Douala, Cameroon, April 4, 2017 –
On Friday, March 24, 2017, IFC, a member of the World Bank Group, signed
a € 15.5 million investment with Standard Chartered Bank Cameroon. The
investment is part of a EUR 31 million one-year pre-export facility provided
by Standard Chartered Bank Cameroon to Société de Développement du Coton
The facility will be used to finance the
cotton campaign, mainly for the purchase of seed cotton from smallholder
farmers, the ginning of seed cotton by Sodecoton and the transportation
of lint cotton to the port of Douala for exports to international markets.
Sodecoton, a State-owned enterprise, purchases
100% of the country’s seed cotton production. Cotton is the most important
agriculture crop in Northern Cameroon.
Mehita Sylla, IFC Country Manager for Central
African sub-region, said “It is crucial for IFC to support the cotton
sector in Cameroon. As you know, Cotton is the largest source of employment
in Northern Cameroon, providing livelihood to approximately 3 million people”.
For Chuks Ugha, CEO, Standard Chartered Bank
Cameroon, “This is an excellent example of collaboration between Standard
Chartered Bank and IFC/World Bank to support Sodecoton. The company has
been in operation for more than 40 years. It is a strategic company for
the Government of Cameroon”. He added “We look forward to further collaboration
with IFC on similar transactions”.
IFC will also explore the provision of advisory
services to the farmers in collaboration with Sodecoton, to strengthen
the cotton value chain. Such a support could potentially include financial
management, good agricultural practices and soil management.
IFC, a member of the World Bank Group, is
the largest global development institution focused on the private sector
in emerging markets. Working with 2,000 businesses worldwide, we use our
six decades of experience to create opportunity where it’s needed most.
In FY16, our long-term investments in developing countries rose to nearly
$19 billion, leveraging our capital, expertise and influence to help the
private sector end extreme poverty and boost shared prosperity. For more
information, visit www.ifc.org.