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The African Development Bank (www.afdb.org) has approved a loan of 17.96 million euros to the Republic of Cameroon to finance the construction of a ring road project in the North West Province. from the country.
The ring road project, which enters the third phase of the country's transport sector support program, aims to improve the flow of goods and people. It will also strengthen the foundations for strong and sustainable growth by promoting national and regional trade.
The loan for the 365-km ring road is the Bank's third intervention in the implementation of this important project for the rehabilitation and modernization of the road network. The loop road crosses five of Cameroon's seven divisions in the North West and includes several links to the Nigerian border.
The project will also include institutional support to the transport sector and related work, such as rural road development, rehabilitation of socio-economic infrastructure to improve the living conditions of women and youth.
The road project is included in the Government's 2010-2020 Growth and Jobs Strategy Paper (GESP), which aims to set up an integrated and efficient low-cost transportation network covering the environment. the whole country, opening the country to neighboring countries, in order to effectively enhance economic growth and reduce costs. poverty.
The transport sector support program in which the project is registered also complies with Pillar I of the 2016-2020 Country Strategy Paper (CSP) for Cameroon, which focuses on strengthening infrastructure to support agricultural value chains for inclusive growth and align with Bank priorities. the priorities.
The northwest of Cameroon has enormous economic potential, especially in the agricultural sector, which will benefit from the road. Farming and fishing are other lucrative sectors. tourism, especially spectacular natural landscapes such as Menchum Falls, Awing, Oku and Nyos Lakes, Mbengwi Caves.
The project is also expected to have a positive impact on transport – significantly reduce travel time; increase in passenger and freight traffic; promote the creation of jobs for women and bring 30,000 young people to work. The road will result in savings on vehicle operating costs; increase household income and reduce post-harvest losses.
The total cost of the first phase of the transport sector support program is estimated at 255 million euros (167.270 billion CFA francs). It will be implemented from December 2018 to June 2024, with the Bank's co-financing loan of € 179.60 million, a loan from the Africa Agriculture Fund of € 42 million and Government counterpart funding of € 32.84 million.
At the end of August 2018, the Bank's portfolio in Cameroon comprised 24 operations (18 national and 5 multinational) for a total net commitments of € 1,369.02 million. The public sector accounts for 1 218.03 million euros for 19 operations, while the private sector accounts for four projects valued at 150.99 million euros. (The transport and ICT sectors account for 63% of the portfolio).
Since 1972, when the Bank began operations in Cameroon, it has participated in the financing of 28 operations in the transport sector.
Distributed by the APO Group on behalf of the African Development Bank Group (AfDB).
Media contact:
Felix Njoku
Email: [email protected]
About the African Development Bank Group:
The African Development Bank (AfDB) Group (www.AfDB.org) is the leading development finance institution in Africa. It comprises three separate entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Trust Fund for Nigeria (NTF). On the ground in 37 African countries with an external office in Japan, the ADB contributes to the economic development and social progress of its 54 regional member states. For more information: www.AfDB.org
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