Cameroon Marine Services seeks $6.5bn expansion fund from IFC ⁰

The Cameroonian marine services company APM SA is seeking a loan of €10 million (about CFA6.5 billion) from the International Finance Corporation (IFC) to finance its expansion strategy. The request will be reviewed by the IFC’s board of directors on June 20, according to a recent information note from the institution.

If approved, the resources will specifically enable the beneficiary to “expand its existing warehousing facilities in the port area of Douala, construct additional warehousing facilities in the largest industrial zone of Douala, build a timber park in the port area of Kribi, and refinance existing long-term local currency debt facilities,” IFC said.

The financial package proposed by the institution includes a €5 million loan from its account, while the remaining €5 million will be granted through the International Development Association (IDA)’s private sector window mixed financing mechanism.

Let’s note that APM owns and operates a wide range of equipment (loaders, trailers, forklifts, trucks) used for handling goods at the quayside and also has rental warehousing properties for third parties. The company also provides transportation services for clients’ goods in the hinterland. APM is owned by local investors, including Gabriel Manimben (30%), Messac Kwete (25%), Roch Mbanya (14%), Steve Yoh (11%), Joseph Faufack (10%), and five other shareholders.

Source: Business in Cameroon