Cameroon joins Africa Finance Corporation to increase investment in manufacturing sector

Working with the Africa Finance Corporation (www.AfricaFC.org), Cameroon is building the infrastructure needed to shift its economy from a base primarily based on raw resource exports to a manufacturing hub, creating jobs, transferring skills and increasing export earnings.

“We are committed to working with AFC to quickly and sustainably establish vital support infrastructure that will help Cameroon grow,” said Joseph Dion Ngute, Prime Minister of Cameroon.

Cameroon will collaborate with the Company on critical infrastructure as the 36th member of AFC to deepen integration, facilitate import substitution and build manufacturing and industrial capacity to account for 40% of GDP under the national program Vision 2035. In order to maximize the value of Cameroon’s natural resources, which include maize, cassava, cotton, cocoa, oil and gas as well as energy transition metals like cobalt and nickel, AFC, first African infrastructure solutions provider, has so far given the country more than $300 million.

AFC has invested more than $10 billion over the past 15 years to address the most pressing issues facing the continent. It did so by using its special access to global financial markets to promote development, connect regional economies and transform lives. The Nkok Special Economic Zone, Africa’s first carbon-neutral industrial zone, has made Gabon the world’s largest exporter of veneer, generating $1 billion in annual export revenue and supporting more than 30,000 jobs. This project was developed and funded by AFC using its ecosystem investment approach.

With the addition of Angola and Tunisia this year, the AFC now has partnerships with 17 more nations than four years ago. Increased investment allocation, preferred access to AFC’s structuring and lending options, reduced project finance costs, and the Company’s advisory and project development services all benefit countries. members.

The Arise platform is implementing the strategy in Benin and Togo with an investment of $150 million to provide additional GDP estimates of $750 million and $2 billion, respectively.

With the admission of Cameroon, the Economic and Monetary Union of Central Africa (CEMAC), which brings together Chad, Congo-Brazzaville, the Democratic Republic of Congo and Gabon, covers more than half of Africa central.

Samalia Zubairu, President and CEO of AFC, said: “We are happy to welcome Cameroon as a member of AFC. Our growing membership is a testament to the confidence we have in our past partnerships and shows that we are interested in working together on projects and partnerships that will enhance economic development and be essential to building critical infrastructure.

Upgrading and maintaining roads to promote trade in the area, as well as financing agricultural processing facilities to facilitate the export of cotton and soybeans, are projects that AFC and Cameroon are exploring. currently. The Nachtigal Hydro Power Company, a 420 MW power plant that will increase Cameroon’s installed capacity by 30% and reduce the cost of electricity generation, received financing from AFC in 2018. Four years ago, the company helped Société Nationale de Raffinage, Cameroon’s national refinery, to modernize and expand (Sonara).

The government of Cameroon is looking to public-private partnerships to help develop infrastructure that can increase profit prospects and have a significant influence on the country’s diverse population. According to Prime Minister Ngute, “AFC has a proven track record in providing vital infrastructure, having already spent $300 million in our country.” We are excited to strengthen our relationship in the future.

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