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EU pledges over CFA12bn for entrepreneurship and electricity access support in Cameroon

EU pledges over CFA12bn for entrepreneurship and electricity access support in Cameroon
  • Comments   -   Thursday, 28 March 2024 15:31

(Business in Cameroon) - The EU agreed to disburse over CFA12 billion to support growth-driven projects in Cameroon. The two related deals were signed in Yaoundé on March 26 between Cameroon's Minister of Economy, Alamine Ousmane Mey, and the Head of the European Union delegation to Cameroon, Jean-Marc Chataigner.

They align with the EU's "Global Gateway" strategy, aimed at forging sustainable investment partnerships in climate/energy, transportation, digital, health, education, and research sectors, as highlighted by the EU delegation in Cameroon.

The first agreement, comprising a mix of grants and loans amounting to CFA9.8 billion, is designed to bolster the competitiveness of national enterprises. It seeks to enhance the business climate and ease access to financing for companies by supporting the development of value chains with direct aid and financial facilities. The second agreement, combining grants and loans as well, provides CFA2.6 billion. It aims to expand access to electricity in Cameroon, increasingly sourced from renewable energies. It focuses on two main strategies: improving the capacities of regulatory authorities and mobilizing project financing from private developers.

According to the EU delegation, these financing agreements are part of Cameroon's Multiannual Indicative Program (MIP) for 2021-2027. They are strategically aligned with the objectives of Cameroon's National Development Strategy for 2030 (SND30), which is currently being implemented in the country.

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