7, May 2020
Biya minister upbeat about COVID-19 response after IMF loan 0
Cameroon is poised to upgrade its emergency response towards COVID-19 outbreak following the approval of an emergency loan by International Monetary Fund (IMF), Cameroon’s Minister of Finance, Louis Paul Motaze said on Wednesday.
“It is (IMF loan) very good news for the country. You know that we are facing the crisis (COVID-19) and there is a plan that has been designed by the government and we needed money for that. We are very happy to know that the negotiations have led to a positive conclusion,” Motaze told reporters in the capital, Yaounde, adding that the loan will be used “specifically” to equip hospitals, supply needed material in a transparent way.
The outbreak of the COVID-19 pandemic is having a “significant” impact on Cameroon’s economy, and could lead to a historic fall of GDP growth, he said.
“We are losing a lot of money to COVID-19. That means that we are going to face a lot of difficulties in the future and this is why it’s very important for us to see how we can look for funding for all the projects we have, because life should continue after the crisis,” said Motaze.
On Monday, IMF declared it has approved a disbursement of 226 million U.S. dollars to help Cameroon meet the urgent balance of payments the country needs stemming from the COVID-19 pandemic.
To date, Cameroon has registered in 2,265 confirmed novel coronavirus cases, including 108 deaths and 934 cured cases, according to the latest statistics from the Africa CDC.
Source: Xinhuanet



















7, May 2020
African Development Bank approves €40 million in grants for bridge linking Cameroon and Chad 0
The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved grants worth €40.94 million for the construction of a bridge to connect Cameroon and Chad across the Logone river.
The grants, comprising a €20.785 million tranche for Cameroon and €19.215 million for Chad, were approved on 30 April 2020. The facility is from the Investment Facility for Africa under a framework agreement between the Bank Group and the European Commission.
The funds will co-finance the costs of construction of the bridge between Yagoua in Cameroon and Bongor in Chad, access roads and feasibility studies, management said in a report to the Board.
The bridge, once completed, is expected to bolster bilateral and sub-regional integration and cross-border trade, safeguard life and property during the river crossing and boost socio-cultural ties between the two countries.
“Specifically, the project aims to promote interstate trade, particularly between Cameroon and Chad, reduce travel time and transportation costs, and improve accessibility of basic services by nearby communities,” the report noted.
In addition to the Logone river bridge, other projects under the Pillar Assessed Grant or Delegation Agreement (PAGODA) include the rehabilitation of the Lome-Cotonou road, road development and transport facilitation on the Bamako-San Pedro corridor between Mali and Côte d’Ivoire and the rehabilitation of the CU2a community road section in Burkina Faso near the border with Niger.
The Bank and the European Commission are committed to co-financing development projects that tackle poverty by investing in critical infrastructure to promote seamless connectivity of transport, energy and ICT.