To boost post-COVID-19 recovery: Gov’t, partners launch over 12 billion FCFA resilience scheme for SMEs.

This was during a meeting chaired by the Governor of the Littoral Region, Dieudonne Ivaha Diboua. The 21 million US dollar (over 12.5 billion FCFA) project is codenamed: “Operation Support to Private Sector”. 

US dollar 19 million (over 11.3 billion FCFA), it was revealed, comes from the Arab Bank for Economic Development in Africa, BADEA, while the rest of the funding is from the government and the United  Nations Development Programme,UNDP. It is a three-year project.

Governor Ivaha Diboua assured SMEs stakeholders that government is doing everything to support them given their importance to the country’s economy.

Speaking at the event, the Coordinator of the project, Isaac Tamba, said: “We want to reinforce the resilience of Small and Medium-sized Enterprises and ameliorate their productivity and competitively so that they could greatly contribute in the creation of employment opportunities”.

Tamba explained that the project will touch sectors critical for economic recovery. He cited agriculture, livestock, fisheries, agro-food production, timber, and digital technology, specifically in areas like agrotech and fintech. 

According to the Coordinator the project, it will be implemented in the North West, South West, Far North Littoral and Centre Regions.

He further explained that the project seeks to explore opportunities that tire with the current business landscape. 

Tamba stated that emphasis will be on business survival and the creation of a more conducive environment for SMEs.

He also added that there will be capacity building for businesses to enhance competiveness and boost overall growth. In addition to this, Tamba said financial services will be directed to SMEs to boost their recovery.

The Deputy Resident Representative of the UNDP in Cameroon, Martin Hart-Hansen, situated the project, indicating that “by the reason of this project, we want to develop Cameron from bottom up. Small and Medium-sized Enterprises contribute to the economy as a whole”. 

Hart-Hansen underscored the importance of supporting the recovery of SMEs given that they offer employment to the highest number of people in the Cameroonian economy.

The UNDP official explained that works will also touch on facilitating market access for SMEs especially at the national and international markets. 

For this to be effective, the UNDP official explained that SMEs’ access to financial services within the window of the project will be tailored to specific needs, promoting financial education, and digitalizing financial products. 

Hart-Hasen also said credit lines at subsidized rates will be made available to ensure recovery is holistic.

This story was first published in The Guardian Post Edition No:3259 of Monday October 14, 2024