Economy

Fruits of powering growth, job creation: Afriland First Bank gets over 32.7 billion FCFA to finance private sector.

File photo of IsDB official & Afriland First Bank Deputy GM exchanging signed deal

Afriland First Bank has benefitted over 32.7 billion FCFA from Islamic Development Bank, IsDB Group, to enhance Islamic finance and boost private sector financing.
A deal in this light was signed in Yaounde on Monday, September 14.

This was on the sidelines of celebrations marking the Islamic Development Bank Day in Cameroon.

The Minister of the Economy, Planning and Regional Development, MINEPAT, Alamine Ousmane Mey, stood in for the government to guarantee the loan.

He said he received high instructions from the Head of State, Paul Biya, to preside and stand as guarantor in the name of the State of Cameroon, for loan agreement.

Afriland First Bank was allocated 50 million Euros; which is about 32.7 billion FCFA. Officials said negotiations for the loan date back to July 29, 2026, when the IsDB held its annual meeting in Bake, Azerbaijan.

Afriland First Bank had signed a declaration of intent with the Islamic Corporation for the Development of the Private Sector, ICD, a member of the Islamic Development Bank Group for the money.

The Bank has pledged to use the money to advance Islamic Finance values, by introducing diversified, ethical, and Sharia-compliant financing, deposit, and trade instruments.

PM flanked by MINEPAT boss, appreciating IsDB Group Vice President, Dr Rami Ahmad during Bank’s Day in Yaounde

Officials of Afriland First Bank said the money is being disbursed at a time when access to long-term financing remains a major challenge for many businesses.

They noted that sectors targeted under the arrangement play an important role in Cameroon’s production base and job creation.

Afriland First Bank reiterated that the loan will mobilize Sharia-compliant financing for businesses and productive investments, including projects that generate economic value and broaden financial inclusion.

The loan facility, the Bank’s officials further noted, would increase access to Islamic finance and provide additional resources for businesses, particularly Small and Medium-sized Enterprises, SMEs.

Eligible projects, they noted, will include those in agriculture, agro-industry, healthcare, manufacturing and transport.

The money, it was said, will be injected, principally into initiatives intended to expand access to financing, improve business competitiveness and strengthen the private sector’s contribution to national economic revival.

This article was first published in The Guardian Post Edition No:3911 of Wednesday September 16, 2026