Cameroon – Finance: The Islamic Development Bank lends CFAF 43.4 billion to Cameroon

The Islamic Development Bank lends CFAF 43.4 billion to Cameroon
Written by Deckson N.

On May 17 2017, in the margins of the 42nd annual meeting of the Board of Governors of the Islamic Development Bank (IDB), Louis Paul Motaze, the Minister of Economy, met in Jeddah, Kingdom of Saudi Arabia, for two loan agreements, totaling US $ 72.7 million. That is about 43.58 billion FCFA.

The first loan for a total amount of US $ 30.28 million (about CFAF 18.16 billion) is for the Chari-Logone integrated rural development project. The second agreement, worth US $ 42.42 million (approximately CFAF 25.45 billion), concerns the implementation of the livestock marketing and livestock infrastructure development project in Cameroon.

Speaking to the IDB authorities on the Chari-Logone project in particular, Louis Paul Motaze welcomed the institution’s support for the joint action that the Government of Cameroon and some partners are leading the lasting recovery of the economic situation in the Far North region in general, and the Logone and Chari division in particular who are victims of the exactions of the Boko Haram sect.

With regard to the development of livestock marketing and livestock infrastructure, the activities to be carried out are aimed at contributing to economic development and improving food security in Cameroon. This is through the development of zoo-sanitary infrastructures.

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Deckson N.

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