Contractors already at work for economic contingency plan

Last weekend’s signing by government of funding agreements with five banks paves the way for activities to begin.

Government’s three-year Economic Contingency Development Plan for the country is on course after it was announced by President Paul Biya on December 9, 2014 at the State House cabinet meeting.

The Minister of the Economy, Planning and Regional Development, Emmanuel Nganou Djoumessi, assured the press after the signing of funding agreements on Friday, December 19, 2014, at the Prime Minister’s office between government and representatives of the financing banks. He said measures have been taken to start implementing the projects.

While appealing for execution in such a way that Cameroonians will feel the impact of the projects, Minister Djoumessi also announced that some of the contractors already selected were expected to begin work yesterday, December 22, 2014. Intended to jumpstart the economy, the emergency plan focuses on seven priority areas, covering all 10 regions of the country. These are urban infrastructure and housing, health, agriculture and livestock, roads, energy, drinkable water supply and urban security.

Funding agreements worth FCFA 925 billion were signed over the weekend under the watchful eyes of the Prime Minister, Head of Government, Philemon Yang. The financing deal involves five banks - Deutsche Bank Madrid/CAIXABANK, Banque Atlantique Cameroun, BGFI Bank, Ecobank and Standard Chartered Bank.

While the financing agreements were being concluded at the Prime Minister’s office, President Paul Biya on the same day signed a decree creating and setting out the structuring and running of the Follow-up Committee for the Implementation of the Three-year Contingency Plan For Boosting Economic Growth.

Headed by the Prime Minister, Head of Government, the committee will report directly to the Head of State. It is made up of two main management sub-structures – the Supervisory Committee and the Technical Follow-up Secretariat.

The Supervisory Committee is tasked with the oversight, coordination and evaluation of activities. Its activities include policy formulation, coordination of project activities, monitoring of project implementation, evaluation of activities, and the administrative, legal, technical and financial facilitation of project work.

It also studies and approves budgets, makes recommendations to the Head of State on measures to be taken to ensure greater project efficiency as well as carries out any further directives by the President on executing the contingency plan.

The Technical Follow-up Secretariat, on the other hand, is responsible for day-to-day management. It is expected, among others, to define resource mobilisation mechanisms for project activities, preselect national Small and Medium-size Enterprises, SMEs, and international companies eligible to carry out projects, assign work to contractors, ensure the legal, technical and financial appropriateness of projects to be implemented, serve as liaison between the Follow-up Committee and stakeholders, and execute the Head of State’s instructions.

The Follow-up Committee for the Implementation of the Three-year Contingency Plan For Boosting Economic Growth is expected to submit six-monthly activity reports to President Paul Biya. It stands dissolved at the end of its three-year tenure – except extended by the Head of State.