Bank of Central African States joins hand with AfDB for AMFUAC Project

The Governor of the Bank of Central African States (BEAC), Abbas Mahamat Tolli and the Country Manager of the African Development Bank (AfDB) Group in Cameroon, Solomane Koné, proceeded in the last month in Cameroon’s Douala, at the signing of a grant agreement for an amount of approximately 976,000 euros, financing, by the Bank. The activities of the project are to support the start-up of the unified financial market of Central Africa (AMFUAC Project).

The overall objective of the AMFUAC project is to support strategies for accessing domestic resources to meet the financing needs of the CEMAC States in their process of structural transformation and diversification of their economies. The Program will revolve around three components, notably, the operationalization of the unified financial market, the mobilization of domestic savings and the strengthening of human capital on stock market instruments.

This support is in line with the Bank's Strategic Framework for Regional Integration for the 2018-2025 period, in particular in its Pillar III on financial integration. This aims to help financial institutions become regional players and to develop a regional financial system aimed at mobilizing more domestic savings to meet the needs of the productive sector. It is also aligned with the Regional Integration Strategy Document for Central Africa (DSIR-AC) for the period 2019-2025. This intervention will be supplemented by those of other technical and financial partners, in particular those of the International Monetary Fund and the World Bank.