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Yaoundé - 18 June 2019 -
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Cameroon to secure XAF5bln monthly in escrow for commune financing  

Cameroon to secure XAF5bln monthly in escrow for commune financing  
  • Comments   -   Thursday, 11 April 2019 10:39

(Business in Cameroon) - Cameroonian Finance Minister, Louis Paul Motazé (photo), announced the state is opening an escrow account with the Bank of Central African States (Beac) to ensure better financing for municipalities.

Escrow will receive XAF5 billion every month from the single Treasury account as additional municipal taxes. The move is to tackle disrupted financing due to the delay in monies transfer from the treasury account to the Special Inter-municipal Equipment and Intervention Fund (Feicom) which is the mechanism through which the government distributes the additional municipal taxes.

Thanks to this account, communes should now receive more quickly the estimated XAF160 billion granted each year, thus carry out development projects more efficiently.

BRM

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