World Bank to inject extra CFA20bn into Cameroon’s Social Safety Program ⁰

The World Bank has announced an additional CFA20 billion (about $35 million) in funding for Cameroon’s adaptive social safety net and economic inclusion project. The funds will help support vulnerable families affected by the 2024 floods in the Far North region.

Cheick Fantamady Kanté, the World Bank’s Country Director for Cameroon, made the announcement on April 14 during a portfolio review meeting with government officials in Yaoundé. He said the extra funding is in its final stages of preparation and will be used to strengthen emergency support for about 100,000 more households in need.

With this new commitment, total funding for the program will rise to roughly CFA166 billion. Of that, the World Bank will have provided CFA112 billion, with the remaining CFA54 billion coming from Cameroon’s national budget. The program was originally designed to help 356,000 people between 2023 and 2028. The new funds are expected to push that number even higher.

Launched in December 2023, the project marks the second phase of Cameroon’s broader social safety net strategy, which began in 2013. Like the first phase, it aims to support the country’s poorest households and promote entrepreneurship among young people between the ages of 18 and 35, especially in cities.

The project is structured around five core components. First, it offers regular cash transfers to low-income families, combined with basic guidance to help them become more resilient and productive. Second, it includes emergency cash payments for families affected by climate shocks, conflict, or large-scale displacement. Third, it provides money in exchange for participation in labor-intensive public works programs in both rural and urban areas.

The fourth component targets urban youth working in the informal sector, helping them launch small income-generating activities as a way to survive through self-employment.

Finally, the program also offers financial and technical support for young entrepreneurs with viable business plans, aiming to help them bring their ideas to life and join the formal economy.

Source: Business in Cameroon