Business

Cameroon – Agribusiness: AfDB co-finances agricultural project of 75 billion in Cameroon

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Written by Deckson N.

The African Development Bank (AfDB) is participating alongside the Cameroonian government in financing the Agricultural Value Chain Development Project (PD-CVA) estimated at 45 billion CFA francs, APA reported on Wednesday.

In accordance with the agreed terms of reference, the AfDB’s participation accounts for 77% of the overall budget, while the State of Cameroon supports 21.5% of the program.

Implemented in the Central, East, Littoral and South-West regions, this 5-year project aims to ensure food security in the country, particularly in the plantain, oil Palm and pineapple.

The AfDB’s support in the form of loans is a means of financial and technical support to farmers’ organizations and other young people interested in agribusiness.

According to its initiators, this project will directly affect 242,000 people, whose incomes will increase by an average of CFAF 818,000 per beneficiary and CFAF 6 million per year for each of the young entrepreneurs involved in the project.

Ultimately, an increase of 216 000 tonnes of palm nuts, 240 000 tonnes of plantain, 10 000 tonnes of pineapples and 17 500 tonnes of palm oil is expected.

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Deckson N.

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