Small and Medium Size enterprises On the Spotlight

A team from the International Financial Corporation (IFC), partner to the World Bank was in GICAM for a working session to map out strategies to develop the private sector in Cameroon. The meeting that took place on July 11, 2019 gave an opportunity to the different stakeholders to discuss some of the challenges faced by Small and Medium Size Enterprises in Cameroon and how to overcome them. Some of the challenges highlighted included high interest rate, lack of financing and the bottle necks in acquiring administrative documents. They also brainstormed on how to put up a centre for the development of SMSEs in Cameroon.

The Executive Secretary of GICAM, Alain Blaise Batongue explained that the working session is in line with the Cameroon Business forum which took place some months back in Douala whose theme was to promote public private dialogue. He thanked the IFC for coming in to assist SMSEs in Cameroon. On his part, the Vice President of the International Financial Corporation for Middle East and Africa, Sergio Pimenta said his institution is ready to assist in the domain of sharing credits with banks so as to provide funding for SMSEs in Cameroon. In his words, “we will also work in providing technical assistance which is crucial for SMSEs to learn how to be in the formal sector and improve on their standards”. He was optimistic that assisting SMSEs will contribute to the development of the economy. He said they will give priorities to women and youths who are new in the SMSEs sector. It should be recalled that the International Financial Corporation is a partner to the World Bank which is dedicated to development of the private sector in less developed countries.