715 billion CFA of ADB to be capitalized

The African Development Bank (ADB) will engage 460 billion CFAF in Cameroon over the period 2014-2016.

This money, according to the explanations of Racine Kane, resident representative of ADB in Cameroon, will fund a portfolio of 21 projects including 23% for the private sector.

Racine Kane made the announcement at the headquarters of the Groupement inter-patronal du Cameroun (Gicam) during a tripartite meeting (public-private sector - BAD) held June 27.

This funding is in addition to the 255 billion CFAF extra that the financial institution has made available to Cameroon since its admission to the joint counter of the ADB, which went effect July 1, 2014.

The Cameroonian Minister of economy assured that all these funds will be used "with rigor" in the selection and management of major projects of development of the State as well as the accompaniment of sector private.

Speaking at the tripartite meeting in Douala, the president of GICAM, André Fotso, noted that private investment must represent at least 20% of the Gross Domestic Product if Cameroon wants to achieve its ambition of emergence.

Since 1972, ADB has already made available to the Cameroon various financial resources for a total of 990 billion CFA.