By Etienne Mainimo Mengnjo
Cameroon has secured a loan worth about 51.8 billion CFA francs ($86 million) from Standard Chartered Bank to modernize processing facilities at the state-owned Cameroon Development Corporation, officials said.
The agreements were signed Dec. 19 in Yaounde by Economy Minister Alamine Ousmane Mey and Nkposong Asuquo, Standard Chartered’s director for African markets. The financing, structured by the bank’s London branch, includes a buyer’s credit of 71.7 million euros guaranteed by France’s BPI France public investment bank and a tied commercial credit of 7.1 million euros.
The funds will support the supply and installation of modern plants for processing palm oil, margarine and rubber at CDC facilities. The 25-month project is being executed by French company Tyllium, with oversight from the Ministry of Agriculture and Rural Development and the CDC as delegated project owner.
The initiative is part of the CDC’s economic recovery plan and aligns with Cameroon’s National Development Strategy 2020-2030, aimed at structural transformation, job creation, local processing of agricultural products, reduced import dependence and regional growth, particularly in the Southwest Region.
During the occasion, Minister Ousmane Mey described the agreements as the result of effective partnerships guided by President Paul Biya’s vision for Cameroon to emerge as a developed nation by 2035.
“The support aligns with the implementation of the SND30, which targets strong, inclusive and sustainable growth, decent job creation and poverty reduction,” he said, emphasizing balanced territorial development.
Nkposong Asuquo highlighted Standard Chartered’s more than 40-year partnership with Cameroon, noting the bank has provided over 1.5 billion euros in financing for strategic projects in recent years.
“We are proud of the progress Cameroon has made and honored to support its future development,” he said. He added that the CDC project is significant for agricultural advancement, bolstering production and export capabilities.
A representative of the French Ambassador to Cameroon said the project advances food security by promoting local palm oil production to curb imports and supports exports of finished rubber products for revenue generation.
The CDC General Manager, Franklin Ngoni Njie called the financing another sign of the President’s commitment to rebuilding and modernizing the corporation.
Bruno Schambacher, President of Tyllium, thanked Cameroonian authorities and partners for years of collaborative work to secure the financing, which will fund machinery and equipment for the factories.
The signing follows government efforts earlier in 2025 to clear salary arrears at the CDC, a major employer in the agro-industrial sector.
