It is another diplomatic victory for the country as explained by officials of the Ministry of the Economy, Planning and Regional Development. Just last year, the President of the AfDB Group was in Cameroon on the invitation of the Head of State, Paul Biya. Dr Akinwumi Adesina revealed that Cameroon being the economic hub of the sub-region, has been chosen to host the Central African office of the bank.
Cameroon has once again scored another diplomatic victory at the international scene. President Paul Biya’s country is now the Headquarters of the Central Africa Office of the African Development Bank. The decision was made public recently by the President of the AfDB Group, Dr Akinwumi Adesina, who was last year invited to Cameroon by President Paul Biya. He made the pronouncement shortly before the annual conference of the bank that just held in Busan, South Korea after the decision of the bank’s Board of Directors. The bank’s decision is to come closer to field realities.
2015-2020 Country Strategy Document Reviewed
Meanwhile, the government of the Republic of Cameroon and officials of the African Development Bank Group (AfDB) have begun the mid-term review of the 2015-2020 combined country strategy document and portfolio performance for 2018. To this effect, the Minister of the Economy, Planning and Regional Development, Alamine Ousmane Mey on Tuesday May 29 opened a workshop in Yaounde that brought together various development actors. Minister Alamine Ousmane Mey stressed the importance of the workshop which he said was to review the objectives that were fixed by AfDB and Cameroon as well as evaluate the country’s roadmap for 2018. While underlining significant cooperation ties between Cameroon and the AfDB, the MINEPAT boss stated that the bank, which is a strategic development partner in the continent has a portfolio amounting to over FCFA 900 billion for 23 countries. Cameroon has been chosen to host the bank’s Central Africa Regional office.
He stated that the country’s roadmap is based on a strategy that focuses on two major axis notably reinforcing infrastructural development for durable and inclusive growth and improving investment efficiency. Alamine Mey also recalled that the bank and the government of Cameroon recently signed a convention of over FCFA 30 billion to fund the construction of the Logone Bridge that links the towns of Yagoua in Cameroon and Bogor in Chad. This integrative project, he added, falls within the strategy paper as well as Cameroon’s Growth and Employment Strategy Paper which aims at making Cameroon an emergent country by 2035.
“To attain the emergence, Cameroon has chosen to reinforce its infrastructure and AfDB is a strategic partner,” Alamine Mey opined. The bank’s support to Cameroon is particularly important given the present context of economic shocks. Cameroon, the MINEPAT boss insisted, is resistant to the shocks thanks to its economic diversification and the country wants to continue to realize indispensable growth levers infrastructure, he said. The evaluation will enable them constitute a database of projects and resources and classified on a scale of preference for short and long term realization. The government will continue to encourage private sector investment as well as continue to improve the living conditions of the population.
The Resident Representative of the Cameroon country office of AfDB, Solomane Kone said the country strategy document is aligned to Cameroon national priorities inscribed to the GESP 2010-2020 aimed at plummeting Cameroon to emergence. He noted that bank is coherent in its sustainable efforts to support growth and economic development in Cameroon while putting emphasis on sub-regional integration.