By Etienne Mainimo Mengnjo
The Islamic Development Bank Group (IsDB) has promised to deliver a more holistic, programmatic package of financial support to Cameroon as part of a new strategy designed to boost the country’s economic growth, human capital, and infrastructure over the next three years.
The commitment was made in Yaoundé during the opening ceremony of the first IsDB Group Day in Cameroon, chaired by Prime Minister, Chief Dr Joseph Dion Ngute on behalf of President Paul Biya. Vice-President of the IsDB Group, Dr. Rami Ahmad, as well as Minister Alamine Ousmane Mey, Governor of the IsDB Group for Cameroon also attended.
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.
Opening the event, Prime Minister Dion Ngute highlighted the deep historical relationship between the nation and the multilateral institution, noting that the bank’s active portfolio of interventions in Cameroon currently stands at nearly FCFA 2,000 billion.
He stated that these investments have provided crucial funding for primary drivers of social and economic development, particularly in agriculture, energy, transport infrastructure, healthcare, and education.
“For the first time, Cameroon and the IsDB will jointly develop a specific strategy document to define, in a coordinated manner, the priorities that will guide their partnership over the next three years,” Prime Minister Dion Ngute said, referring to the upcoming 2027–2029 Country Engagement Framework.
He added that the Cameroonian government is determined to ensure the new framework remains ambitious, inclusive, and sharply focused on measurable results. According to the Prime Minister, the strategy will emphasize local industrialization, raw material processing, food security, job creation for young people, and the economic empowerment of women.
The gathering also witness a formal exchange of new financing agreements and letters of intent worth 137 million euros between the IsDB Group, the Cameroonian government, and local private sector financial partners. Since establishing its presence in the country, the IsDB Group has approved a cumulative total of 4.2 billion dollars in funding for the Central African nation.
Dr Rami Ahmad stressed that the event went beyond ceremony to serve as an operational review of shared goals. He reaffirmed the bank’s determination to support member states despite an increasingly difficult global landscape marked by economic volatility, climate change, food insecurity, and persistent geopolitical tensions.
“Our focus remains steadfast: eradicating poverty, strengthening human capital, promoting sustainable growth and enhancing resilience,” Dr Ahmad said, emphasizing that the institution operates under the unified principle of “one group, one goal” to foster economic and social progress in line with Islamic finance principles.
Looking ahead, he explained that the IsDB Group is preparing to deliver enhanced support through the 2027–2029 Country Engagement Framework, to be developed at the intersection of Cameroon’s National Development Strategy 2020–2030 (SND30) and the IsDB Group’s newly launched 10-year Strategic Framework.
“This trusted partner of Cameroon, driven by the values of solidarity, the preservation of human dignity, and the promotion of shared prosperity, is poised to play a role commensurate with the quality of its historic ties with Cameroon.” Alamine Ousmane Mey noted that the aim will be to work together to strengthen harmony, peace, stability, prosperity, and the well-being of the population.
Alongside other activities, a series of panel sessions, bilateral meetings, and success-story showcases examined practical ways to expand green infrastructure, strengthen public-private partnerships, and improve credit access for small and medium-sized enterprises across the country.
