Announcement of IFC Assists Cameroon Industry on May 28, 1981

lntemational Finance C01poration • 1818 H Street. NW. Washington.DC 20433. US A 202-477-1234 IFC Press Release No. 81/41 Thursday, May 28, 1981 IFC Assists Cameroon Industry The Camerounian flour milling company, Societe Camerounaise de Minoteries (SCM), is undertaking a $5. 7 million expansion project which will assure Cameroon domestic supply of flour. The project will bring the capacity of Cameroon's only flour mill to 75,000 tpa by 1984. from 45,000 pta at present and result in US$1.3 million net equivalent in foreign exchange per year. Both the Government and SCM shareholders requested the International Finance Corporation's participation in the project as an essential element • in attracting new local shareholders and thus help to broaden local ownership . Equity financing by new shareholders consists of new local share- holders for $439,000 equivalent; IFC, $244,000 equivalent, and Societe de· ~ Promotion et de Participation pour la Cooperation Economique, an affiliate of the French Caisse Centrale Group, S431,000 equivalent. Equity financing by existing shareholders consists of, existing local shareholders for $244,000 equivalent; Societe d'Organisation, de Management et de Developpement des Industries Alimentaires et Agricoles (SOMDIAA), a French comp~ny providing technical assistance to SCM, for $244,000 equivalent, and Societe Nationale d'Investissement, (SNI), a Government-owne<l development bank, $195, 00() equivalent. IFC is also lending $1.1 million equivalent to the. project. Suppliers credit of $2.4 million equivalent and cash generation of S417,000 complete the financial plan. (Any inquiries strictly relatinp. to IFC's participation in this project should be directed to the IFC Information Office, 1Rl8 R Street, N.W., • Washington, D.C. 20431, Telephone (202) 676-1094