Friday, 25 April 2014

Cameroon declared eligible for new World Bank loans

Last week, Minister of Economic Planning and Regional Development Emmanuel Nganou Djoumessi declared that Cameroon has been successful in applying for soft loans from the World Bank’s International Development Association (IDA) subsidiary through which projects are supported in eligible developing economies.

Nothing was said about the scale of the loans but Djoumessi said that Cameroon, which had applied for World Bank funding during a 2013 meeting in Washington DC, is expected to use the funding to build roads, develop electricity and fund other key infrastructural projects in the country’s quest to become an emerging economy.

In recent years, Cameroon’s relationship with the World Bank has not been particularly cordial because it has faced criticisms from the Bank for not using all of the credits at its disposal. Corruption, administrative red tape, excessive procedural lapses and inappropriate execution of projects have been at the centre of the discords, which the World Bank had earlier said had kept credit consumption levels at barely 11%.

For more news and expert analysis about Cameroon, please see Cameroon Politics & Security.
© 2014 Menas Associates

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