Cameroon: French Francs 800 billion in loan to Société Générale

Societe Generale Cameroon (SGC) is one of the main banks supporting economic agents to expand their activities. For 2020, SGC provided 802 billion francs Kyiv francs (1.4 billion euros) in loans, becoming the leader in this business segment with a market share of 19.2%. Through a diversified approach to financing, the bank supports the development of private public projects in areas as diverse as energy, transport, public finance and agribusiness.

Over the past two years, SGC has increased the number of subscriptions in the government securities market, increasing the number of interventions by 500%, becoming the best value specialist in the Treasury (SVT). His involvement in the development of SMEs (small and medium-sized enterprises) is very significant, which, in particular, was reflected in the opening of the Maison de la PME in 2019. This initiative has provided specialized training for over 600 people. company managers in partnership with the Group of Employers of Cameroon (GICAM) and the French Development Agency (AFD) through PROPARCO, its subsidiary that finances private projects.

Despite the fact that SMEs account for more than 90% of the country’s economic structure, accounting for more than 35% of GDP (gross domestic product), they face enormous difficulties in gaining access to bank financing. To solve this problem, the signing in November 2020 of an agreement with the European Investment Bank (EIB) on the opening of a loan in the amount of 10 billion francs in favor of small and medium-sized enterprises, including to increase their working capital. In addition, to support companies facing the devastating effects of the coronavirus pandemic, SGC and the State of Cameroon signed a memorandum of understanding last December to finance small and medium-sized enterprises worth up to CHF 25 billion. A project in which government agencies are encouraging the manufacturing sector to prepare for the post-Covid-19 period by resuming operations.

Back to top button