(Business in Cameroon) - On July 1, 2014, the South Korean Ambassador to Cameroon, Cho June-Hyuck, and the Cameroonian Minister of Economy, Emmanuel Nganou Djoumesssi, signed a financing agreement worth a total of 4 billion FCfa (around 8 million dollars).

The agreement involves two separate financing arrangements for 3.2 billion and 800 million FCfa which will be respectively used for the construction and equipping of a National Institute for Professional Training and the improvement of Cameroonian government procurement with the introduction of the internet.

Christened e-procurement, the anticipated revolution in public procurement had officially been launched in February 2014 between the Cameroonian government and the Korean International Cooperation Agency (KOICA). Expected to be operational in 2015, it should enable any bidder to access calls for tender to find out about bidding modalities and submit an application through the same means. According to the projects initiators, this should guarantee the reliability and speed of the process.