Cameroon has borrowed about FCFA 43.58 billion from the Islamic Development Bank.
It was on Wednesday in Saudi Arabia where the Minister of the Economy, Planning and Regional Development signed the loan agreements.
The money is to be used for two separate projects. The first agreement entails about FCFA `18. 16 billions meant for the Chari-Logone rural development project.
The second amount (about FCFA25. 45billion) is to be used to improve the commercialization of cattle and the development of infrastructure for livestock breeding in Cameroon.
The loan agreements were signed during the 42nd meeting of the council of governors of the Islamic Development Bank in Djeddah, Saudi Arabia.
Louis Paul Motaze signed for Cameroon.
Cameroon is Africa in miniature yet very “poor” and heavily indebted. Its emergence ambition is set for 2035.
Endowed with as much natural resources as God could offer to a people, Cameroon is part of the Heavily Indebted Poor Countries Initiative (a group of 37 developing countries with high levels of poverty and debt overhang which are eligible for special assistance from the International Monetary Fund and the World Bank).