The European Union has committed to providing a loan of €91 million ($96 million) to Cameroon over the next three years to support the country’s infrastructure development and attract foreign investment.
The announcement was made during a meeting between Cameroonian government officials and an EU representative in the capital, Yaoundé.
This funding will be used to enhance Cameroon’s energy sector, improve its road network, and develop a railway linking the country to Chad, its landlocked neighbour, according to Alamine Ousmane Mey, the Minister of the Economy. Another major project will involve constructing a bridge over the Ntem River, connecting Cameroon with Equatorial Guinea.
Cameroon has faced significant challenges in repairing its decaying infrastructure, including roads, energy, and ports. Additionally, the country has been grappling with a separatist conflict in the west, which has resulted in over 6,000 deaths and displaced more than 760,000 people, according to the International Crisis Group.
The EU is already involved in several key infrastructure initiatives in Cameroon, including funding the construction of a hydroelectric dam in the central region and a bridge linking Cameroon to Chad.
Minister Mey stated that the goal is to attract “more private investors to manage the projects,” with the EU assisting in restructuring and managing public finances. Jean-Marc Chataigner, the EU Ambassador to Cameroon, emphasised that the loan is contingent upon the government’s effective management of the funds. Chataigner urged the government to ensure that companies involved in infrastructure projects receive full access to the funds.
Corruption remains a significant issue in Cameroon. A recent report from the National Anti-Corruption Commission revealed that the country lost more than FCFA 114 billion ($184 million) to corruption in 2023.
Follow us on:
