IFC to Improve Cameroon with $60mln Grant to Afriland First Bank

The board of directors of the International Finance Corporation (IFC), an affiliate of World Bank, will deliberate on December 27 on a major loan to the Afriland First Bank, one of Cameroon’s leading banks, managed by billionaire Paul Kammogne Fokam. Local authority estimates say the loan could be as possible as $60 million (about CFA 37.5 billion) and is primarily intended for the development of small and medium-scale enterprises (SMEs) in Cameroon, which constitutes over 99% of the economy. Considered is a senior unsecured loan with a maximum duration of five years and a possible grace period not exceeding 12…