African Export Import Bank has stepped forward with a substantial forty million euro revolving working capital facility designed to strengthen the industrial momentum of Prometal SA in Cameroon, and this development marks a significant step forward for manufacturing capacity across the region as both institutions align their resources toward shared economic goals.
The formal agreement came together on twenty eighth September at the bank headquarters in Cairo Egypt where senior representatives from both organisations gathered to confirm the arrangement that will provide essential financing and guarantees to meet the working capital requirements of one of Cameroon most prominent metallurgical and industrial groups.
Denys Denya serving as Senior Executive Vice President of Afreximbank and Hayssam El Jammal in his capacity as Chief Executive Officer of Prometal SA placed their signatures on the document while Dr George Elombi President and Chairman of the Board of Directors of Afreximbank observed alongside Ali Karaki Group Deputy Managing Director of Prometal SA and Leonelle Nomechi Manager of Trade Finance at the bank.
This facility will directly support the processing and transformation of semi processed steel into a diverse range of finished steel products that include agricultural equipment and construction materials while simultaneously expanding the capacity to respond to rising demand across construction infrastructure industrial and agricultural sectors throughout Cameroon.
Dr George Elombi emphasized that this facility aligns perfectly with the bank commitment to accelerate industrialisation across the continent ensuring that Africa captures maximum value from its natural resources and explained that by identifying and capacitating African industrial champions like Prometal SA the institution strengthens domestic manufacturing capacity and creates domestic and regional value chains.
Hayssam El Jammal described the moment as a new milestone and a new stage in the growth journey of his company through what he called a strategic partnership with Afreximbank that demonstrates the bank continued commitment to turning African industrial ambitions into reality for businesses and communities alike.
The chief executive outlined a mixed matrix strategy that combines vertical integration across the value chain from raw material processing through to finished goods production with horizontal expansion into new markets driven by the clear ambition of producing in Africa goods that are still largely imported today.
This approach aims to strengthen African production capacity reduce dependence on imports and retain greater value within local economies while the chief executive reaffirmed his commitment to honoring the trust placed in his organisation by the bank and expressed enthusiasm for building a strong lasting partnership.
Prometal SA operates as a leading metallurgical and industrial group with a significant and growing industrial footprint that has successfully implemented substantial investments over the years aimed at developing local manufacturing capacity and replacing the importation of products previously sourced from international markets.
The group organizes its operations around two principal business lines that include Prometal Acier as the core steel and metallurgical business operating across seven industrial plants with an aggregate annual production capacity of approximately three hundred sixty thousand metric tons of finished steel products.
NOVIA Industries established in twenty eighteen represents the group expansion into the agribusiness sector and has rapidly developed into one of the leading players in its market segment with an estimated production capacity of five hundred tons per day of edible oil and one hundred sixty tons per day of soap.
This agribusiness division positions itself as a significant producer of refined palm oil products and related by products contributing meaningfully to import substitution in Cameroon and supporting the government industrialisation objectives across multiple sectors of the economy.