CI-NEWS

Inclusive development: Cameroon secures 117 billion more from World Bank.

2019-10-22

No: 452

Inclusive development: Cameroon secures 117 billion more from World Bank.

Cameroon has secured an additional 117 billion FCFA from World Bank.

A partnership agreement to this effect was signed on Tuesday October 15, in Washington. According to the partnership, the International Development Association will disburse the loan that will be used in the second phase of the support programme to consolidate inclusive development.

The International Development Association is an international financial institution affiliated to the World Bank and offers concessional loans and grants to the world’s developing countries.

Abdoulaye Seck, World Bank’s Director of Operations for Cameroon, signed on behalf of the Association, while Cameroon’s Minister of the Economy, Planning and Regional development, Alamine Ousmane Mey, signed for Cameroon. The Minister was accompanied to the signature table by the Finance Minister, Louis Paul Motaze.

Speaking shortly after putting ink on paper, Cameroon’s Minister of the Economy, Planning and Regional Development, Alamine Ousmane Mey, sounded quite positive. “The engagements taken by Cameroon for the operationalization of the Economic Program is buttressed by the enlarged credit facility with the International Monetary Fund and strongly supported by the technical and financial partners,” Minister Ousmane Mey re-echoed. Addressing the key stakeholders at the signing ceremony, the Cameroonian Delegation appreciated the World Bank for doubling the amount that was initially earmarked for the second phase. He also used the occasion to announce the imminent beginning of the Program’s third phase in the next few years.

Projects covered by the programme to consolidate inclusive development span a wide range of fields and have been ongoing since 2017. A greater share of the road network in the country has been maintained and refurbished, thanks to the programme. The energy sector has also witnessed a great boost, with the development of alternative energy sources and the regular subventions accorded the electricity management body, ENEO. Subventions to the health and educational sectors have also been effective due to funds sourced from the programme.

Mr. Alamine Ousmane Mey added that health promotion, social inclusion and the protection of vulnerable persons have been succinctly factored into the project. “Through the growth of our performance, quality health care services and more access to subsidized school manuals have been reinforced,” the Minister said. The nation’s growth performance has in a nutshell, been strengthened in the last few years largely due to more public investment. Though this is increasing the country’s debt levels, economists say the move by the nation, is however towards the right direction. Most observers hope that the economic growth that has been reinforced by the World Bank will effectively translate into equitable poverty reduction. The poverty level of Cameroonians is expected to get better and the widespread disparities in poverty rates be reduced. The funds should go a long way to tap from Cameroon’s strong prospective and develop its vast potential which is embedded in its abundant natural resources.

Adapted from Cameroon Insider.

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Inclusive development: Cameroon secures 117 billion more from World Bank.