- The African Development Bank (AfDB) did not only inaugurate its new regional office in Cameroon, but it has also financed funding for the construction of a shipyard in the country’s coastal village of Limbe.
According to the bank’s news dispatch, a grant amounting CFA 22 billion is earmarked for the Central African country’s shipyard project.
The opening of a regional office in the Cameroonian capital Yaoundé falls within the framework of institutional reforms at the bank.
The AfDB Group President, Donald Kaberuka, had an audience with the Cameroonian President, Paul Biya.
Cameroon’s Finance Minister, Polycarpe Abah, said the visit made it possible to lay a solid foundation for reinforced and accelerated cooperation with a viewing to fighting poverty in the country. Minister Abah also believed that the visit will accelerate economic growth, provide infrastructure as well as develop the country’s private sector.
As a regional member of the bank, AfDB has invested CFA 840 billion to finance 58 projects in the country. So far, 40 of the projects have been completed, 17 underway and one waiting to be signed.
Agricultural development forms huge chunk of the AfDB sponsored projects. The sector eats up 30.35 percent, while social sector and capacity building 28.14 and 27.42 percents, respectively.
“This sector-wide distribution reflects the strategic options of the AfDB and the Cameroonian government for development support to sectors with a major impact on poverty reduction, in particular increased agricultural production and improved social services," AfDB Group President said.
In 2000, the AfDB granted Cameroon CFAF 59 billion worth of debt alleviation, and 48 billion in 2006.
Cameroon has received a total of CFA 26 billion from the bank’s additional funding mechanism set up in 1997 to enable countries ineligible to their counter to pay their debt interests.
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