The African Development Bank Group (AfDB) has announced a change in its intervention model in Cameroon. After evaluating its strategy from 2015 to 2022, the multinational development finance institution has drawn lessons and developed a new Strategy document for its interventions in Cameroon from 2023 to 2028. The main lines of this strategy were presented on June 19 in Yaoundé by Serge N’Guessan, the Director General of the Central Africa Office of the AfDB Group.
The aim of the new Strategy Document is to support Cameroon’s efforts in implementing its 2035 vision and ensuring economic development for its population. The Bank plans to focus on supporting Cameroon’s ambition of diversification and transformation, with a specific emphasis on industrialization and agro-industry. This choice aligns with the orientations received from the authorities of Yaoundé.
To capitalize on Cameroon’s opportunities in the development and diversification of agro-pastoral and fisheries production, the Bank’s strategy will focus on two areas of intervention: developing infrastructure for the promotion of the agro-industrial sector and strengthening the human capital needed for industrialization and agro-industry. The goal is to improve the business environment and attract private sector investment alongside the State.
The new strategy for Cameroon will intervene at both the strategic and operational levels. It is intended to be second generation and builds upon the lessons learned from the previous strategy.
From 2015 to 2022, the cooperation portfolio between Cameroon and the AfDB included 24 active projects and represented two billion USD in commitments. The infrastructure sector, particularly transport and energy, accounted for more than 71% of resources, while agriculture accounted for 12%. The AfDB’s new strategy will continue to prioritize these sectors.
Overall, the AfDB’s new intervention model in Cameroon aims to support the country’s economic development and help achieve its long-term vision. The Bank’s strategy will focus on key sectors and areas that have the potential for growth and diversification. With the support of the AfDB, Cameroon can continue its efforts towards industrialization and agro-industry, ultimately improving the lives of its population.
Source: Current Challenges n°778 of Thursday June 22 to 25, 2023