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Development aid

AfDB grants CFA98bn to partly fund 2018 State budget

AfDB grants CFA98bn to partly fund 2018 State budget
  • Comments   -   Tuesday, 04 December 2018 12:59

(Business in Cameroon) - Alamine Ousmane Mey, Cameroonian economy minister signed December 3 with Solomane Koné, AfDB’s country manager, a financing agreement relating to the second phase of the competitiveness and economic growth support program (Pacce II).

This agreement will see the African Development Bank grant Cameroon €150 million, about CFA98.39 billion, to partly finance the 2018 budget. Pacce II is expected to strengthen bases for a rapid, resilient and inclusive economic growth through better public financial management, improved governance and competitiveness of productive sectors (transport, energy and agriculture).

So far, AfDB’s investments in Cameroon amount to 1.27 billion Units of Account (UA), about CFA1,000 billion; a sum spread over 24 projects. In 2018 alone, the bank approved five projects valued at UA 221 million (about CFA177 billion) in water and sanitation, agriculture, transport and social development.

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