01-10-2026
By Michelle Waweru | Channel: finance
| Tags: Banking
Cameroon
Financial Services
Manufacturing
Afreximbank provides EUR 40 million to Prometal SA
Afreximbank and Prometal SA have signed a EUR 40-million revolving working capital facility to support the expansion of the company’s industrial operations.
The agreement was put to paper on 28 September at Afreximbank’s headquarters in Cairo, Egypt, by Mr. Denys Denya, Senior Executive Vice President of Afreximbank, and Mr. Hayssam El Jammal, Chief Executive Officer of Prometal SA.
Afreximbank financing to support steel processing
Under the agreement, Afreximbank will provide financing and guarantees to support Prometal SA’s working capital needs, including the processing and transformation of semi-processed steel into a wide range of finished steel products. It will also boost Prometal SA’s capacity to meet growing demand for steel and metal products across construction, infrastructure, industrial, and agricultural sectors in Cameroon.
George Elombi, President and Chairman of the Board of Directors of Afreximbank: “This facility is in step with Afreximbank’s commitment to accelerate industrialisation, ensuring that the continent realises maximum value from its natural reons, like Prometal SA, the Bank is strengthening Africa’s domestic manufacturing capacity and creating domestic and regional value chains.”
Investment strengthens local manufacturing
Hayssam El Jammal, Chief Executive Officer of Prometal SA: “Today, we are reaching a new milestone and entering a new stage in our growth through this strategic partnership with Afreximbank, which demonstrates the Bank’s continued commitment to turning African industrial ambitions into reality. Our mixed-matrix strategy combines, on one hand, vertical integration across the value chain from the processing of raw materials to the production of finished goods, and, on the other hand, horizontal expansion into new markets with the clear ambition of producing in Africa goods that are still largely imported today. In doing so, we aim to strengthen African production capacity, reduce dependence on imports and retain greater value within our economies.”
This financing comes as Prometal SA expands its operations through two new steel plants, PROMETAL 4 and PROMETAL 5, in Douala, Cameroon.
Prometal SA expands steel production capacity
The processing plants were launched in February 2026 by Cameroonian Prime Minister, Chief Dr. Joseph Dion Ngute and are intended to significantly enhance the local processing capacity of metallurgical raw materials and the production of manufactured goods for domestic and industrial use.
According to Prometal SA, the two plants required an investment of approximately 57 billion FCFA.
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