WASHINGTON, D.C., October 21, 1999 —The International Finance Corporation will support the private sector in Cameroon with three new investments worth US$1.88 million in small and medium projects, including a laundry soap factory, a coffee processor, and a poultry farm.
Mr. Mohamadou Diop, IFC's regional representative for Central Africa, said that the new investments demonstrate IFC's readiness and commitment to support viable projects in this and other Central African countries covered by IFC's Douala office. The investments also reflect IFC's recently announced strategy in sub-Saharan Africa, which gives priority to supporting small and medium enterprises.
NOSA Sarl Receives $467,000 Investment for Laundry Soap Factory
IFC approved a guarantee of CFA 280 million ($467,000) to enable Noumsi Samuel Enterprises (NOSA Sarl) to obtain a local currency long term loan of CFA 560 million ($934,000) from the Société Commerciale de Banque-Crédit Lyonnais Cameroun. The loan will help NOSA Sarl to set up a 7,200 tons per annum laundry soap factory in Yaounde, Central Province of Cameroon. The factory will initially process locally produced palm oil as its main raw material. Cameroon has a high demand for laundry soap, which is lower in cost and easier to handle in tablet form than more expensive substitution products, such as powder or liquid detergents. The project will add value to an abundant natural resource, create 80 new jobs, and help to establish a modern industry in the central non-industrialized region of the country.
SAICAM Receives $413,000 Investment for Coffee Processor
IFC has approved a loan of Euro 380,000 ($413,000) to Société Agro-Industrielle et Commerciale du Cameroun (SAICAM), a gourmet coffee processor in Cameroon. The project will expand processing facilities in order to improve quality and expand coffee production from 120 to 600 tons per annum within six years. The plant is located in Bafoussam, Western Cameroon, the main coffee producing region of the country, which has a total annual production of over 20,000 tons of arabica and robusta coffee. The investment will enable SAICAM to expand domestic and export sales, increase coffee grower revenue, earn foreign exchange, and create 30 new jobs.
EPA Receives $1 Million Investment for Poultry Production
IFC has approved a loan of Euro 914,500 ($1,000,000) to Elevage Promotion Afrique (EPA), a major poultry producer in Douala, Cameroon. The project will modernize and expand existing poultry breeding and production facilities in Douala. It also includes relocation to Dschang, Western Cameroon, a more competitive and favorable environment, which will help to increase production capacity, quality, and sales. EPA will benefit from proximity to abundant sources of good quality raw material (corn) and ideal climate conditions for animal breeding. The project will increase supply to local consumers of a more affordable source of animal protein, generate 250 new jobs, and increase revenue to small poultry breeders and corn producers.
The mission of IFC, part of the World Bank Group, is to promote private sector investment in developing countries, which will reduce poverty and improve people's lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, and provides technical assistance and advice to governments and businesses.