EU pledges $96 million to Cameroon to boost infrastructure, foster investment

The European Union (EU) has committed to lending $96 million to Cameroon over the next three years, aiming to enhance the country’s infrastructure and attract foreign investments.

Announced during a high-level meeting in Yaoundé, the agreement will support vital projects in Cameroon’s energy sector, road networks, and a railway system connecting the country to Chad, according to Alamine Ousmane Mey, Cameroon’s Minister of the Economy.

Additionally, the loan will fund the construction of a bridge over the Ntem River, linking Cameroon to Equatorial Guinea.

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The initiative seeks to address the country’s aging infrastructure, which has been in dire need of upgrades amid ongoing economic and social challenges.

“Our goal is to bring in more private investors to manage the projects, with the EU assisting in restructuring and managing public finances,” Minister Mey emphasized.

EU Ambassador Jean-Marc Chataigner underscored the importance of transparency, highlighting that the loan is contingent on proper financial management to ensure successful implementation.

The pledge comes amid efforts to combat corruption, a persistent issue in Cameroon. A 2023 report by the country’s National Anti-Corruption Commission revealed a loss of $184 million due to corruption.

Despite challenges, this partnership reflects a promising collaboration between Cameroon and the EU, aiming to strengthen regional connectivity and economic growth.

The EU is already involved in other transformative projects in the country, including a hydroelectric dam and a bridge connecting Cameroon and Chad.