Yaounde, Cameroon Africa. (Cameroon News) – The government of Cameroon has raised FCFA 8 billion in treasury bonds within the first phase of the operation launched on November 17, 2011.

Government plans to raise FCFA 50 billion by December 31, 2011 to fuel the country’s socio-economic development in 2012.

Douala Stock Exchange

Finance Minister Essimi Menye, in a press conference in Yaounde, Friday, November 25, said the amount already raised out of the FCFA 10 billion targeted for the first phase, signalled a good start for the operation.

“This a good signal that our target of raising FCFA 15 billion in the second phase to start on December 1, 2011 would be reached”, the Minister said.

The third and fourth phases of the operation, sources disclosed, will be launched on December 16 and 23, 2011 respectively.

Twelve national and international banks were finally retained for the treasury bonds operation who agreed to the maximal interest rate of 2.8 percent for time lapse of three months.

The banks include among others, Afriland First Bank, BICEC, SGBC Cameroun, SCB Cameroun, Union Bank of Africa, Cameroon, Ecobank RCA and Union Gabonaise de banque, Libreville.

Essimi Menye explained that putting the treasury bonds on the market was a universal income-generating mechanism, which besides ensuring the liquidity of the State treasury, also keeps the capital market on the move.

The money raised, he said, has already be deposited in the country’s operational account in the Bank of Central African States (BEAC) which is the central bank of the Central African Economic and Monetary Community (CEMAC) member States.