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The World Bank grants a loan of more than 55 billion FCFA to Cameroon to develop digital technology – business in Cameroon

(Business in Cameroon) – The Board of Directors of the World Bank approved, on September 28, 2021, a loan in the amount of US $ 100 million, or more than FCFA 55 billion, in favor of Cameroon. This funding, we learned from the official press release of the Bretton Woods institution, “will support the efforts made by Cameroon in favor of digital inclusion and the use of innovative solutions in the agricultural sector.”

“The low coverage of broadband and its high cost are slowing down Cameroon’s economic transformation and limiting its ability to withstand shocks such as Covid-19. The project will support public policies and regulatory reforms (with) the development of institutional capacities that will improve access to broadband, but will also stimulate growth and innovation, promote competition and facilitate investments in the digital economy and the agricultural sector ” explains Abdoulaye Seck, Director of Operations for Cameroon at the World Bank.

Specifically, underlines the World Bank, this financing, made available to the country in the framework of the Project to accelerate the digital transformation of Cameroon, will make it possible to connect public buildings such as hospitals, schools and local administrations; Encourage digital entrepreneurship and support small farmers and producer organizations to promote the adoption of innovations developed by agricultural start-ups.

Although the country’s public debt will increase, the implementation of this project, according to the donor, should ultimately contribute to accelerating the country’s economic growth; to increased productivity and job creation, both in the digital and agricultural sectors.

BRM

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