(Business in Cameroon) - Last December 7, the Cameroonian President Paul Biya (photo), authorized the minister of economy to enter a financing agreement worth $25 million, about XAF15 billion, with the Arab Bank for Economic Development in Africa (BADEA).
According to the related presidential decree, the money will be used to purchase fertilizers for the national cotton development firm (Sodecoton). It corresponds exactly to the sum Sodecoton has been expecting from the government since 2017, in support of the restructuring of this company which supervises more than 250,000 producers.
Sodecoton’s consolidated financial statements show a net result for 2017 of XAF4.3 billion. This year, the company targets a whole year’s production of 260,000 tons of cotton and plans to increase this volume tenfold in the coming years thanks to the introduction of GMOs.
Πηγή: Business in Cameroon