If you affix the roof of a house to another house, either it will be too big, or it will be too small.
First Bank - SODECOTON
The Cotton Development Company (SODECOTON), a Cameroonian semi-public enterprise, obtained a syndicated loan of CFAF35.5 billion granted by five Cameroonian banks, to launch the 2014 cotton season.
The signing ceremony took place on Friday, 10 January 2014, at the Yaounde Hilton Hotel, chaired by Mr Alamine Ousmane Mey, Minister of Finance, in the presence of Abdou Namba, General Manager of SODECOTON, Alphonse Nafack, General Manager of Afriland First Bank and Tagatio, Assistant General Manager of Afriland First Bank, as well as general managers of the other banks that constitute the pool. Afriland First Bank stood out by being first among the banks that contributed financially to the operation, with CFAF10 billion, close to 30% of the funds granted to SODECOTON. The General Manager of SODECOTON stated that the money would be used:
- to quickly launch the buying of cotton from producers;
- to prevent cotton growers who are generally facing financial difficulties at this period, from selling their produce to Nigeria. Established in 1974, SODECOTON is a company with a capital of CFAF5.4 billion, which manages 250,000 producers in the northern part of the country.