Cameroon debt rate not alarming – World Bank

The current debt rate of Cameroon does not constitute an obstacle for socio-economic development, said the vice-president of the World Bank for Africa, Makhtar Diop, during a press conference held on Wednesday in Yaounde.

"The debt ratio of Cameroon today, located between 25 and 40% is not alarming and cannot constitute a major obstacle to the development of the ongoing socio-economic projects," said Mr. Makhtar Diop, adding that "most African countries including Cameroon are able to finance their development projects".

The vice-president of the World Bank for the Africa region was in Cameroon on Monday and had exchanges with the country's authorities, representatives of the private sector, the academic world and development partners. It was within this framework that Makhtar Diop was received in audience on Monday by President Paul Biya.

Their discussions focused on development challenges faced by Cameroon, on the way in which the World Bank will best accompany Cameroon and optimize its objectives.

The two personalities also discussed security issues in the Central Africa sub-region increasingly threatened by socio-political conflicts and terrorism. The eligibility of Cameroon at the BIRD counters, which allows it to benefit from an additional allocation of US $ 180 million annually during the period from July 1, 2014, to June 30, 2017, opens exciting prospects for the support from the World Bank Group in implementing structural infrastructure in the country.

In addition, the World Bank promises to invest $ 50 million in socio-economic projects, hoping to mitigate the adverse effects of the increase in the prices of petroleum products which occurred July 1, a promise that comes to support efforts made by the Government.