A visiting delegation of the bank’s officials met with Minister Etoundi Ngoa on February 12.

The European Investment Bank could come in with technical expertise to propel the yet-to-be functional bank for small and medium-size enterprises to efficiency. A two-man visiting delegation of the bank held talks with the Minister of the Small and Medium-size Enterprises, Social Economy and Handicrafts, Laurent Serge Etoundi Ngoa, on Wednesday February 12.

The Minister said the European Investment Bank appreciates the creation of the bank for small and medium-size enterprises. “They are looking at ways of supporting the bank by training its staff. We are happy to see that our partner in development is coming to give a hand for the proper functioning of this institution which needs experience and they have the experience and technical expertise. We are drawing nearer to the full functioning of this bank. Last week, we held the third general assembly and we are waiting for the executive to be appointed for the bank to go operational,” the Minister said. 

The delegation leader, Pedro de Lima, Head of the Country and Financial Sector Analysis Division, Economic Department of the European Investment Bank, told the press that the bank has interest in the private sector and notably the microfinance domain. “The private sector is a key partner in the development of any country. We have learnt a lesson in Africa that you need a strong State, a government with good institutions but you also need a vibrant private sector that can contribute to the development of the economy. SMES account for about 70 per cent of job creation in every economy. So, if you want to create jobs and make the economy grow, you really need to work closely with the private sector,” he said. 

The visit of the delegation was to keep track of what the bank has been doing in the country and seek ways of promoting the private sector. Reason why they also met with the Minister of the Economy, Planning and Regional Development, Emmanuel Nganou Djoumessi. Their talks centred on partnership in sectors like water and sanitation, energy and transport notably roads in corridors. The Minister presented the second phase of the Yaounde-Douala Double Carriage road (Bot-Makak- Douala) as well as hydro electricity projects in the pipeline. The visit was also to lay groundwork for setting up the bank’s local office in Yaounde.