Cameroon takes a new loan, making a total of $1.68 billion credit owed to African Development Bank

The total funds of the African Development Bank (Afdb) allocated in four decades of intervention in
Cameroon amounted to $ 1,63 billion, indicating an official record in the context of a new loan of 180 Million euros on Friday.

These loans include 23 projects in various areas such as infrastructure, transport, energy and agriculture. They demonstrate the ongoing level of commitment of the pan-African financial institution to support the development efforts of the central African country, according to solomane koné, its country leader.

" for 2017 alone, the bank approved six operations for Cameroon in the amount of $ 712 million, with the approval of this day [Friday] by the executive board of the regional project interconnection integrator Electricity from Cameroon and Chad ", said the bank manager.

These funds include the granting of a new loan amounting to EUR 180 million, equivalent to $ 212,5 million, which was signed between Louis Paul Motaze, the cameroonian minister for economic affairs, Planning and spatial planning, and solomane koné, the afdb country manager, Friday in yaoundé.

It is a budget support to support an economic and financial reform plan implemented by the government of Cameroon, under the requirements of a three-Year Structural Adjustment Programme (2017-2019) concluded at the end of June with the International Monetary Fund (IMF). ) to allow for the recovery of the country's economy by falling oil prices and security crises, including Boko Haram, explained Mr. Motaze.

This structural adjustment programme provides for the release of nearly 1.300 billion cfa francs for Cameroon over the next three years, including from the IMF, the world bank, the afdb, and The European Union (EU), the French Development Agency (AFD) and other partners.

At the signing of the extended credit facility (FEC) on 26 June in Washington, d. C the IMF had released a first tranche of $ 666,2 million.

The resulting economic and financial reform plan is reflected in the implementation of the programme of support for competitiveness and economic growth between 2018 and 2020

" this programme, explains the minister of economic affairs, aims to address the adverse effects of the double oil, security and humanitarian crisis [linked to an important influx of Central African and Nigerian refugees in Cameroon with a large number of internally displaced persons], And to promote diversification of the economies of the subregion, while preserving the vulnerable populations affected by the double crisis."