CAMEROON : Beac ready to finance the rehabilitation of Sonara through its Window B

(LVDE) – The Bank of Central African States (Beac) has announced its readiness to provide up to CFAF 150 billion to support the rehabilitation of the Sonara refinery, which was damaged by a fire in 2019. This support, via its Window B, could reshape Cameroon’s energy landscape.

On September 29, 2025, at the closing of the third session of Beac’s Monetary Policy Committee, Governor Yvon Sana Bangui revealed that the institution is prepared to back the rehabilitation of Cameroon’s National Refining Company (Sonara), which was ravaged by a fire in May 2019. This initiative forms part of efforts to stimulate the productive sector within the Central African Economic and Monetary Community (Cemac), which brings together six countries : Cameroon, Congo, Gabon, Equatorial Guinea, Chad, and the Central African Republic.

Beac intends to activate its Window B, specifically designed to refinance medium-term loans for productive investment projects. “This window is meant to finance projects in the productive sector. We have taken the initiative to approach the Cameroonian authorities to present this instrument, which could support the rehabilitation of Sonara,” stated Yvon Sana Bangui.

The Cameroonian government estimates the total cost of Sonara’s rehabilitation at around CFAF 250 billion. According to available information, Beac is offering to finance 60% of this amount, or CFAF 150 billion. However, despite this generous offer, the Cameroonian authorities have yet to respond, raising questions about their willingness to seize this opportunity, especially given the competitive interest rates tied to this credit.

The Cemac money market, managed by Beac, is divided into two compartments: the interbank market and the central bank’s interventions through two windows, A and B. Window A is heavily used by commercial banks to access liquidity for their daily operations. Window B, on the other hand, although established in the 1990s, remains largely underutilized. “We have found that only two Cameroonian banks have used this window to finance two projects over the past three years,” said the governor.

This lack of awareness of Window B is worrying, particularly in a context where the region needs to revitalize its productive base. Last June, Beac organized a meeting in Bangui to showcase this financing option, but banks’ response was disappointing. “The banks were completely unaware of the existence of this instrument. We made an assessment, and the findings were disheartening,” added Yvon Sana Bangui.

To address this issue, Beac is considering revising the regulations governing the operation of Window B to better align it with the current needs of states and financial institutions. “We are working to adapt this mechanism to today’s context,” he stressed, underlining the importance of making this tool more accessible and attractive.

The rehabilitation of Sonara is crucial not only for Cameroon’s oil sector but also for the national economy as a whole. The refinery plays a central role in ensuring the supply of petroleum products and creating jobs. By facilitating the financing of this project, Beac could help revive the local economy while supporting the Cameroonian government’s drive to modernize its infrastructure.

The future of Sonara, and by extension that of Cameroon’s energy sector, largely depends on the authorities’ ability to engage with Beac and capitalize on the financial instruments available. Time is of the essence, and the decisions made in the coming months will be decisive for the success of this vital project.

Esther Grace