According to the “Invest in Cameroon” magazine report on January 28, the Cameroon Cotton Development Company (SODECOTON) signed a loan agreement with 5 Cameroon commercial banks on the 27th, with a total loan of 36.5 billion CFA francs for investment in the 2014-2015 Cameroon cotton harvest. Year.
The above five banks and the loan amounts they provide are: Africa First Bank (Afriland Frist Bank) 12 billion CFA francs, Cameroon Economic Bank 7.5 billion CFA francs, Cameroon International Bank of Savings and Credit (BICEC) 7 billion CFA francs, Cameroon Societe Generale Bank (SGC) 5 billion CFA francs and Commercial Bank of Cameroon (CBC) 5 billion CFA francs.
According to reports, this is the fifth time that several Cameroonian commercial banks in Cameroon have jointly provided loans to the Cameroon Cotton Development Company. So far, the above-mentioned loans have accumulated to 103 billion CFA francs.
It is also reported that the Cameroon Cotton Development Company produced approximately 240,000 tons of cotton in 2014. Currently, the Cameroon Cotton Development Company has formulated a plan to produce 600,000 tons of cotton annually.
