Cameroon: Agric Bank To Go Operational In 2014

(NewsWatch Cameroon)-Nearly two decades after the liquidation of “CréditAgricole”, Cameroonians will have again a bank whose mission is to contribute to the financing of agricultural projects.

PM Yang

While presenting the government’s financial, economic, social and cultural program for the 2014 financial year at the National Assembly on Thursday November 28, 2013, Cameroon’s Prime Minister and Head of Government, Philemon Yang announced that the long awaited agricultural bank will go operational next year.

President Paul Biya announced the creation of the Agricultural bankand the bank of Small and Medium size Enterprises in Ebolowa, South region of Cameroon in January 2011 while opening the national agro pastoral show.

Agriculture remains the backbone of Cameroon's economy, employing 70 percent of its workforce, while providing 42 percent of its GDP and 30 percent of its export revenue. Blessed with fertile land and regularly abundant rainfall in most regions, Cameroon produces a variety of agricultural commodities both for export and for domestic consumption. Coffee and cocoa are grown in central and southern regions, bananas in southwestern areas, and cotton in several Northern regions.

In addition to export commodities, Cameroonian farmers produce numerous subsistence crops for family consumption. Principal food crops include millet, sorghum, peanuts, plantains, sweet potatoes, and manioc. Animal husbandry is practiced throughout the country and is particularly important in Northern regions.

Government has submitted a proposed budget of FCFA 3312 Billion for the 2014 financial year to parliament. The budget if validated will witness an increase of FCFA 76 Billion from that of the 2013 financial year.