By Etienne Mainimo Mengnjo
Cameroon and the Islamic Development Bank Group (IsDB) have sealed several financing agreements and letters of intent geared at improving development and Infrastructure in the country. The deals were sealed on September 14 in Yaounde on the sidelines of first edition of the IsDB Group Day in Cameroon. The bank group day in Cameroon was chaired by Prime Minister, Chief Dr. Joseph Dion Ngute personal representative of the Head of State.
The high-level gathering brought together more than 500 senior government officials, private sector leaders, financial institutions, and international development partners to explore new avenues for investment and advance private-sector-led growth across the region.
The signing agreement opened new prospects for agriculture, the private sector and infrastructure development in the country.
Alamine Ousmane Mey, Minister of the Economy, Planning and Regional Development (MINEPAT) and IsDB Group Vice President for Operations, Dr. Rami Ahmad signed a financing agreement worth 41.92 million euros, (about FCFA 27.4 billion), for the Dja Integrated Rural Development Project (PDRI-Dja).
The project aims to strengthen agro-pastoral value chains and promote sustainable crop and livestock production to improve food security and economic growth. It focuses on the production, processing and marketing of plantains, cassava, maize, fish and poultry.
Particular attention will be paid to young farmers and agricultural operators through access to appropriate agricultural resources, technical support and employment opportunities.
The event also produced results for private sector financing, with nearly $100 million, (FCFA 65 billion), allocated to strengthen the banking system’s lending capacity and support businesses and economic actors taking part in the transformation of Cameroon’s economy.
Through its subsidiary, the Islamic Corporation for the Development of the Private Sector, the IsDB Group finalized a 20 million euro financing facility with AFG Bank Cameroon to make it easier for small and medium-sized enterprises and micro-enterprises to access finance.
Letters of intent were also signed with Afriland First Bank Cameroon for 50 million euros, Commercial Bank-Cameroon for 10 million euros and CCA Bank Cameroon for 15 million euros.
The IsDB additionally approved 212.35 million euros, (about FCFA 139 billion), for the rehabilitation of the Douala-Bafoussam road. The operation reinforces the IsDB Group’s support for road infrastructure development and improved connectivity between Cameroon’s main economic hubs.
The agreements and commitments, which align with national development priorities, reflect the IsDB Group’s determination to support the structural transformation of Cameroon’s economy, the development of value chains, infrastructure improvements and a stronger private sector role in reaching growth objectives.
Officials said the goal is to build a partnership that is more inclusive, innovative and focused on tangible results for the country.
