The European Union has pledged a $96 million loan to Cameroon, aiming to revitalize its deteriorating infrastructure.
The loan, announced Tuesday in Yaoundé, will span three years and focus on projects to attract foreign investments.
Key initiatives include developing Cameroon’s energy sector, road networks, and a railway connecting the country to landlocked Chad.
Additionally, funds will support constructing a bridge over the Ntem River, linking Cameroon and Equatorial Guinea.
Cameroon’s infrastructure has suffered from years of neglect and is further strained by an ongoing separatist conflict in the west.
This conflict has caused over 6,000 deaths and displaced more than 760,000 people, according to the International Crisis Group.
The EU is already involved in significant projects in Cameroon, including building a hydroelectric dam and a bridge to Chad.
“Our goal is to attract private investors while restructuring public finances with EU support,” said Minister Alamine Ousmane Mey.
However, the loan comes with conditions, including stringent oversight to prevent corruption, a rampant issue in Cameroon.
Jean-Marc Chataigner, the EU Ambassador, emphasized the importance of ensuring funds reach their intended projects.
A recent anti-corruption report revealed Cameroon lost $184 million to corruption in 2023 alone, highlighting a critical governance challenge.
The EU loan represents hope for Cameroon to modernize its infrastructure and boost economic growth in the coming years.
