Interview: “We Need Resources To Accelerate Development”

Alamine Ousmane Mey, Minister of Finance, talks on Cameroon's borrowing drive.

Your Excellency, what has motivated the launch of the fourth operation during this year 2016?

As you have stated correctly, we are gunning for another FCFA 150 billion this year. With a net interest of 5.5 per cent per year (tax exempt) from September 27 to October 12, 2016 during five years. The subscription period may be extended or reduced after consultation with the Financial Market Commission. The operation will help raise funds that will be used to finance the projects listed in the 2016 Finance Law. These projects are vast infrastructural projects which seek to create jobs and enhance growth as found in guidelines of the country’s Growth and Employment Strategy Paper. It also falls within the 2035 Vision for an emergent economy as underscored by President Paul Biya. Cameroon is embarked on the success of this Vision.

It means creating a better and conducive environment for the construction of our nation and development of companies. We need resources for that. We need to accelerate our development based on infrastructures needed to really push forward our development. This is the reason why we have come back to Douala for the fourth time. We have always been successful in Douala.

Is there any change in the method of operation as far the current operation is concerned?

Of course, yes! In order to guarantee the confidence investors have for us the bond will be repaid by debiting the escrow account opened by the State of Cameroon with the Bank of Central African States, BEAC, as indicated in the security package. The Ministry of Finance has undertaken to provide the funds needed to cover each yearly payment prior to each maturity date. As the maturity date draws nearer, coupons will be paid and the principal repaid following a payment system implemented by the Central depositary and the Settlement Bank.

Can investors rest assured of repayment?

We want all local and ...