Afriland First Bank rallies actors to boost local timber transformation.

Representatives of at least 150 Small and Medium Seize Enterprises, SMEs, attended the forum. Discussions were on the theme: “Timber sector: Boosting local processing”.  Focus was on business opportunities and challenges facing local timber transformation.

Stakeholders in the wood sector used yesterday’s s meeting to share experiences and networked on working together to boot growth. Participants disclosed at the meeting that the wood industry, contributes 2.1% of Cameroon’s Gross Domestic Product, GDP. 

This, they said makes the sector key in national development behind sectors such as food agriculture on 8.8% and hydrocarbons 5.4%.

According to the Head of Corporate Banking at Afriland First Bank, Richard Chedjou, SMEs Wednesday seeks to boost growth and development through the wood sector. He reiterated that the sector is experiencing several changes, making it necessary for constant exchanges. 

Chedjou told reporters that most investors are taking interest in the wood sector. This, he maintained is raising the bar of the sector the level of sectors such as cocoa and coffee.

According to him, the problem of SMEs in Cameroon is not only limited financing but the lack of access to their products. To turn things around, Chedjou said Afriland First Bank is committed to support the business leaders of the timber sector, to create value and stimulate growth. 

The platform, he underscored, also offers business leaders opportunities to create a conducive collaborative and innovative environment. The project, it was said, falls in line with government’s National Development Strategy 2030, SND30.

Challenges, benefits of timber sector

According to an official of Vision Comfort, Simo Honore, there are many challenges in the sector. “The acquisition of materials for timber transformation remains a major challenge. We still have huge customs duties and this hinders operators facing competitions from nations like China that has finished products on the market”.

About Afriland First Bank

Abbreviated to First Bank, Afriland First Bank is a public limited company with a capital of Fifty billion FCFA. It is a Cameroonian banking institution created in 1987. The bank has a broad network of international correspondents.

Afriland First Bank guarantees its customers effective assistance across the five continents. As leader in the Cameroon banking sector, Afriland First Bank as at December 31, 2022 had a balance sheet 1,783 billion FCFA, while it had collected deposits for 1,489.5 billion FCFA. It granted loans worth 1,015 billion FCFA to its customers.

Afriland First Bank has more than 59 branches in Cameroon with 181 ATMs, 335 EPTs and numerous partners in all regions of the country.