#COVID19: Cameroon Receives US$116 Million AfDB Loan To Support Businesses And Families

The African Development Bank (AfDB) has loaned the Cameroon government 57.7 billion FCFA (about US$116 million) to finance its budgetary support programme which targets businesses and families affected by the Covid-19 pandemic.

Cameroon’s Minister of the Economy, Planning and Regional Development, Alamine Ousmane Mey who signed the 88 million euro loan explained that it would allow the government to reduce the negative effects of the coronavirus pandemic on businesses and households across the country.

Mey further said that securing the loan “is a direct corollary of the national strategic response to this health crisis, which has also become an economic crisis.”

This new African Development Bank assistance comes on the heels of an earlier 6.3 billion FCFA (US$12.1 million) the institution granted to member countries of the Central African Economic and Monetary Commission popularly known by its French acronym CEMAC (Cameroon, Gabon, the Central African Republic, Chad, Equatorial Guinea and Congo Brazzaville) through its African Development Fund window in June this year to enable them efficaciously fight against the effects of the pandemic crisis. This loan was already envisaged in the rectified 2020 budget of Cameroon.

It should be noted that official figures published by the Cameroon government indicate that over 90% of businesses consider themselves negatively impacted by the shocks of the pandemic. Within the same context, 74% of households have reported drastic drops in their incomes.

According to a study carried out between May and June this year, the Inter-patronal grouping of Cameroonian business operators projects that the annual loss in turnover to be suffered by businesses would be about 3.139 billion FCFA (about US$6 million) in 2020. This would surely reduce their capacity to contribute to the revenue of the state by about 521 billion FCFA (about US$1.1 billion).

Support Our Journalism

There are millions of ordinary people affected by conflict in Africa whose stories are missing in the mainstream media. HumAngle is determined to tell those challenging and under-reported stories, hoping that the people impacted by these conflicts will find the safety and security they deserve.

To ensure that we continue to provide public service coverage, we have a small favour to ask you. We want you to be part of our journalistic endeavour by contributing a token to us.

Your donation will further promote a robust, free, and independent media.

Donate Here

Of course, we want our exclusive stories to reach as many people as possible and would appreciate it if you republish them. We only ask that you properly attribute to HumAngle, generally including the author's name, a link to the publication and a line of acknowledgement. Contact us for enquiries or requests.

Contact Us

Chief Bisong Etahoben

Chief Bisong Etahoben is a Cameroonian investigative journalist and traditional ruler. He writes for international media and has participated in several transnational investigations. Etahoben won the first-ever Cameroon Investigative Journalist Award in 1992. He serves as a member of a number of international investigative journalism professional bodies including the Forum for African Investigative Reporters (FAIR). He is HumAngle's Francophone and Central Africa editor.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button

Subscribe to our Newsletter

Translate »