Cameroon President Paul Biya has set up a road fund organisation called The Fund, which will henceforth oversee road construction and maintenance in the country.
This information is contained in a 21-page decree signed yesterday, July 10, by the president.
According to the decree, the fund shall have legal and financial autonomy but will be placed under the technical supervision of the Ministry of Road Transport.
It has a mission to collect the required resources to finance road and motorway projects, studies, compensation, investment and maintenance programmes.
It will equally finance programmes for the protection of the national roads asset, road safety, and the construction, maintenance and rehabilitation of non-conceded roads and motorways.
According to the decree, the fund will manage tolls on non-conceded roads and motorways; source and mobilise financing needed to implement the said programmes or projects on the domestic and international markets; and pay for services and works eligible for funding.
Source of Funding
The decree specifies that the Fund will be collecting money directly, with the assistance of government services in charge of financial and tax issues or any other partner, the resources relating to proceeds from the transit tax, the road toll fee or, in the case of a concession, the concession fee, and income from funds invested in banks or operations deemed profitable for the Fund.
It will also be responsible for mobilising from government services in charge of financial and tax issues the resources relating to the share of proceeds from fines for damage to road assets, the share of the special tax on petroleum products, and grants and subsidies.
What is the structure?
It will be headed by a director general assisted by a deputy. However, its operations will be scrutinised by a Board of Directors.
The members of the Board have representatives of the President, Prime Minister, Minister of Public Works, Public Transport, Urban Development, Decentralisation, Council and Regions.
This is the first-ever fund that is directly overseeing road construction in the country.
Roads in Cameroon have been one of the country’s major problems. They are dilapidated, and some have experienced abandonment.
