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Covid-19: BGFI Cameroun grants Cameroon SMEs 10 billion bailout.
Covid-19: BGFI Cameroun grants Cameroon SMEs 10 billion bailout.
Cameroonian Small and Medium Sized Enterprises (SMEs) have been hardest hit by the outbreak of the Covid-19 pandemic, but measures so far taken by government to alleviate the effects have not benefitted them.
It is in this connection that the Cameroonian branch of Gabonese bank, BGFI, has come to their rescue .
BGFI Cameroun, on 1 September 2020, signed an agreement with Cameroon, represented by Louis Paul Motaze, Minister of Finance, aimed at bringing support to SMEs affected by the Covid-19 crisis.
The Bank, through its GM, Abakal Mahamat, announced it had disbursed 10 billion FCFA to boost the revival of SME activities, with the technical assistance of the Ministry of Finance (MINFI).Eligibility for the bail-out will be based on line of business and turnover.
«?The Covid-19 pandemic impacted on us all in varying degrees and made us realise to what extent we depend on each other. We could not therefore remain deaf to requests from the different actors of our value chain”, Abakal Mahamat, BGFI GM, told the press after an audience with MINFI boss, Louis Paul Motaze, on Tuesday.
According to a report by Groupement inter-patronal du Cameroun (Gicam) published in April 2020, the proportion of SMEs having declared to have been negatively affected by the pandemic was 72%, for losses estimated at up to 80%. It is in this connection that BGFI decided to act fast in order to control the damage through preservation of jobs and safeguarding production tools.
Motaze who represented the Cameroon government, expressed his satisfaction after signing the agreement. He told the press that the bailout from BGFI is very significant, coming at a time that the head of state had asked him to elaborate a revival plan.
The details of the agreement were not specified but the BGFI GM reassured:«?My teams will work with those of the Ministry of Finance, so that the conditions for the SMEs should be as less challenging as possible to benefit from this refinancing line”.