Cameroon, World Bank seal two new deals

According to the World Bank, the University of Yaounde I, in partnership with the Association of African Universities, was selected as a Center of Excellence in Information and Communication Technologies (CETICs).

World Bank’s International Development Association (IDA) will provide an $8 million credit to the center to equip Cameroonian students with high-level scientific and technological skills while a new $91 million transport agreement will reduce travel times, improve road safety, and reduce travel and freight costs for people and goods.

During the four-day visit, Diop met with President Paul Biya. He told reporters after talks with Mr Biya that he was in Cameroon to look for ways in which his bank can accompany Cameroon in its laudable development endeavours.

Cameroon became a member of the World Bank Group in 1963. The Bank's portfolio in the country currently has 23 active projects, with a total commitment of $1.17 billion in zero-interest financing from IDA.

One of such active projects is the Cameroon Agricultural Competitiveness Project, a six-year US$60 million Agricultural Competitiveness Project approved by the bank in 2009 to assist about 40,000 small-scale farmers and farm cooperatives to improve their competitiveness.