Cameroon joins countries with AfDB mixed funding

The Minister of Economy has revealed that Cameroon has been admitted to the status of countries with mixed funding from the African Development bank.

The status, announced by Emmanuel Nganou Djoumessi, allows the country to continue to avail loans at concessional rates of the African Development Fund (ADF), a subsidiary of the Bank, but also allows for direct access to the sovereign counter office of this regional banking institution.

"This recognition reflects the status of the ADB Group and the efforts of the country," says Racine Kane, the resident representative of the ADB Cameroon analysis.

Minister Nganou Djoumessi said: "The ADB has allowed us to access the mixed country system. This is not because we asked. This is because of the rigorous evaluators ADB have made for our economy appreciation.

“This assessment has established our strong macro-economic criteria. It showed that we have low debt and that our resources are in operation.

And consequently, we are a country whose economy is emerging.”

As a reminder, since 1972, ADB disbursed in favour of Cameroon, the sum of 99 billion CFA francs to finance 91 projects.

From 1st July 2014, reveals the Minister of Economy, an amount of 255 billion CFA francs became available to the Government of Cameroon by the ADB.

"Resources are available. We urge the private sector to take advantage also," added Emmanuel Nganou Djoumessi.

Indeed, we learn of the 21 projects currently being financed by ADB in Cameroon, only 23 per cent are in the private sector, yet universally recognized as the engine of economic growth.