Cameroon’s industrial sector is receiving a new financing boost as the African Export-Import Bank (Afreximbank) extends a €40 million revolving working capital facility to Prometal SA, one of the country’s leading metallurgical and industrial groups.
The facility, signed on September 28 at Afreximbank’s headquarters in Cairo, will provide financing and guarantees to support Prometal’s working capital requirements as the company continues expanding its industrial operations.
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The financing will enable Prometal to process and transform semi-processed steel into finished products, including agricultural equipment and construction materials. It is also intended to strengthen the company’s ability to meet growing demand from Cameroon’s construction, infrastructure, industrial and agricultural sectors.
The agreement was signed by Denys Denya, Senior Executive Vice President of Afreximbank, and Hayssam El Jammal, Chief Executive Officer of Prometal SA.
For Cameroon, the financing supports an industrial model focused on increasing local production and developing value chains around manufacturing. Prometal has invested in domestic production capacity aimed at replacing products previously sourced from international markets, contributing to import substitution in the country.
Prometal’s core steel business, Prometal Acier, operates seven industrial plants with an aggregate annual production capacity of approximately 360,000 metric tons of finished steel products.
The group is also active in agribusiness through NOVIA Industries, established in 2018. The company has an estimated production capacity of 500 tons of edible oil per day and 160 tons of soap per day, making it a significant producer of refined palm-oil products and related by-products.
Afreximbank said the financing reflects its broader focus on supporting African industrial companies capable of developing domestic and regional value chains. The bank has positioned industrial finance as part of efforts to help African economies capture more value from resources and expand manufacturing capacity.
Prometal’s leadership said the partnership will support the company’s strategy of increasing production within Africa while expanding into markets where goods remain heavily dependent on imports. The company described its approach as combining greater integration across the production chain with expansion into new markets.
The facility therefore places Cameroon’s steel industry within a wider continental push toward industrialisation, local manufacturing and stronger African supply chains. By increasing the availability of locally produced steel products, the investment can support industries ranging from construction and infrastructure to agriculture and manufacturing.
Afreximbank’s wider mandate is to finance and promote intra-African and extra-African trade while supporting industrialisation and economic expansion across the continent. The institution has also developed financial mechanisms linked to the implementation of the African Continental Free Trade Area.
For Prometal, the new facility provides additional working capital as it expands production. For Cameroon’s industrial economy, it adds financing capacity to a sector supplying essential materials for infrastructure, agriculture and manufacturing.
The agreement highlights how African financial institutions and industrial companies are increasingly working together to strengthen production capacity, develop regional value chains and create greater opportunities for goods to be produced within African markets.
