New Yaounde edifice to accelerate AfDB’s regional integration agenda

April 17, 2024April 17, 2024 News Watch Cameroon 0 Comments

By NewsWatch Staff Writer

The African Development Bank Group Vice President for Regional Development, Integration and Business Delivery, Marie-Laure Akin-Olugbade has expressed the gratitude of the group to the government of Cameroon for accepting to host the Central Africa Regional Office of the multilateral development finance institution.

Speaking during a ceremony to inaugurate the transnational Central Africa office in Yaounde on Friday, April 12, 2024, Akin-Olugbade said the office will help to strengthen dialogue between the Bank and countries of the sub region, thereby accelerating regional integration operations, which is one of the institution’s basic principles.

***PM Dion Ngute cutting inaugural ribbon of AfDB Central Africa regional office***

“We strongly believe that the presence of a Regional Office in Yaoundé will contribute without any doubt to giving more support to the countries of the region on development policies and strategies. The opening of this Regional Office makes it possible to strengthen the dialogue with the Regional Economic Communities and the various development partners,” said Akin Olugbade.

“It also allow to accelerate the implementation of our regional integration operations in Central Africa, promoting in the same vein, business development with the private sector, which I must say has so far been a challenge.”

One of the Bank Group’s five regional hubs, the new Regional Office in Yaounde; a six-floored building located at the Golf neighborhood covers a total surface area of 3,600 m². It covers all six countries of the Economic and Monetary Community of Central African States (CEMAC), plus the Democratic Republic of Congo.

Applauses for dev’t support
On behalf of the Cameroon government, the Prime Minister Dr Joseph Dion Ngute showered praises on the Bank for the array of development projects it has supported in the country in particular and the Central Africa sub region at large.

Speaking as he presided over the official inauguration ceremony, the Prime Minister recognised and hailed the enormous financial contributions in the form of loans that the AfDB has made available, especially for projects aimed at driving sub regional integration at social and economic levels.

***Members of government and representatives from six other countries covered by the Yaounde office attended the inauguration ceremony***

“This office is a testament to the excellent and solid relationship between Central Africa and the Africa Development Bank Group,” Dion Ngute said expressing the gratitude of the peoples of the sub region for the support. He acknowledged that it is thanks to the decentralisation policy of the financial institution that the regional development and services office for central Africa has been established in the Cameroon capital.

Dion Ngute said regional governments remain open to offering their full and unflinching support to the Bank whenever necessary.

AfDB’s portfolio in Central Africa
The AfDB is an important development partner in the CEMAC region, which, although being rich in mining, forestry and fishery resources, is still in quest of progress. As of April 1, 2024, the Bank Group’s active portfolio of multinational operations in Central Africa comprised 26 operations totaling about FCFA 1,300 billion ($2.49 billion).

Among the projects that the AfDB is financing in Cameroon is the ongoing construction of the Kumbo – Nkambe – Misaje section of the National Road No. 11; the Ring Road which aims to connect six of the seven divisions of the North West Region.

According to the Bank’s semi-annual “Africa’s Macro-Economic Performance and Outlook” report published in February, economic growth in Central Africa is set to slow to 3.5 percent in 2024, but the expected upturn in private consumption and increased investment in mining and exports could help boost growth to 4.1% in 2025. These are prospects that the AfDB would like to help make a reality.

Members of government as well as representatives from six other countries covered by the AfDB Regional Office attended the inauguration ceremony which also saw the signing of a new loan agreement between the development finance institution and the government of Cameroon for a development project in the Far North region.