Afreximbank, a bank focused on supporting African trade and development, has provided €40 million to a Cameroonian company called Prometal SA. This funding, announced on September 28, will help Prometal improve its steel manufacturing operations and expand its business. The money will be used to cover the costs of turning semi-finished steel into finished products, like materials for construction and agricultural tools. This support aims to help Prometal meet the growing demand in Cameroon’s construction, industrial, and agricultural sectors. Afreximbank’s president, Dr. George Elombi, stated that this investment is part of a larger goal to boost manufacturing in Africa and keep more value from natural resources within the continent. Hayssam El Jammal, the CEO of Prometal, expressed that this partnership marks an important step in their growth and will help reduce reliance on imported goods by enhancing local production. Prometal operates seven factories that produce around 360,000 tonnes of finished steel each year and also runs another company that makes edible oil and soap.
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