By Doh James Sonkey
The Minister of the Economy, Planning and Regional Development, Alamine Ousmane Mey last May 10, 2023 in Djeddah in the Saudi Arabia Kingdom signed with the President of the Islamic Development Bank, Dr Muhmad Al Jasser a loan agreement of FCFA 21,155 billion for the implementation of Presidential Plan for the Reconstruction and Development of the North West and South West regions.
Minister Alamine Ousmane Mey was attending the 48th annual meeting of the Council of Governors of the Islamic Development Bank in Djeddah in the Saudi Arabia Kingdom last May 10-13, 2023.
The Minister explained that these funds will support Cameroon government efforts in the reconstruction and the rehabilitation of essential infrastructures, reinforcement of social cohesion and the revitalization of the local economy in the North West and South West regions.
Speaking on the occasion, the Minister of the Economy, Planning and Regional Development expressed gratitude on behalf of President Paul Biya, the government and the people of Cameroon to the authorities of the Islamic Development Bank for their solidarity and their precious support of government efforts to develop Cameroon.
Out of a requested FCFA154 billion (about $258 million), Cameroon only raised FCFA11.5 billion by mid-2022, representing a mobilization rate of 7.4%, official data showed. In detail, Paul Tasong, former coordinator of the project, explained that 75% of this amount came from the State itself; the private sector contributed FCFA 1.2 billion; the United Nations Development Program (UNDP) CFA400 million; and Japan FCFA1.5 billion. Last March, Japan approved an additional FCFA1.3 billion, bringing its total contribution so far to FCFA 2.8 billion.