Cameroon-World Bank: FCFA 237 Billion To Fund Three Projects

The loan agreement was signed in Yaounde on October 12 between the Minister of the Economy, Planning and Regional Development and the World Bank’s country Director of Operations.

T he World Bank will make available FCFA 236.54 billion to Cameroon for the funding of three projects within a period of five years. The operations include Project for the Development and Valorisation of Investments in the Benoué Valley (VIVA–Bénoué) which will gulp 179.7 million Euro (circa FCFA 116 billion), the Regional Project on the Empowerment of Women and the Demographic Dividend, Cameroon Component (SWEDDA2) with 68.5 million Euro allocated (about FCFA 44.9 billion) and the Project to Support the Development of Secondary Education and Skills for Growth and Employment (PADESCE) with an allocation of 112.4 million Euro (about FCFA 73.7 billion). The three loan agreements were signed in Yaounde on October 12, 2021 by Cameroon’s Minister of the Economy, Planning and Regional Development, Alamine Ousmane Mey and World Bank Group’s Operations Director in Cameroon, Abdoulaye Seck in the presence of Cabinet Ministers concerned with the projects. To the World Bank official, these projects will improve the lives of millions of Cameroonians as well as enhance equal access to quality technical and professional education adapted to the job market. He reiterated the commitment of the World Bank Group in Cameroon to accompany Cameroon in the implementation of these projects.

On his part, the Minister of the Economy, Planning and Regional Development saluted the multiform support from the World Bank which he said is the first development partner of Cameroon in terms of funding. The cooperation between Cameroon and the Bretton Woods institution, Minister Alamine Ousmane Mey stressed, is intensifying within the past years with a substantial increase of the bank’s portfolio in Cameroon with funding peaking to FCFA 997 billion for 15 active projects. He said most of the funding is through concessional loans with 70 per cent from IDA, 28 per cent from BIRD and 2 per cent being grants. Tuesday’s three loan agreements, he noted, takes World Bank’s operations in Cameroon to 18 projects.

The Projects

The VIVA-Bénoué project is dedicated to rural development and building climate change resilience structures as well as developing 11,000 hectares of agricultural land in the Beénoué Valley in North Cameroon. The project will entail constructing sustainable drainage infrastructure, irrigation schemes, support to small scale agricultural producers and agribusinesses with the objective of increasing agricultural production in the area. As for SWEDD2, the objective is the development, economic empowerment and improved access to reproductive health services for women and girls in the Far North, North and Adamawa Regions. Meanwhile, the PADESCE project aims at improving equitable access to secondary education and quality technical and professional training adapted to the job market.

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