Cameroon Joins Africa Finance Corporation In Drive Towards Manufacturing Economy – Nigeria News September 22, 2022 – NNN NEWS NIGERIA

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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.”

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