Saturday , October 16 2021

Afreximbank has invested $ 20 billion in CDC to develop Gabon's timber industry

Afreximbank has invested $ 20 billion in CDC to develop Gabon's timber industry

DR @ Photos

Afreximbank, Egypt, has allocated more than $ 20 billion to Caisse des Dépôts et Consignations (CDC-Gabon) to support the development of timber manufacturers in the country on Monday. Nkok Special Economic Zone in Gabon (ZES).

Signing of a loan agreement with Gabriel Ntogu, Nkoc special economic zone with Cairo, Egypt, Chief Executive Officer of Afreximbank Benedict Oka Orrama and Chief Executive Officer of CDC Herman Nodo Bigom.

This important finance loan allows the establishment and management of a Wood Industry Loan Fund (WILF) or a subsidiary of the "Wood Industry Development Fund" subsidiary; CDC Capital.

According to CDC, this new financing mechanism will increase Nkok's production and increase the number of jobs. Credits will be offered in the form of short-term revolving credit.

WILF NKK finances 50 companies in SEZ, which are the Gabon trading companies working in the woodworking industry.

The funding amount is $ 300 million. 1 billion The total duration of the Pound stays in the 3-month upgrade period of 2 years and is guaranteed at the first warranty requirement of 20% of the GSEZ SA loan amount.

"This initiative will help NKK to accelerate the development of SEZ and stimulate woodworking companies, as well as industrial companies for woodworking and enrichment. . The Gabon economy, in the end, will benefit from this funding: strengthening the list of values, increasing local value, and increasing revenue from exports. Accessibility of credit in competitive conditions hindered the industrial development of the forest-forest sector. We Have Been Answered » "said Hermann Nododu Binumma, CEO of CDC.

According to the CDC director, Nkkom said that the deputy head of the Special Economic Zone "L.Financing of turnover funds of enterprises set up in NKZ SEZ will help to ensure raw material supply and ensure growth of production growth demand for tropical forests and products derived from many markets. Nkoc special economic zone is an industrial park, which witnesses a real change in our economy and gradual transformation in the field of forestry use. Part of this transformation is for the benefit of the private sector and the indigenous and coastal communities. ".

In fact, according to the International Tropical Woodworking Organization, there are serious problems in supplying sufficient quantities of raw materials to sustainable use of legitimate sources.

Within the framework of this fund launch, the CDC will finance the strategic and promising sectors, in particular the industrialization of the wood industry.

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