Government signed FCFA 925 billion funding agreements with banks at the Prime Minister’s Office on Friday.

Funding agreements to the tune of FCFA 925 billion have been signed between the government of Cameroon and foreign and local banks for the financing of the three-year Contingency Plan unrolled at Unity Palace during the Council of Minister’s meeting on December 9, 2014, chaired by the Head of State Paul Biya. Prime Minister, Head of Government, Philemon Yang closely watched the signing ceremony at his office on December 19, 2014.

The Minister of Finance, Alamine Ousmane Mey signed the Mandate Letter with Standard Chartered Bank, represented by its Executive Director who doubles as General Manager, Mathieu B. Mandeng. The Minister of the Economy, Planning and Regional Development, Emmanuel Nganou Djoumessi signed the funding agreement with the Deutche Bank Madrid/CAIXABANK, Banque Atlantique Cameroun, BGFI Bank and Ecobank. The Secretary General at the Prime Minister’s Office, Louis Paul Motaze also signed a Tripartite Memorandum of Understanding with the Banque Atlantique Consortium and the Alliance Group of Moroccan origin.

There was also the co-signing by the Ministers of Public Health and that of Housing and Urban Development with the Group Alliance of the framework agreement for the design, construction and equipping of eight new regional hospitals, the rehabilitation of technical support units of the Yaounde and Douala Referral Hospitals and the University Teaching Hospital, Yaounde. Similarly, eight sets of low-cost housing units will be designed and constructed along with their socio-economic needs.

The Executive Director of Alliance Group, Alami Lazraq promised sustained win-win partnership with Cameroon, saying ties between Yaounde and Rabat were exemplary. The delegation of Banque Atlantique, led by its Executive Director, Léon Konan Koffi, praised government’s determination to carry on a development plan that will change the livelihoods of Cameroonians.

The BGFI Bank Group, through its General Manager, Anon Egard, stressed the availability of their FCFA 100 billion pledge. Standard Chartered’s Mathieu Mandeng assured that “we will definitely deliver”, adding that the bank has had to partner with other countries, though it was their first time liaising with Cameroon in such a development scheme. Ecobank’s Executive Director-Head of Domestic Bank, Nicholas Achiri Asangwe, said it was just the beginning of such a strategic partnership through the ambitious development plan.

The Minister of the Economy, Planning and Regional Development, told the press after the ceremony that government was ready to start implementing the projects now that financing is available. He appealed to all those involved to execute the projects in such a way that Cameroonians will feel the impact.

Recommendations

The effective implementation of the Contingency Plan requires special measures for streamlining administrative procedures, especially in the areas of public procurement. The Head of Government has been tasked to seize the opportunity and remind all stakeholders on the need to work closely and on time.

In the meantime, the contracting authorities are expected to liaise with the Ministry of Public Contracts to finalise contracts so that they can be signed as soon as possible. The three-year plan concerns urban development, health, agriculture and livestock, road, energy, water and urban safety.