APAnews | Access to funding for small and medium-sized enterprises (SMEs) will be easier during the current fiscal year, through the opening of a credit line of 76 billion CFA francs to the Cameroon Small and Medium Enterprises Bank (BCPME), APA learned on Tuesday from bank internal sources.
According to reliable information, “projects for 76 billion CFA francs are awaiting funds”.
The same sources maintain that interested business promoters can develop their projects and submit them to the relevant authorities.
Indeed, “the bank has in its two agencies in Douala and Yaounde, bankable projects at an estimated cost of 76 billion CFA francs, which await financing.”
For BCPME officials, the statement of Cameroonian President Paul Biya during his New Year Address to the Nation on December 31, announcing that access to bank credit will be facilitated to SMEs, sounds “not as a hope, but as a certainty that the public authorities will put at our disposal means to support SMEs.”
SMEs, which account for nearly 90 percent of Cameroon’s economic structure, face enormous difficulties in accessing financing, because of the “reluctance” of banks that doubt their ability to repay contracted loans.
According to observers, with this line of credit open to BCPME, SMEs, which account for about 35 percent of the country’s GDP, have the opportunity to densify and expand their activities.