Afreximbank Provides $45.3 million Working-Capital Facility to Cameroon’s Prometal
The African Export-Import Bank (Afreximbank) announced on Wednesday, Sept. 30, that it had provided Prometal SA with a €40 million ($45.3 million) revolving working-capital facility. The financing will help the group cover its operating-cycle requirements.
Afreximbank expects the facility to help Prometal respond to rising demand for steel and metal products in Cameroon. The bank also described the transaction as a way to strengthen local production capacity and African industrial value chains.
“This facility is fully aligned with Afreximbank’s commitment to accelerating industrialization so that the continent can derive maximum value from its natural resources,” said George Elombi, president and chairman of Afreximbank’s board. He added: “By identifying and developing the capabilities of African industrial champions such as Prometal SA, the Bank strengthens Africa’s local production capacity and creates national and regional value chains.”
ProAlu, a previous industrial financing deal
The new facility comes one year after financing for ProAlu, a group subsidiary that specializes in aluminium processing. In September 2025, the company raised 54.4 billion CFA francs from BGFI Bank, Société Générale Cameroun, Afriland First Bank and Proparco.
BGFI Bank provided 15.5 billion CFA francs, Société Générale Cameroun provided 15 billion, Proparco provided 15 billion and Afriland First Bank provided 8.9 billion. Afriland First Bank, Société Générale Côte d’Ivoire and BGFI Capital arranged the transaction.
The ProAlu project aimed to expand the group’s aluminium and copper-processing operations, with the stated objective of reducing imports of metal products.
The two transactions serve different purposes. The financing raised in 2025 supported the development of new industrial capacity, while Afreximbank’s 2026 facility will finance working-capital requirements linked to the group’s ongoing operations.
Prometal SA initially focused on steelmaking before gradually diversifying its activities. The group now operates through Prometal Acier, its steel and metallurgy division, and NOVIA Industries, which it established in 2018 and which operates mainly in palm-oil refining and the recovery of by-products from that activity.
Source: Ecofinagency