Cameroon - Funding for the economy

Promoting Cameroon's productive private sector is a key focus of the National Development Strategy (NDS30). The State must establish an optimal, conducive, and incentive framework for the development of entrepreneurship, particularly among priority targets: young people and women.

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On October 26, 2022, the World Bank and the State of Cameroon signed three financing agreements for a total of 265 billion FCFA. The first agreement concerns the Logone Valley Investment Development and Valorization Project (Viva Logone), for EUR 172.9 million, or approximately 113.4 billion FCFA. This project aims to develop and promote sustainable irrigation and drainage services, and improve agricultural production in the irrigated areas of Logone. This will, among other things, support regional water security and water resource governance, agricultural and agrifood production, and the implementation of a restructuring plan for the Yagoua Rice Expansion and Modernization Company (Semry). Ultimately, 12,210 hectares of irrigated areas will be developed in the Logone Valley, increasing annual rice production from 50,000 to 115,000 tonnes.

The second agreement concerns the Emergency Food Crisis Response Project (Pulcca) for an estimated cost of EUR 90.2 million, or approximately FCFA 59.17 billion. This project aims to provide food and nutritional assistance to 256,000 extremely vulnerable people and support 159,000 farmers for higher productivity and strong climate resilience in the North, Far North, North West, South West, Adamaoua and East regions.

The latest agreement relates to the "Adaptive Social Safety Nets and Economic Inclusion" project, worth EUR 141.4 million, or approximately FCFA 92.8 billion. The objective is to expand the coverage and shock-responsiveness of the social safety net system for poor households, increase access to income-generating opportunities, and support entrepreneurship among young people in urban areas.

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With these three agreements, the World Bank's financing portfolio in Cameroon now stands at 20 projects for USD 2,710 million, or FCFA 1,789 billion.

In May 2022, the European Investment Bank (EIB) provided EUR 27 million in a new long-term financing initiative to support investments by Cameroonian entrepreneurs and businesses and strengthen economic resilience in the face of the Covid-19 pandemic.

This streamlined business financing represents the largest-ever EIB support for private sector investment in Cameroon. It is part of the EIB's increased engagement with other financial partners across Africa to strengthen economic resilience in the face of the pandemic.

The two new credit lines will be managed by leading local financial partners: EUR 15 million by CCA Bank and EUR 12 million by Commercial Bank of Cameroon.

Cameroonian companies that have access to this new system will benefit from lower-cost financing thanks to the support of the European Union as part of broader support aimed at improving the competitiveness of the country's private sector.
The new partnership between the European Investment Bank, the world's largest international public bank, CCA Bank, and the Commercial Bank of Cameroon will improve businesses' access to long-term financing across the country. It builds on best-practice cooperation with leading financial partners in Cameroon.

This new business financing will support investments by businesses in the manufacturing, commercial, agricultural and service sectors across the country.
The European Investment Bank previously agreed to support EUR 14 million in new long-term financing for Cameroonian entrepreneurs and businesses. Recently, a new EUR 12 million corporate financing facility was granted to the Banque Commerciale du Cameroun, bringing the total funding to EUR 26 million. This facility will unlock new private sector financing. This new facility will make it possible to provide businesses with longer-term loans that better match the economic life of their new investments.

Cameroon is a member of the Africa Finance Corporation (AFC)
On September 22, 2022, Cameroon became its 36th member country of the Africa Finance Corporation (AFC), a multilateral institution specializing in infrastructure financing. Cameroon's membership in this institution will allow it to benefit from more investments, particularly in the areas of road infrastructure modernization and industrial development. Cameroon will work with the AFC on key infrastructure to deepen integration, enable import substitution with locally manufactured products, and develop manufacturing and industrial capacity. This institution, founded in 2007, has already invested nearly $300 million in Cameroon and plans to finance several new projects in the country. Road modernization and the development of agricultural processing industries are the main objectives.