Yaoundé: World Bank Group feeding Biya’s corrupt government ⁰

The World Bank Group announced on July 23 its commitment to a new Country Partnership Framework (CPF) with Cameroon, covering 2025 to 2029. This strategic partnership aims to support Cameroon’s “Vision 2035,” which aspires to transform the nation into “an emerging, democratic, and united country in its diversity.”

As part of this effort, the financial institution plans to provide over $2 billion (more than CFA1, 210 billion) during the CPF period to bolster the country’s economic development. This funding complements the $4.2 billion in ongoing commitments.

Cheick F. Kanté, World Bank Country Director for Cameroon, emphasized the importance of this partnership in job creation, particularly for the youth. “A key focus of our engagement is to create more and better jobs, particularly for the youth, as a driver for improving the living conditions of the Cameroonian population at large and preserving social cohesion,” he stated, according to the release. Another goal of the new CPF is to create more effective and inclusive service delivery institutions, with special attention to climate and fragility issues.

The new CPF marks a significant step in the collaboration between Cameroon and the World Bank Group institutions: the International Bank for Reconstruction and Development (IBRD), the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA). This partnership will focus on expanding economic opportunities while laying the foundations for resilient and inclusive growth in Cameroon.

Dahlia Khalifa, IFC Regional Director for West and Central Africa, highlighted the essential role of the private sector in achieving the CPF’s objectives. “The private sector has a key role to play in expanding renewable energy solutions, enhancing agricultural productivity, bridging the infrastructure gap, and increasing financing for micro, small, and medium enterprises (MSMEs) in Cameroon,” she said.

Şebnem Erol Madan, Director of Economic Analysis and Sustainability at MIGA, underscored the World Bank Group’s commitment to mobilizing private financing and foreign direct investments to support inclusive and resilient development in Cameroon. “Over the CPF period, the WBG will build on its track record of mobilizing private finance and foreign direct investment in diverse sectors, supporting inclusive and resilient development in Cameroon. This effort will be strengthened by sustained collaboration between the World Bank, IFC and MIGA in joint business development, including through the deployment of the WBG Guarantee Platform housed in MIGA,” she explained.

According to the World Bank, the preparation of the new CPF involved consultations with key stakeholders, including government officials, the private sector, civil society, think tanks, universities, and other development partners.

Source: Business in Cameroon