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Cameroon secures CFA61.7bn World Bank loan to boost economic growth

Cameroon secures CFA61.7bn World Bank loan to boost economic growth
  • Comments   -   Wednesday, 21 December 2022 16:11

(Business in Cameroon) - The World Bank on December 19 approved $100 million (CFA61.7 billion) in financing for Cameroon to "support inclusive and robust growth and strengthen the country's resilience to climate change.”

"The support provided through the DPO [Development Policy Operation (DPO)] will help the country implement reforms necessary to improve governance, the management of public resources, and the business environment as well as human capital development," says Abdoulaye Seck, World Bank Country Director for Cameroon. He points out that the financing is “closely aligned with the country’s economic recovery efforts and the medium-term structural reforms that lay the foundations for its aspiration to become an upper middle-income country (UMIC) by 2035”.

Under this project, the World Bank plans to support Cameroon’s decentralization policy, improve state-owned enterprise (SOE) governance, increase revenue mobilization, strengthen human capital, and women's economic empowerment. Also, the institution will help promote equitable access to education across the country, improve women's access to education and the labor market, strengthen the social protection system, preserve road assets and strengthen water resources management.

The World Bank Group claims a portfolio that currently includes 20 country projects in Cameroon with a net commitment of about $3.2 billion (CFA1,978.7 billion) and an extensive analytical services program. “The support contributes to the country's inclusive and sustainable growth through the implementation of economic reforms, improvements in agriculture, transport, public sector, governance, social protection, digital economy, and education,” the institution said.

S.A.

 

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