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Government re-echoes commitment to revive CDC
Government re-echoes commitment to revive CDC.
FCFA 29 billion has so far been allocated to reconstruct the state corporation.
Given the sharp drop in banana production recorded in the first quarter of the 2020 fiscal year, government has re-sounded its resolve to see the Cameroon Development Corporation bounce back.
A report released by a banana exportation association, last April, indicated that the production of banana in the country had dropped by more than 20 per cent. This necessitated an outing by government, stressing they remain committed to revive the corporation. Minister Alamine Ousmane Mey of the Economy, Planning and Regional Development made reference to the FCFA 29 billion announced at the start of the year for the re-construction of some oil mills belonging to the corporation. He indicated that the disbursement was in response to a request made by the CDC as it was greatly impacted when some of its estates were no longer able to function when the crisis at the North West and South West Regions was at its peak. The government assurance is boosted by the fact that the European Union, EU, which is the major funder of Cameroon’s banana production, recently announced the extension of a FCFA 13.6 billion funding scheme.
The EU seven-year Banana Accompanying Measure, concluded in 2013, was extended by two years. “The companies concerned have two more years to complete the actions undertaken to improve the productivity of their plantations and enhance the competitiveness of the sector,” the EU announced.
Cameroon exports huge amounts of banana yearly. Though the entire globe is reporting a slump in economic activities, the government hopes the sector can contribute to the nation’s resilience when things fall back in order. This explains why officials are not waiting for things to get normal before they start thinking. Rather they are taking advantage of the travel restrictions to work in order to make gains when things get normal.
In March 2020, the Minister of Agriculture and Rural Development, Gabriel Mbairobe, paid a working visit to Penja, during which he sized up the state of plantations and the needs of that agricultural area in the Littoral Region.
Culled from Cameroon Insider