Summary of Proposed Investment
Project Number
10029
Company Name
BANQUE INTERNATIONALE DU CAMEROUN POUR L'EPARGNE ET LE CREDIT SA
Date SPI Disclosed
Apr 18, 2000
Country
Cameroon
Industry
Financial Markets
Projected Board Date
May 31, 2000
Status
Completed
Sector
Commercial Banking - General
Department
Global Industry, Financial Markets
Environmental Category
FI
Previous Events
Approved : Jun 22, 2000
Signed : Dec 22, 2000
Invested : Jun 25, 2004
Project Description
The project involves an IFC equity investment of XFA 489,375,000.00 ($720,000.00 equivalent) for an up to 7.25% shareholding in the capital of Banque Internationale du Cameroun pour l''Épargne et le Crédit. With the proposed equity investment, IFC would participate in the privatization of BICEC, a commercial bank operating in Cameroon. The privatization of BICEC represents a key step of the financial sector reform program agreed between the Government of Cameroon and the World Bank/IMF two years ago.
The project is expected to have the following developmental impacts:
- bring about important know-how and skills transfer through management of the bank by a strong technical partner, and through training of local staff;
- promote competition in the banking sector;
- have a demonstration effect in the economy of Cameroon and for the rest of the privatization program;
- generate revenues for local employees, local shareholders and Government of Cameroon, as a result of BICEC expected growth and profitability;
- provide financing and banking services to all participants in the local economy, from large corporate entities to the informal sector
The project is expected to have the following developmental impacts:
- bring about important know-how and skills transfer through management of the bank by a strong technical partner, and through training of local staff;
- promote competition in the banking sector;
- have a demonstration effect in the economy of Cameroon and for the rest of the privatization program;
- generate revenues for local employees, local shareholders and Government of Cameroon, as a result of BICEC expected growth and profitability;
- provide financing and banking services to all participants in the local economy, from large corporate entities to the informal sector
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Mr. Cyrille Arnould, Senior Investment Officer
International Finance Corporation
2121 Pennsylvania Ave. NW, Washington DC, 20433
USA
International Finance Corporation
2121 Pennsylvania Ave. NW, Washington DC, 20433
USA