BICEC

completed

The project involves an IFC equity investment of XFA 489,375,000.00 ($720,000.00 equivalent) for an up to 7.25% shareholding in the capital of Banque Internationale du Cameroun pour l''Épargne et le Crédit. With the proposed equity investment, IFC would participate in the privatization of BICEC, a commercial bank operating in Cameroon. The privatization of BICEC represents a key step of the financial sector reform program agreed between the Government of Cameroon and the World Bank/IMF two years ago.The project is expected to have the following developmental impacts:- bring about important know-how and skills transfer through management of the bank by a strong technical partner, and through training of local staff; - promote competition in the banking sector; - have a demonstration effect in the economy of Cameroon and for the rest of the privatization program; - generate revenues for local employees, local shareholders and Government of Cameroon, as a result of BICEC expected growth and profitability;- provide financing and banking services to all participants in the local economy, from large corporate entities to the informal sector