The International Finance Corporation (IFC) has partnered with Cameroonian energy retailer, BOCOM Petroleum, to optimize the country’s liquefied petroleum gas (LPG) sector in an effort to improve access to clean cooking while reducing deforestation and mitigating climate change.
The IFC is providing BOCOM with a €50 million finance package comprising a €25 million loan from the IFC and a €15 million concessional loan from the International Development Association Private Sector Window Blended Finance Facility.
Another €10 million loan is being sourced from a leading development finance institution. BOCOM will use the loan to expand its LPG operations across Cameroon by funding the expansion of its main LPG storage and filling center while building new distribution regional hubs.
BOCOM will also expand its fleet of LPG transportation trucks and is expected to create an additional 160 direct jobs.
“We are proud to partner with BOCOM to foster access to cleaner and safer fuel, while supporting Cameroon’s energy transition. Our partnership will also help promote economic inclusion in regions of the country where private sector investment has been lagging for years, helping create jobs and boost the local economy,” said Sylvain Kakou, IFC Country Manager for Cameroon.