PADMIR injects over 2bn FCFA into Agric in NW region

Development of Rural Microfinance (PADMIR) announced the extension of its services to the Northwest Region on Monday March 30, 2015.

According to the facilitation Fund manager Piere Martin, the region is entitled to two billion (FCFA 2bn) from PADMIR's partners that is, the government of Cameroon and the International Fund for Agriculture Development IFAD.

The project has as its objectives to improve the environment of microfinance to better take into account the issues of rural finance by stakeholders and increasing access of rural people to financial services to meet their needs in a sustainable manner and at an affordable cost.

Thomas Nkouenkeu the Project coordinator like Mussa Shey Nfor president of CamCCUL one of the actual partners told hill top voices that Credit Unions within the Cameroon Cooperative Credit Union League will be used for the project implementation for reasons of transparency, credibility and competence.

Mussa Shey Nfor also added that normally Credit Unions give short term loans but the PADMIR funds will allow Credit Unions to give medium term loans for up to five years.

This information was disclosed during a one day workshop held in Bamenda attended by authorities of Credit Unions in the Northwest Region.