Société Générale Cameroun (SGC), the subsidiary of the French bank Société Générale, has granted a loan of 342 million CFA francs (over 521,000 euros) to NaMé Recycling. This financing will be reinvested by the Belgian-Cameroonian company in the production of plastic pallets in the cities of Douala and Yaoundé.
The activities of NaMé Recycling should accelerate in Cameroon. Société Générale Cameroun (SGC), the subsidiary of the French bank Société Générale, is validating a loan of 342 million CFA francs (more than 521,000 euros) in favor of the Belgian-Cameroonian company specialized in the collection and recycling of plastic waste. The loan is repayable in 60 months from the date of signature of the agreement, February 9, 2022.
SGC is allocating these funds as part of the Positive Impact Finance program to which the commercial bank has committed since 2015. Through its CSR (Corporate Social Responsibility) approach, the bank also supports its clients in developing their business while effectively integrating environmental, social and governance (ESG) criteria into their operations and strategies. The financing granted to NaMé Recycling will allow the acquisition of new equipment for the transformation of plastic waste into pallets in the cities of Douala and Yaoundé.
Read Also – AFRICA: the circular economy at the heart of ecosystem preservation
For NaMé Recycling, the goal is to reduce deforestation in Cameroon. In the central African country, the manufacture of pallets requires the cutting of wood. NaMé Recycling’s project will create an additional 25 direct jobs. Currently, the company founded in 2014 by entrepreneurs Roblain Namegni and Thomas Poelmans, employs 21 people for its collection activity, with 600 direct jobs created in 2019.
In addition to reducing deforestation, NaMé Recycling also aims to reduce plastic pollution in Cameroon. In the Central African country, the company has already recycled more than 1,281 tons of plastic waste through its plants in Douala and Yaoundé. NaMé Recycling also has three collection points in Limbe, Bafoussam and Garoua.