Cameroon, a West African country, has just received a €91 million loan promise from the European Union over the next three years. This sum aims to support the country in developing its infrastructure and attracting more foreign investment.
The loan was announced following a meeting between Cameroonian government ministers and a representative of the European Union in Yaoundé, the country’s capital. According to Alamine Ousmane Mey, Cameroon’s Minister of Economy, this financial aid will help improve the energy sector, road infrastructure, as well as the establishment of a railway network linking Cameroon to Chad, its landlocked neighbor.
The loan will also allow for the construction of a bridge over the Ntem River, between Cameroon and Equatorial Guinea. These initiatives come as the Cameroonian government strives to rebuild its road, energy and port infrastructure, which has been seriously damaged in recent years.
Cameroon is also facing a separatist conflict in the west of the country, which has caused the death of more than 6,000 people and the displacement of more than 760,000 others, according to the International Crisis Group. This loan from the European Union therefore represents valuable assistance in strengthening the stability and development of Cameroon.
In parallel, the European Union is already financing major infrastructure projects in Cameroon, such as the construction of a hydroelectric dam in the centre of the country and a bridge linking Cameroon to Chad. The stated objective is to attract more private investors to manage these projects, while helping the Cameroonian government to restructure and manage its public finances more effectively.
However, the European Union Ambassador to Cameroon, Jean-Marc Chataigner, emphasizes that this loan is conditional on transparent and efficient management of the funds allocated by the government. Indeed, corruption remains a major problem in Cameroon, as evidenced by a report by the National Anti-Corruption Commission, which estimates that the country has lost more than 114 billion CFA francs ($184 million) in 2023 due to corruption.
Thus, it is essential that companies involved in the construction of infrastructure benefit from full access to the funds allocated. This partnership between Cameroon and the European Union illustrates the common desire to stimulate the economic and social development of the country, while ensuring efficient use of resources for the well-being of citizens.