September 18, 2009
Cameroon gets US$100 million World Bank loan for agriculture, rural development
The World Bank and the Cameroon government signed two loan agreements Wednesday worth US$100 million to boost rice, corn, pork and other commodities, as well as improve living conditions of the rural population.
The two-phase loan to be repaid in 40 years will be available by the end of 2009. The first US$40 million will finance an agricultural competitiveness project, which aims to increase the competitiveness of eligible commodity producer organizations, including: corn, palm oil, rice, poultry, pork and plantains, which the bank describes as "strategic" for food security.
"The project will target pork because it closely complements with the corn and poultry value chains, and rice, because of its strategic relevance and important underused potential," said a statement issued by the bank after the signing ceremony.
Agriculture contributes more than half of Cameroon non-oil export revenues and employs almost 60 percent of the economically active population, the World Bank said.
The second agreement of US$60 million is to fund the improvement of basic social services in rural areas. Healthcare, education, potable water and infrastructure were among the domains to benefit the financial support.
Both accords were signed for the World Bank by its Cameroon country director, Mary Barton-Dock, and for the Cameroon government by Minister of Economy, Planning and Regional Development Louis Paul Motaze.
