Washington — The World Bank Group's Board of Executive Directors today approved a $100 million Fiscal Consolidation and Inclusive Growth Development Policy Operation (DPO) to support inclusive and robust growth and strengthen the country's resilience to climate change.
"Cameroon's economy is facing headwinds due to increasing fiscal and external financing pressures. The support provided through the DPO will help the country implement reforms necessary to improve governance, the management of public resources, and the business environment as well as human capital development," says Abdoulaye Seck, World Bank Country Director for Cameroon.
The proposed operation, the first in a programmatic series of three DPOs planned for 2022-2024, is closely aligned with the country's economic recovery efforts and the medium-term structural reforms that lay the foundations for its aspiration to become an upper middle-income country (UMIC) by 2035.
The program will support the decentralization policy, improve state-owned enterprise (SOE) governance, increase revenue mobilization, strengthen human capital and women's economic empowerment. It also aims at promoting equitable access to education across the country, improve women's access to education and the labor market, and strengthen the social protection system, preserve road assets and strengthening water resources management.
The World Bank Group's portfolio in Cameroon comprises 20 national operations financed by IDA*, the Global Environment Facility, and trust funds, with a net commitment of roughly $3.2 billion, and a comprehensive program of analytical services. The support contributes to the country's inclusive and sustainable growth through the implementation of economic reforms, improvements in agriculture, transport, public sector, governance, social protection, digital economy, and education.
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*The International Development Association (IDA) is the World Bank's fund for the poorest. Established in 1960, it provides grants and low to zero-interest loans for projects and programs that boost economic growth, reduce poverty, and improve poor people's lives. IDA is one of the largest sources of assistance for the world's 76 poorest countries, 39 of which are in Africa. IDA resources help effect positive change in the lives of the 1.6 billion people living in the countries that are eligible for its assistance. Since its inception, IDA has supported development work in 113 countries. Annual commitments are constantly on the rise and have averaged $21 billion over the past three years, with about 61% going to Africa.
