Caisse des Dépôts et Consignations du Gabon (CDC Gabon) has signed an agreement that will see it receive a €30 million revolving trade financing facility from the African Export-Import Bank (Afreximbank).
The grant will help CDC Gabon support the operations of the tenants of the Gabon Special Economic Zone and to provide them with the capacity to export their products.
The terms of the agreement show that the funding will be used to finance the working capital needs of eligible companies in the Gabon Special Economic Zone. This includes helping the companies process timber and make it ready for export.
Afreximbank President, Professor Benedict Oramah, who spoke during the signing ceremony, said that the facility would indirectly support the Special Economic Zone to succeed as the first and largest industrial park in Gabon.
Oramah noted that the agreement aligned perfectly with Afreximbank’s mandate to support intra-African trade, and export development and industrialisation. He revealed that most of the exports produced by the Special Economic Zone are directed at neighboring African countries, ultimately strengthening regional economic integration.
According to Oramah, “this collaboration opens the potential for our two institutions to strengthen our relationship and mutual cooperation in order to make significant contributions towards unlocking the full potentials of industrial parks and export processing zones and delivering the much-needed developmental impact on our continent”.
Speaking on the development, CEO of CDC Gabon, Herman Nzoundo BigNoumba said the funding will strengthen Gabon’s capacity in wood processing by making it possible to achieve first and second level processing. He noted that this will ensure Gabon is seen as more than a logging nation, supporting the government’s policy to change the way wood is treated in the country.