(Business in Cameroon) - Managing Director of the Hydrocarbon Price Stabilisation Fund since May 2013, Elung Paul Che has been appointed as Chairman of the Board of Cameroon SME Bank. According to Ecofin Agency’s sources, this decision was made on January 31, 2014 at the conclusion of a mixed general assembly for the newly created bank.
Former Managing Director of the Ministry of Finance’s Treasury and Administrator of the Douala Stock Exchange (DSX), Elung Paul Che was announced to be the future Executive Board head at the end of a general assembly held in March 2013. He is the only person to have received the Central African Banking Commission’s approval for the position.
But his appointment will still have to be confirmed by presidential decree. The same goes for Agnes Ndoumbe Mandeng, current Financial and Monetary Co-operation Director at the Ministry of Finance who is to be Managing Director at the Cameroon SME Bank. She has also received approval from the said CEMAC regulatory body.
With 10 billion FCfa in capital, the new bank plans to remove the obstacles that hiner SME access to financing. The main objective is to boost the development of these companies which are unanimously considered to be engines of economic growth.