14 July 2017

Cameroon: Over FCFA 600 Billion in Transactions

The multilateral development finance institution has stood true to its mission to accompany Cameroon in pursuing sustainable economic growth and social progress.

Cooperation between Cameroon and the African Development Bank Group (AfDB) has so far been commendable since the country started dealing with the multilateral development finance institution in 1972 with the project for the construction of the Douala International Airport.

As at June 30, 2016, statistics show transactions between both parties stood at 727.47 Million Units of Account (MUA); approximately FCFA 600 billion. The amount has covered 20 operations; with 16 of national character, six with regional sphere and the rest being private sector intervention in the country.

In July 2015, the Board of Directors of AfDB approved a Country Strategy Paper for Cameroon, to cover the last six years (2015-2020) of the 2010-2020 segment of the country's Growth and Employment Strategy Paper. The strategy is expected to foster the development of agriculture value chain in order to render economic growth more inclusive and sustainable.

The AfDB package seeks to reinforce infrastructures in the country, long-lasting investments and good governance. On July 1, 2014, Cameroon attained the 'Blend Country' status, giving the country more opportunities to secure funds from the African Development Bank Group's African Development Bank and African Development Fund.

In Cameroon, the AfDB has intervened in the agriculture, energy, transport, information and communications technology, water, drainage system, environment and climate change sectors.

Since its inception in 1964, the AfDB has been fighting poverty and improving living conditions on the continent through the promotion of investments of public and private capital in projects and programmes that are likely to contribute to the economic and social development of the region.

We learned the African Development Fund lends at no interest rate, with an annual service charge of 0.75%, a commitment fee of 0.5%, and a 50-year repayment period including a 10-year grace period. Besides mobilizing and allocating resources for investment in regional member countries, the bank equally provides policy advice and technical assistance to support development efforts.

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