Cameroon and the French Development Agency (AFD) on Wednesday signed two agreements worth 46.2 billion CFA to strengthen the competitiveness of the private sector, modernization of public finance management and management of the third Debt Reduction-Development Contract (C2D).
The first component, worth 39.4 billion CFA covers the period 2017-2019, and it is aimed at improving human capital and the distribution of 150,000 additional health checks as well as finalizing the construction works of 1,000 schools and supporting more than 300 private sector companies.
The overall envelope of the 3rd C2D, about 400 billion CFA, is mainly allocated to the financing of social projects.
As part of the Heavily Indebted Poor Countries (HIPC) Initiative, the C2D involves the repayment of the country’s debt in the form of subsidies that can be mobilized to improve the living conditions of its populations. .
The first two C2Ds, which occurred in 2006 and 2001 and considered as the largest foreign debt cancellation and reconversion programmes set up by France, involved a total investment of around 566 billion CFA.