The World Bank will be expending up to $200 million for investment in Cameroon under a development policy credit (DPC) deal. The agreement was signed this week by Abdoulaye Seck, the Bank’s country director for Yaounde and the Minister of Economy, Planning and Regional Development, Alamine Ousmane Mey.
The DPC aims to strengthen fiscal sustainability, protect the poor and most vulnerable in the West African country and enhance its competitiveness among other nations. It is the second out of a three plan series that is aligned with Cameroon’s long term Vision 2035 development agenda – to boost economic growth and reduce poverty.
As of 2014, the poverty rate at the national poverty line for Cameroon was 37.5 percent. Poverty has been on the rise ever since with the majority of nationals not able to meet their basic needs. Seck revealed that the poorest households are not left behind in the Bank’s investment as Cameroon is “expected to address critical bottlenecks to foster inclusive growth”.
Another major goal of the scheme is to ensure that citizens have increased access to good health care services in Cameroon. HIV/Aids is the leading cause of death in the West African country and has claimed the lives of a great number of Cameroonians. Reports indicate that 540,000 people were still living with the disease as of 2018.
In addition, the DPC will also target the efficiency of public procurement, broaden the non-oil tax base, support efforts to rationalize and reduce tax expenditures and improve civil-service management.
The funds are also expected to be deployed into road maintenance, improving supply chains at the Port of Douala, working towards achieving greater financial sustainability in the energy sector, and a more climate-resilient road network.
The World Bank supports Cameroon through various mediums with a net commitment of $1.81 billion. Over time, the support has contributed to the country’s inclusive and sustainable growth, through the implementation of economic reforms, improvements in agriculture and livestock sectors, energy, transport, healthcare, education and social safety net for the most vulnerable.
Source : venturesafrica.com
Keywords : Africa, News, Economy, World Bank, Cameroon