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AGOA

The African Growth and Opportunity Act or AGOA is an act issued in May 2000 by the United States Congress outlining a plan for economic and trade collaboration and assistance to sub-Saharan African countries. Eligibility The act assigns the President of the United States the task of determining, at current intervals, which countries should be considered eligible to be part of the collaboration plan. Criteria for this selection include respect for workers' rights and the application of a free market-based economic system. Benefits Nations that are included in the AGOA programme enjoy certain benefits related to the ability to export goods to the United States under reduced or zero duty conditions. The sectors in which the US has granted the most benefits are textiles and clothing. According to estimates provided by the US government, AGOA has created hundreds of thousands of jobs in southern Africa in these sectors. Among the countries that have benefited most from the agreements is Lesotho. Starting in 2005, a new system of agreements entered into by the United States meant that the African textile industry had to face competition from China, which had an impact on export volumes. In addition to textiles, some nations that have entered the AGOA programme have started exporting other products, such as flowers, motor vehicles and steel. Nigeria, Angola and South Africa are three of the countries with the largest export volumes to the US. Duration of the programme The original act foresaw the conclusion of the AGOA project in 2008. In 2004, Congress postponed the end date of the project to 2015.

Africa Cup 2019 - Banca Intesa finances Paul Biya Stadium in Cameroon

Thanks to Banca Intesa Sanpaolo, the 2019 African Cup of Nations will be celebrated in the grand new Paul Biya Stadium in Cameroon.

paul_biya africa_cup stadiumItaly exports its 'Made in Italy' will be present at the next edition of the African Cup of Nations, a football event that is very popular on the African continent and will see its final phase in Yaoundèthe capital of Cameroon in late 2018 and early 2019.

The Piccini Group, based in Perugia, is finishing the construction of the new football stadium with a capacity of around 60,000 spectators and a sports citadel that will house the teams and accompanying sports delegations: the whole thing will be the largest sports facility in the African country at a total cost of around 250 million euros.

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BANQUE DES ETATS DE L'AFRIQUE CENTRALE - BEAC

BEAC (Bank of Central African States- BCAS). It originated from the Banque Centrale des Etats de l'Afrique Equatoriale et du Cameroun (BCEAEC), which in turn derived in 1959 from the reorganisation of the Institut d'Emission de l'Afrique Equatoriale Francaise et du Cameroun. The transformation of the BCEAEC into the BEAC followed the conclusion on 23.11.1972 of a new convention on monetary cooperation with France by five countries: Cameroon, the Central African Republic, Chad, the Republic of Congo Gabon to which Equatorial Guinea was added on 1.1.1985 and which form a monetary union, the UMAC. The six countries are part of the French franc area (q.v. for the effects of the changeover to the euro) and the BEAC is the issuing institution of the CFA franc, a regional legal tender freely convertible into French francs and, since 1.1.1999, into euros. The Bank is headquartered in Yoaundé (Cameroon) and is governed by a Governor and a 13-member directorate, 10 appointed by the six member states and three by France. The Bank exercised banking supervision until 1992. In this year, the office was hived off and erected with effect from 22.12.1992 into the autonomous Commission Bancaire de l'Afrique Centrale: (COBAC) in charge of drafting banking regulations and supervision. COBAC is chaired by the Governor of BEAC while the Secretary General is appointed by the Conseil des Ministres of CEMAC (Communauté Économique et Monétaire de l'Afrique Centrale).

BANQUE CENTRALE DES ETATS DE L'AFRIQUE DE L'OUEST - BCEAO

BCEAO (ingl. Central Bank of West African States-CBWAS). Multinational central bank of the West African Monetary Union (WAEMU). Its origins date back to the Institut d'Emission de l'Afrique Occidentale Française et du Togo established in 1955 in Paris, transformed into Banque Centrale des Etats de l'Afrique de l'Ouest on 4.4.1959. The establishment of the BCEAO as a bank under international law, also based in Paris, followed the conclusion of the first treaty of the Union Monétaire Ouest Africane (UMOA) on 12.5.1962. The statutes of the BCEAO are annexed to the treaty. The relocation of the headquarters to Dakar (Sénégal) took place in June 1978. The Bank is the issuing institution of the CFA franc (a regional legal tender freely convertible into French francs and, from 1.1.1999, into euros) for the eight countries of the French franc zone (q.v. for the effects of the changeover to the euro). It is governed by a Board of Directors made up of 18 members, two from each participant (the 8 States of the UMOA plus France), chaired by the Governor who, however, has no voting rights. It is present in each member state with a national agency and also with other agencies. At the national agency there is a Comité national du crédit composed of the Minister of Finance, the two state representatives on the Bank Council and four members appointed by the local government. The Governor of the BCEAO attends the meetings in an advisory capacity. The National Credit Committees regulate the distribution of credit and money creation at the national level under the control of the Bank's Board of Directors. In addition to issuing money, the ECBAO performs the tasks of centralising foreign exchange, managing monetary policy, maintaining the state treasury, defining banking law and acting as IMF agent for the eight countries of the UMOA. Supervision is exercised by the Banking Commission, established on 24.4.1990 and chaired by the Governor of the ECBAO. The BCEAO also supports the Commission Bancaire with secretariat services. The Bank also plays an important role in the field of research and studies on economic, financial and legal matters and training in the interests of the Member States. It conducts training with the Centre Ouest Africain de Formation et d'Etudes Bancaires (COFEB) at its premises and took over the Centre Africain d'Etudes Supérieures en Gestion (CESAG) established in 1985 from the CEAO in 1994. The BCEA proposed in 2000, together with the BOAD, the establishment of a Banque Régionale de Solidarité (BRS) for the UEMOA area for the financing of private micro-projects and for technical and management assistance and advice for small entrepreneurs. The new institution should be set up by 2002 and should consist of a holding company called Groupe de la Banque Régionale de Solidarité, to which various banking and non-banking companies or branches should be attached, as well as a Trust Fund, intended to collect funds from patrons willing to contribute to the fight against poverty. Shareholders of the new Group should be the UEMOA States, the BCEAO, the BOAD and other available public and private operators.

