CI-NEWS

Development financing: Gov’t urged to motivate diaspora to invest back home.

2020-03-23

No: 478

Development financing: Gov’t urged to motivate diaspora to invest back home.

The Cameroon government has been urged to set up incentives to motivate diaspora to invest back home if it must increase development finance mobilization in the country.

The recommendation, among others, is contained in the report of a joint study on development financing in Cameroon presented last week in Yaounde by the United Nations Development Program, UNDP, in partnership with the Ministry of the Economy, Planning and Regional Development.

The report also calls for a rigorous re-look at the development finance mobilization in the country, as well as the need to ensure the practicability of repaying debts to guarantee the sustainability of public finances.

It further urges the government to take advantage of the various offers made available through global funding. Internal savings that should enforce the long term survival of start-ups have also been strongly recommended.

On incentives to the diaspora, the report suggests that establishing a permanent dialogue with them and setting up a one-stop shop will do the magic.

The Resident Representative of the UNDP, Jean – Luc Stalon, said coming up with the report was a major step in the nation’s development efforts. “This development assistance report is a milestone in terms of assessing how we can better collect and mobilize from both national and the international community to finance the development of the country”, Jean-Luc Stalon said.

The report, he adds, comes at a crucial time, with just 10 years to the date set for the attainment of the Sustainable Development Goals. “This cannot be done if we don’t have the adequate resources to attain the SDGs. The document presents concrete recommendations on how to improve upon the generation of income to finance development efforts. As the Resident Representative of the UNDP, I am so delighted to have taken part at this event to Launch the report”, Jean-Luc Stalon concluded.

The event was co-chaired by the Economy Minister, Alamine Ousmane Mey, and the Minister Delegate at the Ministry of Finance,Yaouba Abdoulaye. Minister Alamine Ousmane Mey stressed that Cameroon, just like the other countries, has taken a commitment to meet the Sustainable Development Goals in 2030. “Beyond this 2030 objective of the United Nations, we are working towards becoming an emergent country by 2035. Of course, when you make an assessment of development policies, it becomes very evident that you need financial resources to build human capital and to invest in the infrastructure. We need the public and the private sector to deliver this expected performance”, echoed Minister Alamine Osmane Mey.

The event was graced by the Resident Coordinator .of the UN System in Cameroon, Allegra Biaocchi.

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Development financing: Gov’t urged to motivate diaspora to invest back home.