The interconnection of the capitals of the Economic and Monetary Community of Central African States (Cemac) is booming. In 2020, during a round table in Paris, Cemac obtained 3.8 billion euros to finance 11 infrastructure projects. These projects, which aim to improve connectivity between member countries, are already 80% underway. In order to complete these projects and finance 13 other major projects, Cemac will organize another round table in November to raise 8.8 billion euros.
Cemac officials announced this during a meeting in Brazzaville. This second phase of projects demonstrates the desire to diversify funding sources to achieve the set objectives. Michel Cyr Djiena Wemba, permanent secretary of the Economic and Financial Reforms Program of Cemac, presented the four axes of the projects to be financed.
The first axis concerns the development of basic infrastructure in order to support the economic growth of the region. The second axis aims to increase energy production and improve electricity interconnection between member countries. The third axis concerns dry ports, with the aim of relieving congestion in existing ports. Finally, the fourth axis focuses on the wood sector, promoting the processing of wood on site.
Cemac officials reassure future partners by specifying that this funding is not in the form of donations, but of public-private partnerships (PPP) which will benefit both parties. In addition, loans will be contracted on a concessional basis, depending on Cemac’s debt capacity.
With the development of the first projects, Cemac estimates that the sub-region will be able to benefit from economic growth of more than 3% by 2024. This interconnection of Cemac capitals will strengthen regional integration and promote economic development and social security of member countries.