The invigoration of the financing of SMEs in member states of the Economic and Monetary Community of Central Africa (CEMAC), through credit from the China Development Bank (CDB), was the aim of the meeting held in Brazzaville, Congo, between the president of the Development Bank for Central African States (BDEAC), Fortunato Ofa Mbo Nchama and the Commissioner for International Cooperation from the CDB, Duan Hongkui.
Duan Hongkui led the delegation which on 28th April with the leader of the BDEAC, where they “covered matters relating to cooperation between the two institutions, in order to invigorate financing for projects in CEMAC countries”, according to the Central African financial institution, on its web site.
Following the meeting, which the parties described as very fruitful, “both bankers exchanged gifts”.
In December 2016, the then president of the BDEAC; Abbas Mahamet Tolli, signed in Beijing, China, a convention including a line of credit for 40 million Euro with the vice.president of the CDB, Zhou Qingyu, for cooperation with SMEs in the private sector of Equatorial Guinea, Cameroon, Gabon,m Chad, Congo and Central African Republic.
This line of credit is an essential tool for the policies of diversification initiated by CEMAC countries, as a consequence of the drop in the price of petroleum.
The signing of the loan contract will also have a social impact, due to the fact that SMEs eligible for this line of credit will create new jobs that will benefit citizens within the CEMAC.
Source: Official Web Page of the Government of the Republic of Equatorial Guinea