamat said the objective of the support is not for financial gains but to make the SMEs interdependent especially during this COVID-19 period and preserve the economy.

In Cameroon, SMEs, representing 99% of enterprises offering 67% of the jobs opportunities in the country is one of the sectors that has been hard hit by the Coronavirus pandemic, recording losses of over 80%.

While many enterprises sent their employees on technical leave, others simply sacked them and some others had no other option but to close.

Published on 28.04.2020

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