AfDB awards $1.7B multi-sector package to Cameroon

The African Development Bank (AfDB) will spend XAF840 billion ($1.65 billion) for 58 projects in agriculture, social services and capacity building in Cameroon. “This sector-wide distribution reflects the strategic options of the AfDB and the Cameroonian government for development support to sectors with a major impact on poverty reduction, in particular increased agricultural production and improved social services,” AfDB President Donald Kaberuka explained on an official visit to Cameroon last Saturday. Of the projects, 40 have been completed, 17 are ongoing, and one has yet to be signed. The AfDB issued the African nation XAF59 billion ($116.3 million) in debt relief in 2000 and XAF48 billion ($94.6 million) in 2006, and has provided XAF26 billion ($51.3 million) in assistance under the Additional Financing Mechanism.

Source: AfDB invests 840 billion CFA in Cameroon (PANA)

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