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Trump's Kribi port 'will open bright prospects' - Central Africa

The President of the United States on 31 December 2017 indicated that the operation of the port of Kribi in Central Africa 'will open up bright prospects', which prompted the General Manager to respond to an interview in the Cameroonian newspaper, Mutation. According to the General Manager, everything is ready to host this year: 'However, this year we expect to host hundreds of ships on a regular basis. " said Partice Melom, general manager of the port of Kribi. An opinion that Mr Christian Penda Ekoka, Technical Adviser at the Presidency of the Republic, does not share. He says that the port of Kribi only serves as an absorption capacity for a country or a region. Cameroon, Chad and the Central African Republic each have a capacity of 11 million tonnes. which implies that the port of Douala already accommodates 10 million tonnes. so the port of Kribi would only be created to cater for 1 million tones. The situation in Chad and the Central African Republic in Benin, Sudan has been weakened by the failure of the Chadian authorities in Chad, where almost 50% of Chad's imports are obtained. It has been under construction for the past two years since the construction of the infrastructure of the Cameroonian authorities, the Director General stated that it is a priority due to lack of activity'. It could be inferred that the Cameroonian government borrowed large sums of money to build infrastructure that was damaged because it was not used. With regard to the Kribi industrial zone, the Director General stated that 'the development of an industrialised area has not been achieved', an opinion shared by Christian Penda Ekoka who explained that the development of an industrial zone was the result of an agreement with Rio Tinto, which withdrew from the project. Pendo Ekoka added that "if Cameroon had just invested 10%, of the money spent on the port of Kribi, in the port of Tiko, Limbe and Douala, it should have been more profitable and have a direct impact on our economy" What is certain is that the port of Kribi is the most modern and most important facility in the whole of Central Africa. If you are interested in investing in the port of Kribi, we can help you with: newcompany set-ups and licences, accounting and taxation, translations and legalisations, green field and brown field concessions, tax exemptions for 5 / 10 years, tax free zone, public and private partnership, relations with institutions, personnel search and selection, and everything you need to set up your company and conquer the African and world markets. Get in touch now

President Sergio Mattarella Visits Cameroon - 2017

President-Sergio-Mattarella-along-with-President-Paul-Biya-in-Cameroon

Below are some excerpts from the interview given to Vita by the former Italian ambassador to Cameroon Samuela Isopi which you can read in full on VITA, if you want at the end of the article you will also find the video of the statements by Italian President Sergio Mattarella

Below is an excerpt to better understand the opportunities that Italian entrepreneurs have both economically and strategically.

Let me remind you that Cameroon is a country in a strategic position, with duty-free access to as many as 40 African countries (point Franco).

Dr. Samuela Isopi he says: During President Mattarella's visit in 2016, his Cameroonian counterpart asked us to strengthen economic cooperation between Italy and Cameroon, which is the condition sine qua non development of the local private sector and the ability to attract new foreign investors. With this mission, we want to facilitate a meeting between the Cameroonian and Italian private sectors and convince our country's entrepreneurs to invest in this country, despite the problems that exist.

 

Cameroon, like I believe the rest of Africa, needs more trade, more economy, to create jobs for young people and generate income. Development cooperation alone is not enough and should be more oriented towards the development of the economy, through support for private enterprise, capacity building

map-del-camerun-150x150human resources and the transfer of know-how. These are the two things the Cameroonians have been asking for: more enterprise and more quality training on the ground. Not more aid.

Indeed, Cameroon is often criticised for its lack of good governance and widespread corruption. How to convince entrepreneurs to invest in a country with such untapped potential?

