Cameroon obtains XAF52.7 bln from the AfDB

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Cameroon obtains XAF52.7 bln from the AfDB

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- Friday, 20 December 2019 16:19

(Business in Cameroon) - On December 19, 2019, Cameroon, via the Ministry of Economy, signed a loan agreement for a little more than XAF52.7 billion with the African Development Bank (AfDB), official sources indicate.

The loan has been granted to the country in the framework of the competitiveness and economic growth supporting programme launched in 2017. This loan included, the overall envelope provided by the AfDB in the framework of the programme, which is in its 3rd phase, is XAF269.2 billion.

According to the Minister of Economy Alamine Ousmane Mey, this new loan is a recognition of the results achieved by Cameroon in the framework of the programme. Indeed, the country succeeded in “stabilizing its macroeconomic framework with economic growth once again on an upward trend, despite (...) the fall in oil prices in 2016,” he said.

BRM

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