Cameroon through its ministry of finance and the Islamic Development Bank,IDB, have agreed to finance small and medium size enterprises in Cameroon with approximately 15 Billion F CFA, under conditions established by Islamic financing.
The information was revealed recently in yaounde during a feedback meeting of the “Projet microfinance Nord Cameroun (PMNC)”, implemented in Cameroon’s northern regions from 2006-2010. According to officials of the ministry of finance and IBD, the project’s success in northern Cameroon motivated the duo to extend the experience to all ten regions of Cameroon.
The partnership on the SMEs financing project will not only promote SMEs, but also get the managers of these structures to be more familiar with Islamic finance, which is still new in the country. Public opinion hold that Islamic financing has many interesting opportunities for economic operators in search of financing.