Islamic Development Bank offers FCFA 21 billion for NW/SW reconstruction

The Islamic Development Bank (IsDB) has emerged as a crucial financial partner, committing a substantial sum of FCFA 21.150 billion to propel the Presidential Plan for the Reconstruction and Development (PPRD) of the North West and South West Regions of Cameroon. This injection marks the largest financing initiative since the plan’s inception in 2020.

The announcement was made during a ceremony presided over by Prime Minister Chief Dr. Joseph Dion Ngute on Monday, December 18, 2023. Expressing gratitude for the generous support from the Islamic Development Bank, the Prime Minister highlighted the pivotal role these funds will play in rebuilding essential infrastructure, fostering social cohesion, and revitalizing the local economy in the crisis-affected regions.

Scheduled to run until December 2026, the project will span 47 councils (24 in the North West and 23 in the South West), directly impacting around 1.8 million individuals and indirectly benefiting approximately 2.2 million. Notably, the project aims to benefit 50% women, 30% young people aged 15-35, and individuals with disabilities.

During the launch, the PM underscored the multifaceted impact of the funding, emphasizing improved access to basic social services, empowerment of vulnerable populations through income-generating activities, and the promotion of collaboration and coexistence.

The Islamic Development Bank, represented at the event, disclosed its prior financing of 112 projects in Cameroon and called for active participation and collaboration from all stakeholders in implementing the Presidential Plan. They expressed readiness to provide expertise and mobilize additional resources.

The Minister of the Economy, Planning, and Regional Development, Alamine Ousmane Mey, who signed the financing agreement on behalf of the State of Cameroon, reiterated the project’s objective. He stressed its significant contribution to restoring peace, stability, infrastructure reconstruction, and economic revitalization in the North West and South West Regions.

With a total project envelope of 23.72 billion CFA Francs, the IsDB contributes 21.150 billion CFA Francs, the government of Cameroon provides 1.986 billion CFA Francs, and the United Nations Development Program, the implementing partner, contributes 590 million CFA Francs. The project will focus on social cohesion, infrastructure reconstruction, and enhancing the local economy to foster a more peaceful and inclusive society.

While substantial progress has been achieved since the plan’s initiation in April 2020, criticisms have been raised regarding the lack of provisions for those who lost homes, vehicles, and valuables to the crisis. The PPRD unfolds amidst ongoing conflict, with over 6,000 estimated deaths since 2016, according to the UN and humanitarian bodies. The Centre for Human Rights and Democracy for Africa (CHRDA) reports over 300 deaths in the crisis between January and November this year, highlighting the challenges faced in the implementation of the reconstruction plan.

Mimi Mefo Info