As the most robust economy in Central Africa, Cameroon, has in the past decade taken steps to further boost growth, making major advances in providing health, education, and clean water, and launching an ambitious infrastructure investment programme to become a middle-income country by 2035, according to the AfDB’s Cameroon Country Brief released on 2 November 2017.
The report highlights the country’s efforts towards achieving this objective, with the Bank’s support, by aligning its development actions to AfDB High 5 strategic pillars.
“Progress has been impressive, but a big leap in business competitiveness is required, to create a more diverse, inclusive, regional economy,” said Simon Mizrahi, Director of the Delivery, Performance Management and results.
Here are a few highlights and insights from the report:
To better serve Cameroon, AfDB has recently expanded its Yaounde office, striking new partnerships to leverage more financing, and raising its investment to $2.8 billion.
Looking forward, Cameroon has several ambitious endeavours in its bid to narrow the investment gap in trade, energy, and transport, and to further expand its position as the largest regional trading partner in Central Africa, though projects, such as the AfDB-funded study on the Cameroon-Chad electricity Interconnection Line, one of the largest projects in the Economic community of Central African States (ECCAS).
Cameroon is the economic powerhouse of the Central African Economic and Monetary Community (CEMAC), accounting for nearly 40% of the region's gross domestic product (GDP). It has abundant natural resources, a diversified economic and industrial fabric and a prominent geographical location. With these potentialities, the country meets the challenges that arise on a daily basis and aims to reach the level of emerging countries by 2035. Produce and distribute more energy, modernize agriculture, develop the industrial sector, strengthening regional integration and improving the quality of life of Cameroonians by providing them with access to basic services are at the forefront of these challenges.