By Ndumbe Bell Joseph Gaston
Reports say BEAC, the Central Bank of the six African States in the CEMAC Region, has reinforced its commitment to finance projects through the Development Bank of Central African States BDEAC.
The enthusiasm was discussed in a meeting hosted in the capital of the Republic of Cameroon (Yaounde) last September 11, at the BEAC headquarter precincts, to chart the course of mobilising resources for a new development strategy among member states.
In a release of this new financial inclusion, the Governor of BEAC, Yvon Sana Bangui (the Central African) pointed out that on the basis of this clause, “we should move towards a new (package of) financial contributions from BEAC to BDEAC for the financing of development projects” in this economic zone.
A new package valued at FCFA 400 billion was voted-in, that will be disbursed accordingly. A current account of FCFA 240 billion will be spread over three years with the objective of providing a solid financial base for the erstwhile development bank. A smaller financial package was allocated for the financing of customers of BDEAC.
The arrangement this time around, was indicated to have been historic when compared to the earlier discussions in Jan. 19, 2016 when the two financial blocks met for the same development purpose but never seemed to have had the detailed breakthrough, explained the former Governor of BEAC Chadian-born Mahamat Abbas Tolli. With this arrangement, BEAC’S contribution to the development of the region has moved from 6 percent to over 30 percent.