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ESCB

ESCB Acr. of: European System of Central Banks (fr. Système européen de banques centrales SEBC; Engl. European System of Central Banks -ESCB) consists of the European Central Bank (ECB) and the National Central Banks (NCBs) of the EU Member States (15 as of 2001). It is provided for in the Maastricht Treaty of 7.2.1992 (Art. 8, ex 4A TEU; Art. 105-111, new name, TEC) together with the EMI and the ECB. The Treaty and a special Protocol, annexed to the TEC, define the tasks and statute of the ESCB (in addition to the ECB) and stipulate that it consists of the ECB and the NCBs of the Member States. The ESCB was established with effect from 1.6.1998 (as was the ECB), but with a partial area of activity as regards the monetary policy tasks laid down in the founding rules (see below ESCB, ECB and Eurosystem). Objective and tasks. The ESCB, the EMI and the ECB are the three structures introduced by the TEU for the conduct of monetary policy in the EU.The main objective of the ESCB (Art. 105.1 TEC and Art. 2 of the Protocol) is to maintain price stability. The Governing Council of the ECB has given a precise definition of this objective, stating that "price stability" means an annual increase in consumer prices of less than 2%. Subject to this objective, the ESCB supports the EU's economic policies in order to contribute to the realisation of the Community's economic objectives (harmonious, balanced and sustainable development of economic activities; a high level of employment and social protection; equality between men and women; sustainable and non-inflationary growth; a high degree of competitiveness and convergence of economic performance; a high level of environmental protection and improvement of the quality of the environment; raising the standard of living and quality of life; economic and social cohesion; solidarity among Member States; Article 2 TEC). The basic tasks of the ESCB are to define and implement the monetary policy of the Community; to conduct foreign exchange operations in line with the provisions of the TEC (Art. 111); to hold and manage the official foreign reserves of the Member States; to promote the smooth operation of payment systems. The ESCB must also contribute to the smooth conduct of policies relating to the prudential supervision of credit institutions and the stability of the financial system (Art. 3 of the Protocol). Together with the NCBs, it collects statistical data directly from the national authorities or economic agents. The issuance of legal tender banknotes in the euro area is carried out by the NCBs and the ECB, but the power to authorise it is reserved to the ECB. The quantities of coins that can be minted by the Member States are also authorised by the ECB (Art. 106 TEC). 2. ESCB, ECB and Eurosystem. Unlike the ECB and the NCBs, the ESCB does not have legal personality, its own employees or even its own governing body, but is supported by the offices of the ECB and governed by the decision-making bodies of the ECB, which also decides how and by whom it is represented in the field of international cooperation (Arts. 7 and 8 of the Protocol). The Member States transfer sovereignty in monetary policy matters to the ESCB, ...

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BANQUE DE DÉVELOPPEMENT DES ÉTATS DE L'AFRIQUE CENTRALE - BDEAC

BDEAC Engl. Central African States Development Bank Multilateral development bank constituted on 3.12.1975 with headquarters in Brazzaville (Congo) by the six Central African countries, all from the French franc area, which form a monetary union, UMAC franc CFA: Cameroun, Chad, Gabon, Equatorial Guinea, Central African Republic, Republic of Congo of CEMAC (Communauté économique et monétaire d'Afrique centrale), later expanded participation to: France, Germany, Kuwait, Banque des Etats d'Afrique centrale (BEAC) African Development Bank (AfDB). The six CEMAC countries hold 72.5%. The share capital amounts to 57.2 billion CFA francs (€ 87.2 million). After a long period of organisation, the Bank started financing operations in 1992. Its mission is to promote the economic and social development of the six CEMAC countries, and mainly to finance multinational projects in the productive sector (modernisation investments, conversion, privatisation of enterprises), income-generating infrastructure and basic rural development investments, and all operations that can contribute to economic integration and the achievement of the Community's objectives.

The deep-water port of Kribi has been open since 1 March 2017

The Kribi deep-water port will be commissioned on 1 March 2017 (Business in Cameroon) - On 1 March 2018, the Kribi deep-water port will be commissioned and ready to receive the first commercial vessels. This was announced by Lionel Odeyer, CEO of CMA-CGM Cameroun, the French shipowner that is part of the consortium that won the contract to build the container terminal of this port located in Southern Cameroon. This was after a meeting with Edgard Alain Mebe Ngo'o, Cameroon's Minister of Transport. 'We have just studied the conditions for the opening of the Kribi terminal, as we are partners in this project that will help modernise Cameroon's economy. The meeting with the minister allowed us to study these conditions and raise the two or three points that we still need to examine. The meeting was extremely productive and maintain the current deadline, which is 1 March st for the opening,' the CEO told Quotidien gouvernemental . According to the French shipowner, the first commercial vessels that will access the Kribi port, which has been waiting for more than two years to start up, will leave Asia from 15 January 2018. "There will be many weekly stops. There will be one stop coming directly from Asia and we will also have two weekly services coming directly from Europe and the Westman side (Italy and Spain)," said Lionel Odeyer.

italiacamerun Aedic association

A.E.D.I.C.
Cameroon - Yaounde
Italy - Gorizia

en_GBEnglish (UK)