Paul Fokam's Afriland Facilitates 1.2 Billion Agricultural Deal In Bangui

Afriland First Holding facilitated a major CAR-India partnership to develop 30,000 hectares for cassava, sugarcane, and energy production.

The 15-year project aims to cultivate 30,000 hectares of cassava and sugarcane, creating over 100,000 direct jobs and supporting cleaner energy sources.

Afriland continues expanding its Pan-African presence with a focus on digital banking and SME lending, injecting 2.7 billion into Cameroons economy in 2023.

Afriland First Bank, founded by Cameroonian businessman Paul Fokam, has played a central role in facilitating a 1.2 billion partnership between the Central African Republic CAR and Indian conglomerate Mahasakthi.

On Tuesday, Apr. 15, the CAR government signed two major agreements with Mahasakthi, with a combined value of over FCFA 800 billion 1.2 billion. The agreements were made possible with support from Afriland First Holding, the Togo-based financial arm of Afriland First Group.

The deal, signed in Bangui, the capital of CAR, focuses on developing 30,000 hectares of land for the large-scale cultivation and processing of cassava and sugarcane. It's a significant move aimed at strengthening the countrys agricultural sector and improving energy production.

Over the next 15 years, Afriland First Holding will lead the coordination of the project, which is set to transform the agricultural landscape of a country where nearly 70 percent of the population relies on farming for their livelihood, according to the World Bank.

The initiative is closely tied to the CARs National Development Plan PND-RCA 20242028, which places a strong emphasis on making better use of the countrys 5 million hectares of fertile land. Under the agreement, 10,000 hectares will be allocated for cassava and 20,000 for sugarcane.