Southern Cameroons Reconstruction: Islamic Development Bank steps in with CFA21bn ⁰

The Cameroonian government has secured new financial support as part of the reconstruction of the war-torn Anglophone regions of the Northwest and Southwest. Yesterday, the Minister of Economy, Alamine Ousmane Mey, signed a loan agreement of €32.250 million (about CFA21.1555 billion) with Muhmmad Al Jasser, Head of the Islamic Development Bank (IsDB).

This financing, the Cameroonian official said, “will support the government’s efforts to rebuild and rehabilitate essential infrastructure, strengthen social cohesion and revitalize the local economy in the targeted regions”. It is another helping hand in this reconstruction process, for which fund mobilization remains a headache.

Out of a requested CFA154 billion (about $258 million), Cameroon only raised CFA11.5 billion by mid-2022, representing a mobilization rate of 7.4%, official data showed. In detail, Paul Tasong, who coordinates the project, explained that 75% of this amount came from the State itself; the private sector contributed CFA1.2 billion; the United Nations Development Program (UNDP) CFA400 million; and Japan CFA1.5 billion. Last March, Japan approved an additional CFA1.3 billion, bringing its total contribution so far to CFA2.8 billion.

Source: Business in Cameroon