Maiden Credit Agreement

BUSINESS PLANSFIRST FUNDING

The cooperative society of table egg producers of Penka Michel represents the first credit agreement among producer organisations in December 2018.
FIGEC also Signed its First Credit Agreement
February 13, 2019
An MC2 Co-Funding
February 13, 2019

Maiden Credit Agreement

By February 13th, 2019 in Business Plans, Component III

The inaugural business plan is almost 100 million francs. The cooperative has convincing arguments. All starts with the financial assessment of current investments. They represent nearly 28 million CFA francs. Gabriel Amoh, Board Chair, relies on his organisation: «We have been producing and marketing table eggs since 2006. We produce 640,000 a year and want to go from double to triple.

The Cooperative had 2,000 laying-hens at the start. We now have 5,500. The intervention of PRODEL should take them to 15,000 layinghens. The Chair has it this way : «we will then move on to 4.800.000 table eggs per year. The Cooperative contributes 26% to the business plan. This is more than twice the ceiling of contributions from producer organisations.

MC2, the partner financial institution, contributes 15% when PRODEL is at 58%, that is 58 million francs. The construction of two poultry houses and a chicken hatchery consumes at least 40. The incineration pit, feeders, drinkers and the other investments exhaust the in-put from PRODEL. The flow of table eggs is ensured. Three productive partnerships have been signed: Fojou for 40 cartons of eggs per week, Jacques Kengne for 60 and Tagouman Ngniehie for 80.

This is a buyer’s contract of 180 table eggs on a weekly basis. «The Bank has already notified us of our funding. At the same time, the Regional Pre-selection Committee has accepted the file of that cooperative’’, as the Chair had to specify.

By Télesphore Mba Bizo