Cameroon to sign a new XAF54 1 bln IDA loan agreement for development policy support operations businessincameroon.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businessincameroon.com Daily Mail and Mail on Sunday newspapers.
(Business in Cameroon) - On May 5, 2021, the 10th edition of the Cameroon-South Korea Economic and Energy Forum was held in Yaoundé. According to Jongham Kim, South Korea’s ambassador to Cameroon, despite the restrictive measures (travel bans notably) prompted by the coronavirus pandemic, two South Korean energy giants were present. They are notably Korea Midland Power, the state-owned company in charge of the implementation of the South Korean government’s electricity development strategy, and construction company Daewoo E&C.
Besides those giants, the Korea Trade Promotion Corporation (KOTRA) was also represented, we learn. During the forum, Cameroon’s Minister of Economy Alamine Ousmane Mey explained the importance of the electricity sector in his country’s 2020-2030 national development strategy.
Cameroon: ITFC inks XAF64 bln interest-free agreement to support SODECOTON s agricultural inputs purchase businessincameroon.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businessincameroon.com Daily Mail and Mail on Sunday newspapers.
Cameroon moves for eligibility to the World Bank’s Prevention and Resilience Allocation mechanism
According to Alamine Ousmane Mey, to benefit from the enhanced support, Cameroon must elaborate
a strong and inclusive strategy that takes into account the sectoral and territorial points of view, as well as all the challenges, adequate and targeted solutions. Thus the consultation launched on February 23. Over the next two weeks, the consultations will be held successively in the country’s ten regional capitals thanks to the expertise of World Bank’s consultant Agora.
The minister indicates that because of the multiple challenges (notably the socio-political crisis in the North-West and South-West regions, Boko Haram in the Far North, and the influx of refugees in the East region), Cameroon is a suitable candidate for this new World Bank financing.
(Business in Cameroon) - Last month, while presenting the budget of his ministry before the parliament, Minister of Economy Alamine Ousmane Mey indicated that the country’s growth would be less than forecast. According to the official, due to unfavorable conditions, Cameroon’s economy would grow by “
about -2.6% in 2020, after an estimated growth of 3.7% in 2019 with inflation controlled at 2.5%.
This new outlook is lower than the forecasts published by the government in H1-2020. At the time, the authorities were forecasting that the country would enter recession this year but the growth rate would be -1%.
Alamine Ousmane Mey cites the negative impacts of the coronavirus pandemic on the economy as the reason for the new projections. “