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Yaoundé, Cameroon, May 24, 2010—
IFC, a member of the World Bank Group, Afrolease, the African Leasing Association, and Camlease, the Cameroon Leasing Association, are partnering to help smaller businesses in Cameroon and French-speaking Africa better understand the benefits and structure of leasing, an alternative financial instrument that will help them more easily acquire the equipment they need to grow.
IFC, Afrolease, and Camlease organized a three-day leasing convention on 24-27 May 2010 at Hilton Hotel in Yaoundé to explain leasing to small business owners and to help increase the availability of leasing in Cameroon’s economy, where it can support broad economic growth. About 300 smaller businesses, financial institutions, regional leasing companies, and government officials from over 15 countries attended the convention.
Pierre Kam, President of Camlease, a newly-established association supported by IFC, said, “This is an important event for Cameroon and the first of its type to be held in our region. It will open up opportunities for investors across French-speaking Africa, and increase the profile of leasing in Cameroon.”
Henri Rabarijohn, IFC Country Manager in Cameroon, said, “IFC Advisory Services has invested more than US$1 billion in more than 100 leasing companies in 58 countries and has advised local authorities on leasing laws and regulations in more than 50 countries. Through our partnership with Afrolease and Camlease we hope to support the rapid growth of leasing in Cameroon and across Africa.”
The 13
th
Afrolease Convention provides a unique platform for small businesses to meet financial institutions face-to-face and describe the types of equipment, machinery, or vehicles they would like to lease. Financial institutions will better understand the financing needs of small businesses and work towards new solutions.
During the convention, IFC is training participants to better understand leasing by reviewing industry practices, rules and regulations, while creating awareness on how to manage the risks associated with leasing.
IFC, which is supporting Cameroon’ s efforts to expand the availability of leasing for smaller businesses, also helped Cameroon develop the strategy and vision to enhance its leasing market and is supporting the country’s efforts to improve the regulatory framework.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing capital for private enterprise, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit
www.ifc.org
.
About African Leasing Association
The African Leasing Association, Afrolease, is the continental body of leasing practitioners and organizations in Africa with an interest in leasing. It is increasing awareness of the significance and benefits of leasing as viable equipment financing option and instrument of growth. The Association brings together all industry players through conventions, seminars and training workshops to: share ideas, identify current problems associated with leasing in Africa, and to impress the importance of a favorable leasing environment upon relevant authorities.
About Cameroon Leasing Association
Cameroon Leasing Association, or Camlease, works with all organization with an interest in developing leasing in Cameroon. Funded by ALC du groupe Afriland First Bank, l’Association des Sociétés d’Assurance du Cameroun, ALIOS Finance Cameroun, BICEC, la Chambre de Commerce, d’Industrie, des Mines et de l’Artisanat Du Cameroun, Le Groupement Inter patronale du Cameroun, Pro-PME, SGBC and IFC. Camlease is working to: promote leasing as an appropriate means to finance equipment, communicate with regulators and oversight bodies on developments in the area of leasing, provide an organizational framework for national cooperation to promote a legal and fiscal environment suitable for leasing, and encourage Cameroon’s economic development by offering leasing as an economic financing alternative, and in particular to find solutions for SMEs. or more information please contact
camleaseassociation@yahoo.fr
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