Cameroonian credit institution CCA-Bank announced it has entered negotiations with the International Finance Corporation to obtain $5 million (about CFA3 billion) in financing.
The success of this process will allow the beneficiary to strengthen and develop its trade finance operation throughout the country. CCA-Bank will use the 6-month loan to further diversify its offering to customers, particularly those carrying out transactions with foreign countries. Trade finance is a set of financial techniques and products designed to finance and support international trade operations. These financial products include documentary credit (Credoc) and documentary remittance (Remdoc).
IFC will make the resources available through its Global Trade Finance Program (GTFP), which includes a significant support component for CCA-Bank in this market segment. “The Bank will benefit – through an advisory engagement – from IFC’s technical expertise and best practice recommendations, particularly in strengthening its trade finance operations and redesigning its commercial solutions,” the lender said.
Source: Business in Cameroon