(Business in Cameroon) - This day July 25, 2018, the Cameroonian minister of economy Alamine Ousmane Mey (photo), and the head of the European delegation in Cameroon Hans Peter Schadek, are officially signing the funding agreement titled “Dispositif d'appui à la compétitivité du Cameroun (DACC)”. This program to support competitiveness in Cameroon will be implemented in 48 months thanks to funds estimated at €10 million (CFA6.5 billion).
Hans Peter Schadek explains that via this scheme, the European Union wants to encourage necessary reforms and support the dynamism of the local economic operators which are the driving force behind the economy since they create jobs and wealth.
Thanks to these reforms, the country will better profit from the advantages offered by the Economic Partnership Agreement namely, the free market access.
This scheme is part of the national indicative programme in the framework of the 11th European Development Fund.
From the first to the eleventh, the European Union disbursed more than €953.43 million in Cameroon as grants for the development of many sectors such as forest and environment, health, trade and industry, agribusiness, rural development, infrastructures and social projects.