Cameroon – Cooperation: Italy to inject CFAF 4.5 billion into Cameroon in 2017

Written by Deckson N.

The revelation is from the newspaper Integration which talks about the cancellation of a part of the debt of Rome towards Yaoundé in the framework of the poor and very indebted country initiative.

Paul Biya, completed his state visit to Italy on March 22, 2017. A 72-hour visit during which the President of Cameroon and Sergio Mattarella, his Italian counterpart, worked to strengthen cooperation between Yaoundé and Rome. An already important cooperation on the economy.

Integration of 20 March, for example revealed that Italy will inject about 4.5 billion FCFA in Cameroon in 2017.

It is not cash that Italy will put directly at the disposal of Cameroon. Money remains to be mobilized by Yaoundé. But it was a money that would have been used to repay her debt to Rome if the Heavily Indebted Poor Countries (HIPC) Initiative had not existed. Indeed, following the completion point of this initiative in 2006, Italy canceled a claim of 99.3 billion CFA francs from Cameroon, which the country should pay over the period 2006-2042. In addition, Rome decided that 33 per cent of the canceled claim (CFAF 32.7 billion) would be used to carry out jointly agreed development projects in the form of a three-year program, “writes Aboudi Ottou, Author of the article.

The weekly, adds that

a first program of 9 billion CFA francs was realized between 2009 and 2011. And since 2016, a second program of the same amount is in execution. It targets areas of health including support to the Chantal Biya International Reference Center (CIRCB); Basic education and rural development. The northern and eastern regions are the target areas. After an investment of just over 3.5 billion in 2016, it is planned to inject a little more 4.5 billion FCFA this year, according to an information note from MINEPAT“.

This money, we learn, will be mobilized in phases.

The first envelope of just over CFAF 3.2 million will finance construction projects for 12 community preschool centers, 21 maternal blocks, 10 latrine blocks, 02 Mother and Child pavilions, 17 Integrated health centers, 162 classrooms, equipment for 68 integrated health centers and district medical centers, as well as the acquisition of agricultural and breeding equipment for young people and women in the Kadey division. We also need to add a subsidy of CFAF 140 million to the CIRCB … The second envelope of 1.3 billion will be used for the additional interventions agreed during the visits of the MINEPAT, Louis Paul Motaze, and the Ambassador of Italy to Cameroon, Samuala Isopi in the beneficiary regions in November 2016 and February 2017 “.

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Deckson N.

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