The African Development Bank has also played a major role in funding some infrastructural projects aimed at boosting growth.
In its 2017 Country results brief, released on Nov. 2, the African Development Bank (AfDB) has lauded the efforts made by Cameroon, CEMAC’s economic giant, to improve social services and boost investment in infrastructures. “As the most robust economy in Central Africa, Cameroon, has in the past decade taken steps to further boost growth, making major advances in providing health, education, and clean water, and launching an ambitious infrastructure investment programme”, AfDB explained in the document.
The pan-African financial institution pointed out that the actions initiated by Cameroon are in line with its own strategic pillars. “rogress has been impressive, but a big leap in business competitiveness is required, to create a more diverse, inclusive, regional economy” Simon Mizrahi from AfDB said. In the power sector, the Country Brief indicated that 2.7 million Cameroonians will have access to improved electricity services starting next year, thanks to the increase of the country’ power generation capacity following the construction of many hydropower dams, with the support of AfDB. At the same time, “o fulfill its potential in agriculture, which accounts for 40% of GDP, the AfDB has helped Cameroon double agriculture output, thus listing the livelihoods of 4.6 million farmers by 15%, including promoting smallholders agribusiness, better nutrition, and strengthening food security ».
Cameroon’ growth inn the industrial sector “ebounded to 5.7% growth in 2015, boosted by agribusiness and construction, and the time to start a business shrank to 15 days from 45. However, AfDB recommends that the country should cut red-tape and facilitate access to loans. Internet use rose 10-fold” and, investments in the sector on telecommunications, such as the Central African backbone project thanks to which 1,000 kilometers of fiber optical cables will be deployed, with funding from AfDB. In terms of regional integration, AfDB disclosed that despite the major deficit in infrastructures, trade between Cameroon and other African countries has increased over the last decade spurred by AfDB-backed cross-border road projects like the 535 km corridor between Bamenda in Cameroon and Enugu in Nigeria.
AfDB Commends Cameroon’s Efforts The Lom-Pangar reservoir dam partially funded by AfDB with a power plant to supply 33MW of electricity to the East Region.