By Etienne Mainimo Mengnjo
The government of Cameroon, through the Ministry of the Economy, Planning and Regional Development (MINEPAT) and Standard Chartered Bank, has signed two loan agreements worth FCFA 51.8 billion for the modernisation of the Cameroon Development Corporation (CDC) processing units.
The agreement was signed in Yaounde on December 9 by Alamine Ousmane Mey, Minister of the Economy, Planning and Regional Development, and Nkposong Asuquo, the Director of Standard Chartered Bank for African Countries.
The loan will finance the supply and installation of modern palm oil, margarine, and rubber processing plants for the CDC as part of the corporation’s economic recovery plan. The financing includes a buyer’s credit of €71.7 million, guaranteed by BPI France, and a tied trade credit of €7.1 million, structured by Standard Chartered.
Execution of the project will be entrusted to the French company Tyllium and is scheduled to span 25 months. The Ministry of Agriculture and Rural Development will manage the project, with the CDC acting as the delegated project owner.
Beyond its financial significance, the project is a strategic lever for economic transformation, aligning with the National Development Strategy 2020-2030. It is expected to create thousands of direct and indirect jobs, facilitate local processing of agricultural raw materials produced by the CDC, reduce reliance on imports, and stimulate local and regional growth, particularly in the South-West Region.
During the signing ceremony, Minister Ousmane Mey stressed that the dual loan agreements aim to strengthen the CDC’s leadership in propelling Cameroon toward progress.
“The signing of these agreements today is the result of an effective partnership based on shared conviction, guided by the vision of President Paul Biya to make Cameroon an emerging country by 2035,” he said. “This vision is strongly supported by our partners in both the public and private sectors.”
He added that the support for the National Development Strategy (SND30) aims at structural economic transformation to foster strong, inclusive, and sustainable economic growth while creating decent jobs and reducing poverty.
“The ultimate goal is to ensure balanced and harmonious development across our territories. The role of SND30 is central in this regard,” he noted.
On his part, Nkposong Asuquo praised the Cameroonian government, stating that Standard Chartered Bank has partnered with the government for over 40 years in its economic and social agenda.
“In the last few years, we have provided more than €1.5 billion in financing to strategic development projects aligned with SND30. I am confident we will continue our support for the government and the people of Cameroon,” he said.
He expressed pride in the progress Cameroon has made over the past decade and reiterated the bank’s commitment to assisting the country in its development journey. Asuquo highlighted the significance of the CDC project in terms of agricultural milestones and projected benefits in national production and export capabilities.
A representative from the French Embassy in Cameroon noted that the project has been closely monitored since its inception. He stated it aims to achieve dual goals: enhancing local palm oil production to limit imports and supporting exports of rubber products for profit generation.
Franklin Ngoni Njie, CDC General Manager, hails the initiative as further testimony of the head of state’s commitment to rebuilding and modernising the corporation. “There is a firm decision that has been taken. This is a moment of joy, appreciation, and gratitude to the head of state for everything he is doing for this enterprise,” he said.
Bruno Schambacher, president of Tyllium, stated that the financing agreements represent several years of collaboration among various stakeholders in Cameroon.
“I thank all technical and financial partners, and the Republic of Cameroon, through its ministries and administrations, that have participated in implementing this financing facility,” he said. He added that the financing will fund the delivery of machinery and equipment for the two factories.
The signing ceremony follows a significant period of government support for the CDC aimed at resolving long-standing labour issues. By mid-September 2025, the government had disbursed 15.7 billion CFA francs to nearly 20,000 employees. This payment was part of a broader initiative to address the corporation’s accumulated social debt spanning from 2018 to 2022.
This most recent allocation followed an earlier disbursement of FCFA 20 billion francs in December 2024. Together, these payments were designed to settle a total debt estimated at FCFA 35.75 billion francs, providing much-needed financial stability to the workforce as the corporation begins its modernisation phase.