What was presented to Cameroonians as main benefits of the visit last Friday of Francois Hollande, French President, turns out to be an injury which like every other wound will surely take a long time to heal.

Both Presidents signed loan agreements worth 76 billion francs CFA. The terms of the loans were not disclosed to the public.

However, a breakdown of the total amount explains that 42 billion will be given out as loans for the development of three regional capitals. They include Bafoussam, in the West; Bertoua in the East and Garoua in the North region.

29 billion francs CFA will be used by a French company for supplementary work on the Wouri Bridge which is currently under construction. Circa 3.3 billion which will accrue to Cameroon as debt cancellation under the France-Cameroon debt reduction agreement will be given out as loans to small businesses operating in the rural areas or to other establishments involved in rural development projects.

Some 655 million Francs CFA will be channeled to the French development agency for immigration and integration from where Cameroonians living in France could go for loans when they want to establish businesses back home.

The French government was represented at the signing by the director general of the French development agency Anne Paugam and the French ambassador to Cameroon Christine Robichon. The government of Cameroon was represented by Minister of the Economy, Planning and Regional Development, MINEPAT Emmanuel Nganou Djoumessi.

Aside from the preponderance of loans in the ‘aid’ package, international humanitarian organizations will also be involved in the management of the money. Consequently, the United Nations High Commission for refugees, UNHCR, the World Food Programme, WFO and other humanitarian organizations working with refugees and displaced persons in the Far North and East regions of the country will be financed from this package to enable them carry out their operations more effectively.

Observers say the whole arrangement is deliberately designed by Paris to ensure that not much of the money is left in the hands of President Biya and his collaborators for fear of embezzlement.

Meanwhile, quizzed by reporters during his brief visit to Cameroon last Friday June 3, on why French companies are given an upper hand in the awards of French-funded contracts in Cameroon to the chagrin of indigenous companies, President Hollande stated sternly that companies in his country are more competent and that competence should not be compromised in order to grant favours to Cameroonian companies.