logoBC
Yaoundé - 25 May 2020 -
Development aid

Cameroon seeks World Bank and AfDB’s support in debt settlement  

Cameroon seeks World Bank and AfDB’s support in debt settlement  
  • Comments   -   Tuesday, 21 May 2019 15:11

(Business in Cameroon) - On May 17, 2019, during a consultation organized jointly by the African Development Bank (AfDB) and the World Bank in Abidjan, Côte d'Ivoire, representatives of four African countries, including Cameroon, called for a balanced approach to the growing difficulty they face in paying off their debts.

While the Zambian and Senegalese representatives indicated that they are taking steps to address their debt, their Cameroonian peer Richard Evina Obam requested broader sources of financing, including Islamic Bank’s support.

Richard Evina Obam, who heads Cameroon Autonomous Amortization Fund (CAA), says that in the space of seven years, the profile of public debt in most low- and lower-middle-income African countries has deteriorated significantly. Moreover, the number of countries facing serious debt challenges has doubled. Côte d'Ivoire's Minister of Finance, Adama Koné, also called for an increase in “innovative and strategic sources of financing,” and suggested that “bonds denominated in CFAF be available on the markets.”

World Bank’s International Development Association (IDA) and the African Development Fund (ADF) are working towards a joint mission to better address debt vulnerabilities in IDA and ADF countries,” replied Akihiko Nishio, the World Bank's Vice President of Development Finance.

The African Development Bank's Senior Vice President, Charles Boamah, said that debt management must take into account investment and development needs. To achieve its sustainable development goals (health, education and infrastructure), Africa needs $500 billion.

S.A

medicis-sarl-to-invest-about-xaf6-bln-in-the-construction-of-a-haemodialysis-centre-in-cameroon
Medicis Sarl plans to invest XAF5.7 billion for the construction of a haemodialysis centre in Cameroon. To encourage and facilitate the realization of...
electronic-tolls-cameroon-finally-signs-a-construction-contract-with-razel-bec-egis-project-consortium
On 18 May 2020, the Cameroonian government finally signed a contract for the construction of the country's first 14 electronic toll booths with the...
no-microfinance-institution-operating-in-cameroon-published-their-tariff-conditions-in-h1-2019-as-the-regulation-requires-beac-study
The Bank of Central African States (Beac) recently published a study titled: “Publication des conditions tarifaires par les banques au Cameroun :...
cameroon-transit-fees-collected-on-chad-cameroon-pipeline-surged-by-24-32-to-xaf36-59-bln-in-2019-snh
In 2019, Cameroon generated XAF36.59 billion (+24.32%) of transit revenues on the Chad-Cameroon pipeline, according to figures recently published by the...

Mags frontpage


Business in Cameroon n87: May 2020

Roads, dams, fiber optics, markets... Cameroon’s big projects toward integration


«Central Africa is facing enormous challenges» - AfDB


Investir au Cameroun n97 Mai 2020

Routes, barrages, fibre optique, marchés… Les grands chantiers camerounais de l’intégration


« L’Afrique centrale est confrontée à d’énormes défis » (BAD)