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Yaoundé - 13 April 2024 -
Agriculture

Cameroon receives a CFA42bn AfDB loan to support farmers

Cameroon receives a CFA42bn AfDB loan to support farmers
  • Comments   -   Thursday, 14 July 2022 17:55

(Business in Cameroon) - Cameroon announced it has secured emergency funding of CFA42 billion from the African Development Bank (AfDB) to support the agricultural sector. The amount is approved via the bank’s CFA927.5 billion facility announced in May 2022 to help African countries avert a food crisis induced by the Russia-Ukraine war.

The announcement was made on July 12 in Yaoundé, during an extraordinary session led by the Steering Committee (Copil) on the implementation of agricultural subsidies. "This support is a response to a request made to AfDB by the government of Cameroon. We are seeking to develop an emergency agricultural production plan to better withstand the negative effects of the Russian-Ukrainian crisis, the increase in gas prices in Europe, and the post-Covid-19 period," explained the Minister of Agriculture, Gabriel Mbairobe. The aim of the July 12 Copil session was to determine the priority sectors to receive support from the AfDB, choose the types of fertilizer to be subsidized, and allocate seed production by area.

AfDB said the African Emergency Food Production Facility is an unprecedented global initiative that will provide certified seeds to 20 million smallholder farmers on the continent. It will increase access to fertilizer and enable them to rapidly produce 38 million tons of food. This includes 11 million tons of wheat, 18 million tons of maize, 6 million tons of rice, and 2.5 million tons of soybeans.

"The Facility will also create a platform to advocate for critical policy reforms to solve the structural issues that impede farmers from receiving modern inputs. This includes strengthening national institutions overseeing input markets," the AfDB says.

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