Chamber of Agriculture to create FCFA 300 mln microfinance institution

The project for the creation of a microfinance establishment recently launched by the Chamber of Agriculture, Fisheries, Livestock and Forestry (Capef), is moving along rather well.

According to sources close to the project, approximately FCfa 300 million has already been raised following a field tour started in February by the president of this consular chamber, Janvier, Mongui Sossomba.

This fundraising campaign aimed at collecting funds for the capital of Capef’s microfinance structure will take place until 10 December. The operation is geared towards, we learn, farmers’ associations, fishermen’s cooperatives, breeders or farmers, as well as SMEs in the logging and agro-industrial sectors.

Ultimately, the project is about setting up an institution to help the operators in the agriculture, logging, livestock and fishery sectors to overcome the challenges they face in financing their activities.

According to Capef, the microfinance establishment to be created will become a field relay of the agricultural bank, which has an initial capital of FCfa 10 billion. The creation of this specialised bank has been announced since 2011, but the implementation process is stumbling on several structural obstacles such as the land regulation, which still has some limits in Cameroon.