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AfDB Provides Funds to Cameroon – African Markets

The African Development Bank Group (AfDB) is making new funds available for the pursuit of two major projects in Cameroon: the Project for the Development of Access Roads to the Industrial and Port Zone of Kribi (PARZIK, first phase ) and the Yaoundé Sustainable Rainwater Sanitation Complementary Project (PCADY).

Agreements

The loan agreements were signed in Yaoundé by the AfDB’s Director General for Central Africa, Serge N’Guessan, and Alamine Ousman Mey, Cameroon’s Minister of Economy, Planning and Regional Development. .

Already endowed with a first tranche of 114 million euros (74.7 billion CFA francs), the road development project for the opening of the industrial zone and the port of Kribi (PARZIK) will benefit from 40 million additional euros (26 billion CFA francs). francs), this second tranche having received the green light from the AfDB Board of Directors on June 22, 2022.

THE PARZIK

PARZIK aims to improve the fluidity and safety of road traffic between the town of Edéa and Kribi, a town with a deep-water port.

To this end, the 110 km of very degraded road that connects the two cities will be rehabilitated and the road will be extended to Equatorial Guinea, finally linking the two countries. A bridge will also be built over the Ntem River, which will strengthen national and trans-African corridors, such as Douala-Kribi-Bata, Kribi-Yaoundé-Bangui and Kribi-Yaoundé-N’Djamena.

THE PADY

The second project to benefit from this support from the Bank comes definitively to complete and consolidate the achievements of a large-scale operation that it had already financed, the Yaoundé Sanitation Program (PADY), which was implemented in two phases since its launch in 2013.

The objectives – fully achieved since then – were to reduce the impact of the floods that devastate the Cameroonian capital each year – more than 130 between 1980 and 2014 – and, in general, to improve the management of rainwater, the sanitation and public hygiene.

With the new loan agreement, which endows the Yaoundé Sustainable Sanitation Complementary Project with nearly 33.5 million euros (22 billion FCFA), Yaoundé intends to continue the works and deal with the residual flooding that may occur in downtown – like Kennedy Avenue.

A flood control basin will be constructed and solid waste management will be improved. As in the two previous phases of the program, several playgrounds and green spaces are planned.

This new phase of the PCADY project also benefits from an $8 million grant from the Global Environment Facility (GEF), which will be used to finance design studies for the future Ongot landfill in Yaoundé.

In addition to the construction site, this time in Douala, of a treatment center for special and/or dangerous industrial waste (known as “class 1”), in the Ngombé district.

Comments

“I would like to thank you for the impetus that our cooperation has just received under your leadership”.

“The realization of these two operations is the fruit of your efforts, combined with those of your collaborators”.

“With ours, they have formed a dynamic and committed team, dedicated to achieving our country’s development goals”.

said Cameroon’s Minister of Economy, Planning and Regional Development in a speech during the signing ceremony, which was attended by several members of the government.

“I am delighted to be able to express the gratitude of the Head of State, Paul Biya, to the AfDB Group for the excellent technical and financial cooperation between Cameroon and your august institution”.

Added Alamine Ousman Mey.

“For the AfDB Group, these two operations bring the volume of its active portfolio in Cameroon to nearly 2 billion euros (about 1.302 billion FCFA), spread over 25 operations”.

said Serge N’Guessan, AfDB Director General for Central Africa.

“The transport sector alone represents 51.6% of the portfolio, more than one billion euros [680 billion CFA francs]”.

“This is proof of the leadership position of the AfDB Group in financing the transport sector in the country and in the sub-region,” he concluded.

What do you think about this? Are these AfDB projects beneficial for development in Africa? We want to know your opinion, do not hesitate to comment and if you liked the article, share and give a “like / like”.

See also:

The AfDB and the importance of PALOPs in Africa

Picture: © 2022 AfDB

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