BDEAC makes FCFA 1.979 bln as Net Profit

The information was disclosed at the Annual General Ordinary Assembly meeting of the Development Bank of Central African States that held in Yaounde last week.

It emerged from 2015 financial statements during the Annual General Assembly meeting of the Development Bank of Central African States, BDEAC, which held in Yaounde on April 8, that the bank made a net profit of FCFA 1.979 billion, an increase of 63 per cent, compared to what obtained in 2014.

The bank’s 2015 activity report revealed an annual turnover of FCFA 105 billion, with FCFA 250 in commitments. Disbursements were evaluated at FCFA 55.238 billion, an increase of 26.7 per cent, compared to 2014. BDEAC Board members saluted the FCFA 400 billion support of the Bank of Central African States, BEAC. The financial support is intended to foster the execution of inter-state integration projects like infrastruture and energy.

The information was disclosed in Yaounde on April 8, 2016 at the Annual General Ordinary Assembly meeting of BDEAC. Discussions were chaired by the Minister of Finance and the Budget of the Republic of Equatorial Guinea, Miguel Engonga Obiang Eyang.

The BEAC support was welcomed by BDEAC as being substantial, coming at a time the financial outfit is intensifying reforms to scale up support for sub-regional integration projects that are also expected to change the livelihood of citizens of the six countries of the Economic and Monetary Community of Central Africa. The top management of BDEAC is commited to making the financial institution a real development tool for the sub-region. The pledge was welcomed by shareholders, who promised total support.

Chadian-born, Abbas Mahamat Tolli, President of BDEAC, stated during a press conference on April 9, 2016 that 2016 activities will focus on financing projects that foster sub-regional development. Without naming any projects, Tolli stressed that reforms were in place to speed up the execution of such earmarked projects.