Actors of the Banana-Plantain Sector in Cameroon (BPFC) and La Régionale Bank, on May 2nd, 2024, entered a partnership for an increased production of plantain by the FBPC, which shall be financed by La Regional Bank. The signing of the partnership took place in Yaounde, at the conference room of the Ministry of Agriculture and Rural Development (MINADER).
Tony Obam Bikoe, President of the FBPC and Charles Ombang Ekat, Managing Director of La Régionale Bank penned their signatures on the document of the agreement which is envisaged to transform the economic landscape of the plantain sector for a new era in Cameroon’s agro-industry. The signatories were witnesses by the Minister of Agriculture and Rural Development, Gabriel Mbairobe.
The partners have agreed to uphold certain regulations for the success of the agreement. Also present as witnesses were officials from Orange Cameroon, dignatories from the Douala Sea Port, dignatories the kribi Seaport and Leaders of agricultural firms in the North-West Region.
Speaking during the occasion Tony Obam said the intervention by the microfinance in the sector would allow for great investment in plantains.
On the side of the Managing Director of the Régionale Bank, Charles Ombang Ekat, “agriculture covers 60% of our populations. Agriculture is having problems because the bank is not going there. In a few years, agricultural financing will be commonplace.”
In Cameroon, plantain production stands at one million tonnes per year, according to agricultural statistics though the National Development Strategy strives at 10 million tonnes annual production, for domestic and international consumption.
The partnership agreement is expected to boost production as well as trigger a positive outcome in the import substitution policy of the country. The Minister of Agriculture and Rural Development who was present at the ceremony, applauded the partners for the path taken that falls in line with agricultural emergence, noting that plantain has become a flagship product of the import-substitution policy.
“This is a very big opportunity to find a solution for the funding system in agriculture. We know that agriculture is suffering from the lack of funding so we are very proud and honoured to have The regional bank which has accepted to come into agriculture to finance young people, young women and small scale farmers to develope their activity in agriculture. We are very happy to see these dynamic young people that are eager to transform agriculture” Gabriel Mbairobe said concerning the partnership.
The agreement is seen as a factor that would accompany government’s aim to increase the production to 7 million tonnes by 2025 and 10 million tonnes by 2030.
By Mildred Ndum Wung
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