On January 30, 2023, Minister Alamine Ousmane Mey signed two financing agreements with Standard Chartered Bank of London. The first is a buyer’s credit amounting to 50 billion FCFA, the second, a commercial stay credit of two billion, which completes the financial package, for a total of 52 billion. This financial mobilization will be allocated to the development project of 15,280 hectares of hydro-agricultural areas in Adamaoua. In fact, there is talk of building an irrigation system for large cultivable areas, nearly 100 kilometers of roads, but also production units. The realization of this project also involves the production of inputs necessary for the development of livestock farming, the purchase of agricultural equipment, as well as the development of a financial study, in order to guarantee the employment of young people. and the marketing of agropastoral products. Although details on deadlines, start of construction and delivery have not been given, the director of the successful group of companies, Incatema/Incatuk, reassured that his teams are already hard at work, to make this a reality. ambition.
According to the minister, the realization of this project is quite essential to the extent that, “11% of the Cameroonian population remains faced with acute food insecurity. Which represents nearly 3 million people that the analysis of the Harmonized Framework of March 2023, mainly distributes between the Far North, the North-West and the South-West. As a reminder, this financial mobilization will be used to carry out the first part of a program which will extend to 35,000 hectares of land, which will have to be developed to develop agriculture. The three departments concerned by this first phase are, among others, Vina, Mbéré, Faro and Deo, in the Adamaoua region. Through these financing agreements, the Minister of Economy, Planning and Regional Development reassures that, “Cameroon would like to accelerate the implementation of its import substitution policy. We must therefore produce locally, we must produce more, we must satisfy demand at the national level, to reduce imports at a time when Cameroon has immense comparative advantages in the agricultural sector. These financing agreements were signed in the presence of the High Commissioner of the United Kingdom of Great Britain and Northern Ireland in Cameroon, and the ambassador of the Kingdom of Spain in Cameroon, the director of the British government agency export credits and many other partners
