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African Development Bank invests 57billion FCFA in Cameroon’s agriculture

Women tilling farmland (c)Business in Cameroon

The African Development Bank, AfDB, is investing about 75billion FCFA in a project to develop agricultural value chains in Cameroon.

The project, officially launched in Yaounde on Monday 24 April consist providing financial and technical support to farmers’ organizations and other young people in the agribusiness sector. The five-year project, we learned, would eventually ensure food security by boosting the banana-plantain, palm oil and pineapple sectors.

During the launch of the project, it was revealed that the project will be implemented in four regions, namely the East, Centre, Littoral and Southwest. The African Development Bank financing covers 77 percent of the project while the government is expected to cover the rest of the funding.

It is projected that the project will impact the lives of 242,000 people, whose incomes will increase on average by 6 million FCFA per year- young entrepreneurs are particularly targeted to benefit from the project.
This project for the development of agricultural value chains could lead to an increase of 216,000 tons of palm nuts, 240,000 tons of plantain, 10,000 tons of pineapples and 17,500 tons of palm oil.

 

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