Financing: BICEC, major development partner for agriculture in Cameroon
Under PIDMA’s Project which has been initiated by the Cameroon Government, the Cameroon International Bank for Savings and Credit, well known by its French acronym as BICEC, a subsidiary of the Groupe Banque Populaire et des Caisses d’Epargnes (BPCE), and the International Finance corporation (IFC), a subsidiary of the World Bank’s Group, have signed a risks-sharing convention worth CFAF 2.5 billion with a view to backing up loan-allocation activities to Co-operative societies; local producers of cassava, maize and sorghum are equally involved in the said Project.
PIDMA innovates by transforming the agricultural environment which offers fewer opportunities and is less attractive to the banking sector, into a sub-sector with strong economic potential. As a matter of fact, the project promotes Agri-business, thereby bringing together agricultural operators (suppliers of raw materials), agri-industries (consumers of raw materials) as well as financial institutions.
The long-term objective dwells on the re-structuring of the agricultural world: facilitate the transition from a subsistence agriculture to a market-driven agriculture, and promote a win-win partnership between producers, agri-industries and banks.
With a view to contributing to the change of the rural world in general and that of the agricultural world in particular, BICEC, for and on behalf of Mr. Pierre MAHE, Director General and Mr. Allen FORLEMU, IFC’s Financial Director for the West and Central Africa signed, on Tuesday March 31, 2015 the risks-sharing convention. Such a convention is geared towards covering the non-repayment risks inherent in the implementation of such project.
Such financing pattern is in line with the strategy worked out by BICEC, which consists in injecting more investments into agriculture in Cameroon within the framework of integrated programmes such as PIDMA.
In the same vein, BICEC increasingly promotes an innovative approach based on the support to a major sub-sector such as agriculture which is deemed highly significant as far as the development of the country is concerned.