On December 18, in Yaoundé, Cameroon signed an agreement with the Islamic Development Bank (IsDB) to finance socio-economic projects -economic projects in the crisis-hit North-West and South-West regions. The XAF21 billion financial commitment is earmarked for projects in the framework of the Presidential Plan for the Reconstruction and Development of the NW/SW Regions (PPRD).
Joseph Dion Ngute, the Prime Minister, presided over the official signing ceremony, emphasizing that the IsDB's financial support spans a three-year period and is intended to benefit all 47 communes within these regions. The allocated funds will primarily focus on the reconstruction of schools, hospitals, health centers, drinking water supply systems, bridges, and other essential community infrastructure, he explained.
The IsDB's commitment comes on the heels of Japan's renewed commitment in March. After releasing XAF1.5 billion for the Presidential Plan in 2021, Tokyo pledged XAF1.3 billion in March.
In total, the Presidential Plan was expected to have already raised some XAF36 billion. However, this is still far less than the XAF154 billion expected by the government of the PPRD.
The PPRD was set up in 2019 to facilitate the reconstruction of the North-West and South-West regions. Its budget was first estimated at XAF89 billion before being raised to XAF154 billion.