GovWire

The UK has closed a finance deal worth over 60 million to help Cameroon improve vast swathes of land for agriculture, supported by British firms.

Announced during the West and Central Africa Trade and Investment Forum (WCAF) which took place in London, 4 December, this sets the tone for the UKs vision of a stronger trading relationship with Africa which promotes sustainable growth.

The support comes through a loan issued by UK Export Finance (UKEF), the governments export credit agency, and arranged by Standard Chartered. It allows British exporter Incatuk Limited to deliver a project to improve 15,000 hectares of grassland, laying new roads for herders, establishing new agricultural facilities and improving soil quality.

Along with DMA Invest, UKEF is also an organiser of the WCAF summit, which brought together delegations from nine countries in Francophone West and Central Africa.

Ministers and leaders representing around 200 million people in rapidly growing economies discussed new trade and investment opportunities with the UK government and with British businesses. Bilateral meetings and panel discussions covered opportunities in infrastructure and energy as well as green growth and digital transformation.

Minister for Exports Gareth Thomas said:

This 60 million deal supported by UKEF shows how the UK is driving sustainable economic growth through strategic partnerships with African nations.

The story of this project and many others featured at this forum demonstrates the UKs serious commitment to forging stronger trade and investment ties with Africa, improving peoples lives in the process.

Cameroon Minister for Economy, Planning and Regional Development (MINEPAT), His Excellency Alamine Ousmane Mey, said:

The agropastoral sector is the bedrock of Cameroons economy and supports the livelihood of millions of people and communities in the Northern regions of Cameroon.

This project will boost the productivity and enhance the professionalism of farmers and herders, as well as improve the standards of living of communities, thereby providing a sustainable path for inclusive development and integrated agropastoral value chains.

Iigo Elosegui Figueroa, Director, Incatuk, said:

This Project targets the intensification of hydro-agricultural exploitations and fodder farms in the Adamaoua region with a view to boosting pastoral activity, while optimising outputs and creating quality employment.

It will develop sustainable production models to increase agricultural production and marketing of high nutritional value hay, as well as developing several complementary public services and infrastructures such as schools, medical centres and social development centres.

Eleanor Weir, Executive Director, Development & Agency Finance, Standard Chartered, said:

We have a long history of supporting African investment with UKEF and this financing for Cameroon is another example of how we are accelerating global progress towards climate, biodiversity and development goals by unlocking capital in markets where its needed most.

There are huge opportunities for African project sponsors to secure British supply-chain expertise and financial support for their most ambitious projects.

UK export credit support has become increasingly important for Africas major investments. Since first appointing overseas representatives in West Africa, UKEFs credit exposure in the continent as a whole has grown exponentially from 3 million (2017-18) to 1.3 billion (2023-24). This means greater liquidity for African projects and huge opportunities for UK exporters to win new contracts.

This is the third WCAF event which the UK government has organised after the success of previous events. The summitincludedVIP plenary sessions, bilateral government meetings and networking opportunities for private sector suppliers.

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