New World Bank Strategy to Support Government of Cameroon’s Efforts to Achieve Greater Prosperity

March 28, 2017

WASHINGTON, March 28, 2017—The World Bank Group’s Board of Executive Directors today discussed and endorsed the 2017-2021 Country Partnership Framework (CPF) for Cameroon. This CPF represents a five-year joint strategy of the World Bank Group comprising the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA).

The CPF is underpinned by the Systematic Country Diagnostics (SCD) for Cameroon, the World Bank Group’s comprehensive analysis of the opportunities and challenges to attain the World Bank’s twin goals of eliminating poverty and fostering shared prosperity in a socially and environmentally sustainable way. It proposes a program that will help address the key binding constraints to achieving the twin goals, and which is well aligned with Cameroon’s own development priorities.

“The new Country Partnership Framework for Cameroon is based on priorities developed in close consultation and engagement with all stakeholders,” saidElisabeth Huybens, World Bank Country Director for Cameroon. “The Framework focuses on addressing multiple poverty traps in rural areas, particularly northern regions, fostering infrastructure and private sector development, and improving governance. We look forward to working in partnership with the Government, investors and civil society for the prosperity of the people of Cameroon.”

Throughout the duration of this strategy (2017-2021), the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA) and the International Finance Corporation (IFC) will work side by side to achieve tangible results in energy, transport, agriculture, ICT, health, and education.

“We are committed to helping Cameroon’s private sector create new jobs and contribute to growth. IFC’s investments and advisory services in the financial sector will remain a strategic priority, helping to increase access to finance for businesses across the country. We will also help reduce regulatory barriers for businesses and support the government to leverage public-private infrastructure finance mechanisms,” said Vera Songwe, IFC Regional Manager for Central Africa.

The Strategy being announced today is the result of a widespread process of consultation and exchange, which included government authorities and technical experts, the private sector, and civil society.
The World Bank has an on-going portfolio of 2 IBRD operations and 13 IDA projects for a total amount of US$1.4 billion; IFC has 14 private investments for a total outstanding portfolio of US$ 404 million; MIGA is currently supporting 3 projects with gross exposure of US$ 265 million.

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