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World Bank : Cameroon Borrows Over 265 Billion to Finance Three Projects

World Bank
World Bank

The Minister of Economy, Planning and Regional Development , Alamine Ousmane Mey, and the Director of Operations of the World Bank in Cameroon, Abdoulaye Seck, signed on 26 October 2022 in Yaounde, three financing agreements for development projects.

 

The first agreement concerns the financing of the Logone Valley Development and Investment Enhancement Project (Viva Logone). The signing of this agreement follows the authorization of the President of the Republic on October 11 to Minepat to obtain this financing of nearly FCFA 113 billion for this project which aims to exploit 12,000 hectares.

Presented last September by the Minister of Agriculture and Rural Development, Viva Logone hopes to boost rice production in the Logone Valley where the Society for the Modernisation of Rice Expansion  is already established.

The second agreement, worth nearly 60 billion, concerns the financing of the Emergency Food Crisis Project . This project aims to improve food and nutritional security and increase the climatic resilience of households and producers in the targeted areas. The third agreement of FCFA 92 billion will finance the Social Nets project, which is a cash transfer to the poorest households.



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