1 Cameroon is partnering with the Africa Finance Corporation (www.AfricaFC.org) to create infrastructure that will help transform the economy into a manufacturing hub from exports of mostly raw minerals now, driving job creation, transfer skills and higher export earnings.
2 Cameroon, joining as the 36th AFC member state, will work with the Corporation on key infrastructure to deepen integration, enable import substitution and develop industrial and manufacturing capacity to account for 40% of GDP, as part of the government Vision 2035 program.
3 AFC, Africa’s leading infrastructure solutions provider, has committed more than US$300 million to Cameroon to date to capture value from the country’s natural resources, including corn, cassava, cotton, cocoa, oil and gas, as well as energy transition metals such as cobalt.
4 and nickel.
5 Cameroonian Prime Minister Joseph Dion Ngute said: “We are committed to working with the AFC to quickly and sustainably build critical support infrastructure that will help with Cameroon’s development.”
6 With a mission to solve the continent’s most pressing challenges, AFC has invested more than $10 billion over the past 15 years, using its unique access to global capital markets to drive development, integrate regional economies and transform lives.
7 Through its ecosystem investment approach, AFC has developed and financed projects such as Africa’s first carbon-neutral industrial zone, the Nkok Special Economic Zone, which has made Gabon the world’s largest veneer exporter.
8 world, generating $1 billion in annual export revenue and creating more than 30,000 jobs.
9 Through an investment of US$150 million, the Arise platform is replicating the approach in Benin and Togo to generate an additional projected GDP of US$750 million and US$2 billion, respectively.
10 AFC has partnered with an additional 17 countries in the last four years, with the addition of Angola and Tunisia this year.
11 Benefits to member countries include increased investment allocation, preferential access to AFC’s structuring and lending solutions, reduced project debt costs, and the Corporation’s project development and advisory services.
12 The largest economy in the Central African Economic and Monetary Union (CEMAC), Cameroon’s membership expands the AFC’s footprint to cover more than half of Central Africa, grouping together Chad, Congo-Brazzaville, the Democratic Republic of the Congo and Gabon .
13 AFC President and CEO Samalia Zubairu said: “We are delighted to welcome Cameroon as an AFC member.
14 Our rapidly expanding membership is a sign of confidence in our past collaborations and demonstrates interest in partnerships and initiatives that will further drive economic development and play a critical role in enabling key infrastructure.”
15 Projects that AFC and Cameroon are currently exploring include upgrading and maintaining roads to boost trade in the region and financing agricultural processing facilities to support the export of cottonseed and soybeans.
16 In 2018, AFC made an investment in Nachtigal Hydro Power Company, a 420 MW power plant that will increase Cameroon’s installed capacity by 30 percent and dramatically reduce the cost of power generation.
17 Four years earlier, the Corporation supported the modernization and expansion of Cameroon’s national refinery, Société Nationale de Raffinage (Sonara).
18 The Government of Cameroon is seeking public-private partnerships to help build infrastructure that can create more opportunities for profit and make a real impact on its diverse population.
19 “Having already invested $300 million in our country, AFC has a proven track record of delivering core infrastructure,” said Prime Minister Ngute.
20 “We look forward to building on our existing relationship.”
There is no time to lose. Ministerial meeting calls for urgent financing for countries most vulnerable to climate change
Cyber defense is a critical component of an environmental, social and governance (ESG) strategy, says Kaspersky
NNN is an online Nigerian news portal that publishes breaking news in Nigeria and the world.Contacti: editor @ nnn.ng. Disclaimer.
NFF Elections: PFAN Task Force warns against defying court order
President Buhari, AfDB president woo global investors
Lagdo Dam: Agency wants FCT residents to respect flood alerts
Rwanda Economic Update: Boosting Exports Through Technology, Innovation and Trade in Services
Sahara Group Tope Shonubi Confirmed as Speaker at African Energy Week (AEW) 2022
LCCI to maximise AfCFTA opportunities through trade fair
Electrical Accidents -31 deaths, 9 injuries recorded in Q4, 2021 – NERC
The Prime Minister Presides Over the Award Ceremony of the Winners of the National Competition and the World Championship of Invention
Police rescue 2 kidnapped victims in Edo
Avedia Gas Joins African Energy Week (AEW) 2022 as Bronze Sponsor
Clickatell’s Connect Interact and Transact (CIT) event in Joburg reveals how chat commerce is sparking a convenience revolution
The National Oil Company (NOC) of the Republic of Congo will participate in the African Energy Week 2022 as a diamond sponsor
Be part of Africa’s energy revolution: African Energy Week 2023 will take place on October 16-20 next year
DHL Global Forwarding invests EUR 7 million (R127 million) in new facilities and state-of-the-art headquarters in Johannesburg
Sasol Joins As Titanium Sponsor Of Africa Oil Week
Thanks to the sponsors of Africa Oil Week
Barrows Hotel Enterprises Closes $110M Hotel Advisory Deal for Zambia
Africana X plosion – From Nigeria to the World; Africana sets standards for success in Africa
Lagdo Dam: NOA seeks sustained flood sensitisation in frontline states
UNGA77: Sudan calls for more multilateral action to address global challenges
Nigeria records over $1.69bn exports to US in 2020 as Buhari seeks increase in trade
Commission trains 300 women on using energy-efficient stoves in N/East
Delta Govt. laments as famer loses over N70m rice farm to flood
Edo Youth Parliament Speaker makes case for Uvbe-Egbede community
Contact: editor @ nnn.ng