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Cameroon’s Investment Promotion Agency signs seven financial deals

President Paul Biya and Chinese investors at the Unity Palace in Yaounde -File photo

Cameroon’s Investment Promotion Agency, Wednesday signed seven financing agreements for a total amount of F CFA 74 billion with companies operating in various sectors of activity eligible under the law establishing incentives for private investment in the country.

Sectors as diverse as hotels, agro-food, agro-forestry, pharmaceutical industry will be given support with a simplified and lightened system of tax-customs procedures for ten years in their installation and production phase.

The investments will create more than 4,000 direct jobs and more than 10,000 indirect jobs, the agency said.

Inviting other investors to follow suit, the General Manager of the agency, Marthe Angéline Minja declared that “by signing these agreements, we demonstrate that Cameroon remains a preferred destination for both domestic and foreign investors because in the current context having investors who continue to jostle at our door is significant.”

Since the effective implementation of the 2013 law, 164 agreements have been signed between the government and the private sector for an amount of more than F CFA 3600 billion with an estimated 60,000 jobs created.

*Source: APA

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