With the renewal and increase of its Trade Finance guarantee line (products designed to finance international trade operations) with Proparco a subsidiary of the AFD group, Afriland First Bank has the means to increase its support for local businesses and facilitate their access to financing for the supply of essential properties to boost the country’s economic activity.
These are the broad outlines of an agreement signed on July 09 by Youssoufa Bouba, Deputy Managing Director of Afriland First Bank and Mehdi Tanani, Regional Director, Central Africa at Proparco. The aim is to provide a guarantee for the international financial transactions of the bank’s customers.
Facilitating import financing
The guarantee line now amounts to 20 million euros (13.119 billion FCFA), compared with 15 million euros (9.839 billion FCFA) in 2022.
“We are delighted to be able to support Afriland First Bank Cameroon through this guarantee, which will facilitate the financing of imports in a context of inflation. Supporting the growing integration of developing economies into world trade, and securing the supply of essential properties to Africa, is one of our priorities,
said a delighted Emmanuel Haye, Head of Proparco’s Africa Financial Institutions and Inclusion Division. The Deputy Managing Director of Afriland First Bank underlined the value of this support:
“This renewed partnership with Proparco demonstrates our firm commitment to supporting the development of international trade in Cameroon. As the market’s leading bank, Afriland First Bank stands out for its expertise and commitment to financing trade finance operations,
said Youssoufa Bouba. The bank’s presence in several regions of the world gives it in-depth knowledge of international trade markets and players, an international scope that enables Afriland First Bank to offer portfolio companies a complete range of Trade Finance products and services.
Support on five continents
Afriland First Bank is a Cameroonian banking institution founded in 1987. The bank relies on a network of international correspondents, guaranteeing its customers support on all five continents. As at December 31, 2023, it had customer loan volumes of US$ 2 billion (CFA F 1,241 billion), deposits of US$ 2.3 billion (CFA F 1,418 billion), US$ 715 million (CFA F 434 billion) in financing to governments and sub-regional institutions through bonds and assimilable treasury bills, and trade finance lines of US$ 370 million (CFA F 224 billion).
The Bank makes a point of supporting African companies in their international trade operations, aware of the crucial role played by international trade in the economic growth of African countries
