By 
By Elizabeth BanyiTabi
Leading international bank, « Standard Chartered Bank Cameroon », has released the whopping sum of 79.12 million euros or approximately 52 billion FCFA in a loan scheme aiming to strengthen food security in Cameroon through agriculture production. The signing ceremony of the financing agreement had taken place on Tuesday, January 30, 2024, in Yaounde
It was in the presence of the Minister of Economy, Planning and Regional Development, Alamine Ousmane Mey, the Deputy CEO of Standard Chartered Bank Cameroon , Anna Asonganyi, the Executive Director, Structured Export Finance, Mustafa Sajjad Hussain, the High Commissioner of the Kingdom of Great Britain to Cameroon, H.E. Barry Lowen , the Ambassador of the Kingdom of Spain to Cameroon, the Ministers in charge of Finance; Livestock, Fisheries and Animal Industries; CEOs and other sovereign and dignitaries.
The commercial contract of the two financing agreement is for the restoring and conditioning of 15,280 hectres of extensive grassland in the region of Adamaoua – the hydro-agricultural areas in the departments of Mbéré, Vina and Faro et Déo,
The project is part of the activities of the Three-Year Emergency Plan for the Acceleration of Economic Growth in Cameroon , particularly in its Territorial Planning component. It covers the first phase of an ambitious development program for 35,000 hectares of arable land in Cameroon. for agricultural purposes.
By promoting a sustainable silvo pastoral management model and providing several support infrastructures and services in the region of Adamawa, Cameroon The commercial contract was signed between the Ministry of Economy, Planning and Regional Development ,MINEPAT” and Incatuk LTD for EUR 69.10 million.
SCB , has arranged the financing for 100% of the commercial contract including the UK Export Finance ,UKEF provides loans within an overall limit of £8 UKEF Support Fee.
The financing will comprise of a UKEF Facility; with a UKEF direct lending tranche or “UKEF DLF Tranche and UKEF covered facility . Lastly a Commercial Facility representing amounts not eligible under the UKEF Facility.
Project benefits and objectives
Among the key objectives of the project to be executed by Spanish company « INCATEMA Consulting », consists of the construction of an irrigation system for large cultivable area. Other benefits will include development of extensive and intensive integrated grass production techniques. Development of needed support infrastructures to assure water and feedstuff availability all along the year independently of rainfall. Promoting appropriate housing and services infrastructures for concerned population and restoration of access roads and other production support infrastructures.
Through the project, the agricultural sector of Adamaoua will benefit from an enhanced experience in extensive livestock production by restoring the natural grassland in the region.
Safeguarding the territory for above activities via wood recycled fences, tall trees, cleaning shrubs especially around water streams. A Seed Multiplication centre which will comprise of up to 1 000 hectre of farming land for seed multiplication, Seed processing plant, seed reception storeroom airconditioned, for long term storage allowing for the increase in food and livestock production supply to the whole Adamaoua region. Each 500 ha of the land will be equipped with cattle management infrastructures and a well/dam thereby avoiding any deterioration chances.
The construction of 100 km of roads, the creation of several production units and the purchase of various agricultural equipment is envisaged.
A financial study is planned to guarantee the employment of young people and facilitate the marketing of agropastoral products. All , in a bit to contribute to strengthening food security and improving the country’s economic growth. The project also takes into account the commitments made by Cameroon in the fight against climate change, particularly under its Nationally Determined Contribution.
» The idea is give greater impetus to the import-substitution policy led by the Government, and whose objective is to produce more, to satisfy national demand and reduce imports,” declared Alamine OUSMANE MEY.
For his part, the High Commissioner of Great Britain to Cameroon welcomed the advent of this new flagship of Cameroon-Great Britain cooperation, while reiterating his country’s commitment to further support the socio-economic development efforts of the Cameroon.
Comments