- The African Development Bank (AfDB) did not only inaugurate its new regional office in Cameroon, but it has also financed funding for the construction of a shipyard in the country’s coastal village of Limbe.
According to the bank’s news dispatch, a grant amounting CFA 22 billion is earmarked for the Central African country’s shipyard project.
The opening of a regional office in the Cameroonian capital Yaoundé falls within the framework of institutional reforms at the bank.
The AfDB Group President, Donald Kaberuka, had an audience with the Cameroonian President, Paul Biya.
Cameroon’s Finance Minister, Polycarpe Abah, said the visit made it possible to lay a solid foundation for reinforced and accelerated cooperation with a viewing to fighting poverty in the country. Minister Abah also believed that the visit will accelerate economic growth, provide infrastructure as well as develop the country’s private sector.
As a regional member of the bank, AfDB has invested CFA 840 billion to finance 58 projects in the country. So far, 40 of the projects have been completed, 17 underway and one waiting to be signed.
Agricultural development forms huge chunk of the AfDB sponsored projects. The sector eats up 30.35 percent, while social sector and capacity building 28.14 and 27.42 percents, respectively.
“This sector-wide distribution reflects the strategic options of the AfDB and the Cameroonian government for development support to sectors with a major impact on poverty reduction, in particular increased agricultural production and improved social services," AfDB Group President said.
In 2000, the AfDB granted Cameroon CFAF 59 billion worth of debt alleviation, and 48 billion in 2006.
Cameroon has received a total of CFA 26 billion from the bank’s additional funding mechanism set up in 1997 to enable countries ineligible to their counter to pay their debt interests.
afrol News - It is called "financial inclusion", and it is a key government policy in Rwanda. The goal is that, by 2020, 90 percent of the population is to have and actively use bank accounts. And in only four years, financial inclusion has doubled in Rwanda.
afrol News - The UN's humanitarian agencies now warn about a devastating famine in Sudan and especially in South Sudan, where the situation is said to be "imploding". Relief officials are appealing to donors to urgently fund life-saving activities in the two countries.
afrol News - Fear is spreading all over West Africa after the health ministry in Guinea confirmed the first Ebola outbreak in this part of Africa. According to official numbers, at least 86 are infected and 59 are dead as a result of this very contagious disease.
afrol News - It is already a crime being homosexual in Ethiopia, but parliament is now making sure the anti-gay laws will be applied in practical life. No pardoning of gays will be allowed in future, but activist fear this only is a signal of further repression being prepared.
afrol News / Africa Renewal - Ethiopia's ambitious plan to build a US$ 4.2 billion dam in the Benishangul-Gumuz region, 40 km from its border with Sudan, is expected to provide 6,000 megawatts of electricity, enough for its population plus some excess it can sell to neighbouring countries.
front page
| news
| countries
| archive
| currencies
| news alerts login
| about afrol News
| contact
| advertise
| español