Voodoo Economics: Biya regime aims for a CFA 60 billion Ecobank loan to fund its 3-year Emergency Plan ⁰

Cameroonian President Paul Biya inked March 19, 2019 a decree authorizing the finance minister to conclude with Ecoank Cameroon a XAF25 to 60 billion loan agreement.

Monies will partially fund the 3-year Growth Acceleration Emergency Plan (Planut), adopted by the government in December 2014. The plan requires a capital of XAF925 billion.

Focus sectors include agriculture (seed distribution and opening of agricultural roads), health (improving technical capacities of certain hospitals), real estate (construction of 1000 social housing units across the country) and road infrastructure. Overall, 35,000 jobs are expected to be created under the scheme.

Planut is co-financed by five banks including the Cameroonian subsidiaries of BGFI, Standard Chartered Bank, Banque Atlantique, Ecobank and Deutsche Bank of Madrid.

Source: Business in Cameroon