IDB finances rural electrification in Cameroon

The Islamic Development Bank (IDB) will finance for 16.9 billion CFA francs rural electrification projects in Cameroon. This decision is contained in a decree signed by the head of State of Cameroon, Paul Biya, empowering the minister of the Economy, Emmanuel Nganou Djoumessi, to sign two funding agreements with the Islamic Development Bank for a total amount of 16.9 billion CFA francs.

"This funding of 16.9 billion F CFA is parceled into two respective amounts of 12.2 billion CFA F representing the agreement of Istisna and a loan of 4.788 billion CFA F", said Emmanuel Nganou Djoumessi.

The Cameroon Minister of Economy said that "this 16.9 billion F CFA will be used for the implementation of the 2nd phase of the governmental program for rural electrification". The IDB with Eximbank, has become one of the most important donors of the Cameroonian State since a few years, with the financial aid in sectors as diverse as health, road infrastructures, education, rural development.

In July and June, it is said that the IDB has funded in Cameroon education in less educated areas at 8 billion CFA francs, and the health-care services for 12 billion CFA francs. In 2013, the IDB disbursed, 8.5 billion F CFA to finance the 2013-2014 cotton campaign in Cameroon, in addition to the 104.2 billion CFA F co-financed with Eximbank for the development of fisheries, livestock and telecommunications in this country of central Africa