The Bank of Central African States, BEAC will soon have a branch in Cameroon’s South regional capital, Ebolowa which shares boundaries with three other countries of the Central African sub-region.
The ceremony to implant the foundation stone took place Tuesday September 29 and was presided at by the Prime Minister Head of Government, Chief Dr Joseph Dion Ngute on behalf of the Head of State, Paul Biya.
The three-storey structure to be erected in twenty-four months on a surface area of 9,144 square metres is previewed to be equipped with a modern filtering system to protect it from moisture common to the wet equatorial climate of the South region.
Speaking at the ceremony, PM Dion Ngute indicated that the construction of this BEAC branch in Ebolowa will help decongest the collection of economic and monetary data and enable a better control of micro finance structures in the town and boost the local economy.
He added that the presence of the branch will help create jobs for the local population and provide openings for businesses.
Besides that, the branch will facilitate cross border business transactions between Cameroon and other CEMAC countries with whom Ebolowa shares boundaries, including Gabon, Equatorial Guinea and Congo.
With this branch under construction in Ebolowa, BEAC counts seven representations in Cameroon.