- OFID contributes to EUR68 million trade finance facility for Cameroon
OFID contributes to EUR68 million trade finance facility for Cameroon
OFID is participating in a syndicated Murabaha agreement arranged by the International Islamic Trade Finance Corporation (ITFC) to support the purchase and sale of crude oil to the Republic of Cameroon through its national refinery company (SONARA).
The total facility signed with Cameroon is EUR 68 million, of which OFID is contributing EUR 23 million. The remaining amount is being provided by the ITFC and other financial institutions.
OFID?s financing will help Cameroon finance its purchase of crude oil in the face of increasing domestic consumption. The availability of petroleum products and energy security in general is critical to economic and political stability.
Facilitating the import and export requirements of partner countries is just one of the ways OFID supports development, helping with inventory and working capital needs and supporting cross-border trade.
OFID has a long track record in Cameroon. Since 1976, the organization has disbursed more than US$ 145 million in various types of financing, of which nearly half has been committed to the transport and storage sector.