26 June 2019

Cameroon: Investment Promotion - Agency Signs Convention With Six Companies

This brings to 187, the number of conventions signed by the institution since its creation in 2014.

The Investment Promotion Agency (IPA) has signed six new conventions with private investors. The General Manager of the agency, Marthe Angeline Mindja signed on behalf of the government of Cameroon while the bosses of the companies represented their respective businesses in Yaounde on June 21. The IPA General Manager disclosed that the institution had so far signed 181 conventions with investors since it went operational in 2014. The conventions include one with CIMAF Douala SA for the construction of a cement factory worth FCFA 19 billion and likely to create 40 jobs; another with GDS Orion Solaire Ngaoundere for the construction of a 20 MW solar energy plant in Ngaoundere worth FCFA 15 billion with a possibility of creating 290 jobs. COMIL SA was also among the six companies awarded investment incentives. The company's FCFA 3.5 billion worth project consists of setting up a sugar production factory in Douala and is expected to create 300 jobs. SADISUC SARL's project for the extension of its refined white sugar processing unit in Douala was equally awarded incentives. Its new investment is worth FCFA 1.45 billion and would create 95 new jobs, according to projections in the convention. INCI SARL will also be extending its furniture and mattress production unit at the cost of FCFA 502 million, and creating 405 jobs, thanks to the convention signed with IPA on June 21. Senegalese-run FALOCAM SARL on its part signed a convention to inject FCFA 220 million in the expansion of its food processing factory in Douala.

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