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Huge upshot as Italy cancels Cameroon’s debts.
Huge upshot as Italy cancels Cameroon’s debts.
Some projects to expand on the health, agriculture and educational fields have motivated the Italian government to cancel Cameroon’s debts to the tune of FCFA 12 billion.
The Minister of the Economy, Planning and Regional Development, Alamine Ousmane Mey, and the Italian Ambassador to Cameroon, Marco Romiti, on Tuesday July 21, 2020, co-chaired the first ordinary session of the steering and monitoring committee of the Cameroon-Italy bilateral agreement on the cancellation of Cameroon’s debts, for 2020.
The working session concluded on a good footing. It led to the launching of the new 2019-2021 funds, resulting from the debt cancelations. According to the agreement, Cameroon would redirect the money meant to be paid Italy, into development projects in the East, Adamawa, North and Far North Regions.
The funds will be invested in development projects in domains such as health, rural development, basic education and agro-industries.
Speaking after the working session, the Italian Ambassador said the bilateral agreement permitted them to cancel up to FCFA 15 billion, but the Cameroon government presented projects worth FCFA 12 billion and that is why the said amount has been cancelled.
“Cameroon presented projects in these Regions and these are in health, education and more. In education, we are going to be building schools. This is to encourage children to go to school and not to abandon it. Health Centres and other projects to help people develop skills in other areas as well as other commercial activities will be supported”, HE Ambassador Marco Romiti said. For his part, the Minister of the Economy, Planning and Regional Development, Alamine Ousmane Mey, stressed that every measure has been taken to ensure that the money is used for the intended purpose.
“The preparatory phase is over and we are entering real work,” he said. He also expressed satisfaction that the selected projects are in crucial sectors necessary to help the country meet the Sustainable Development Goals.
Culled from Cameroon Insider