France-Cameroun Cooperation: Understanding FCFA 201 Billion Financing

The government of France through the French Development Agency (AFD) has accepted to inject about FCFA 201 billion to help in supporting Cameroon’s budget and boost local development in the cities of Yaounde, Bamenda and Maroua.
Prime Minister, Head of Government, Joseph Dion Ngute chaired the convention signing ceremony at the Auditorium of the Prime Minister’s Office on February 4, 2022. The visiting Director General of the AFD, Remy Rioux and the French Ambassador to Cameroon, Christophe Guilhou signed for their country and the Minister of Economy, Planning and Regional Development, Alamine Ousmane Mey signed for Cameroon.

Budgetary Support
The framework agreement for the Budget Support Loan that will cover the period 2022-2024 stands at 150 million Euros (approximately FCFA 98.4 billion). Talking during the ceremony, Economy Minister, Alamine Ousmane Mey said it was the manifestation of France’s support to Cameroon’s economy. This comes after Cameroon concluded another Economic and Financial Programme with the International Monetary Fund (IMF) and the finances from the convention agreement will facilitate the consolidation of the budget.
Still in line with budgetary support, the two countries signed a loan agreement amounting to 70 million Euros, about FCFA 45.92 billion for 2022. The money will be used for the stabilisation of the budget for the 2022 financial year.

Boosting Local Development
Two convention agreements were signed within the framework of the third phase of the French Debt Reduction and Development Contract (C2D). In this direction, one of the conventions amounting to 66.6 millio...