World Bank Places 62 billion FCFA To Support Economic Growth.

Cameroon’s economic growth projections for 2022-2024 are as optimistic as the solutions envisaged to combat climate change. However, achieving these objectives inevitably requires substantial funding that does not always arrive in a timely manner. Therefore, the World Bank has just granted a loan of 100 million dollars or 61.7 billion CFA francs to Cameroon. This loan is intended to support robust growth and strengthen the country’s resilience to climate change.

According to the clarifications made by Abdoulaye Seck, World Bank (WB) Country Director for Cameroon, said “Cameroon’s economy is facing headwinds due to increasing fiscal pressures and tightening external financing conditions. The support provided under this OPD will help the country implement the necessary reforms to improve governance, public resource management, and the business environment, as well as human capital development,”

Notably, Cameroon, In its medium-term economic and budgetary programming document, The country expects economic growth of 4.2% in 2023 and 4.8% over the period 2022-2024, while the World Bank’s Africa’s Pulse report projects the country’s economic growth at 4.6% by 2024. These projections are well above 3.6% for the end of the current year. With regards to climate change included in this allocation, it should be noted that in one of its recent reports, the WB informs that the country of Paul Biya needs 58 billion dollars, or about 38 billion CFA francs to mitigate the effects of climate change.