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Yaoundé - 24 October 2021 -
Economy

Cameroon: World Bank grants over XAF55 bln credit to support digitalization

Cameroon: World Bank grants over XAF55 bln credit to support digitalization
  • Comments   -   Friday, 01 October 2021 13:37

(Business in Cameroon) - On September 28, 2021, the World Bank approved a US$100 million (over XAF55 billion) credit for Cameroon. According to the release issued by the institution in that regard, the funds will help “support Cameroon’s efforts in promoting digital inclusion and the use of digital solutions in the agriculture sector.”

“Scarce and high-cost broadband access is holding back the economic transformation of Cameroon and its resilience to shocks like COVID-19. By supporting reforms in policies, regulations as well as strengthened institutional capacity, the project will improve broadband access and help stimulate growth and innovation, foster competition, and facilitate investment in the digital economy and in the agricultural sector,” explained Abdoulaye Seck, World Bank country director for Cameroon. 

The funding is provided to support the Acceleration of the Digital Transformation of Cameroon project, the World Bank stresses. In the framework of that project, public buildings like hospitals and schools will be connected to the internet while digital entrepreneurship will be supported. Also, support will be provided to small farmers and producers’ organizations to promote the adoption of innovations developed by agricultural start-ups.

Though it will boost the country’s indebtedness, this project will ultimately contribute to the acceleration of economic growth as well as increase productivity and job creation in the digital and agriculture sector, the Bretton Woods institution explains.

BRM

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