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Cameroon National Development Strategy receives Afreximbank backing

The National Development Strategy gets carrying out structural transformation of the economy to promote endogenous, inclusive development. (Image source: Adobe Stock)

The African Export-Import bank (Afreximbank) has agreed a EU€200mn (approx. US$217mn) financing facility to help the Government of Cameroon implement its National Development Strategy

The Government initiative represents a vision for 2030 to establish the country as an emerging country, democratic and united in its diversity.  It targets carrying out structural transformation of the economy to promote endogenous, inclusive development while preserving opportunities for future generations. The main objectives identified by the Government include establishing conditions favourable to economic growth; improving the living conditions of the population; strengthening climate change adaption; enhancing on governance to enhance policy performance towards achieving development goals. 

Under the terms of the agreement with Afreximbank, the Government of Cameroon will deploy the facility to implement trade-enabling infrastructure projects that are approved in the country’s financing plan. 

Strategic infrastructure for Cameroon

George Elombi, executive vice-president, governance, legal and corporate services, commented, “This facility reflects Afreximbank’s continued commitment to transforming African economies through the development of African trade and will enable the Republic of Cameroon to invest in strategic infrastructure for economic and social development. The financing will also pave the way for additional partnerships to be developed between Afreximbank and the government to support the structural transformation of the economy.”

He added that he was confident the financing would have a regional impact in central Africa, given Cameroon’s role as an economic leader in the Central African Monetary and Economic Union. 

At the end of last year, Afreximbank was also active in encouraging African contractors to capitalise on the various infrastructure investments popping up across the continent. Click here to learn more about the story. 

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