AfDB Chief underlines positive signals for revival of economies at CEMAC

The President of Cameroon, Paul Biya, officially opened this Friday in Yaoundé, the Extraordinary Summit of the Conference of Heads of State of the Economic and Monetary Community of Central Africa (CEMAC), of which he is the current President.

The President of Cameroon, Paul Biya underlined the improvement in the economic situation of the subregion since December 2016, when measures had been taken to strengthen the macroeconomic stability of the CEMAC countries. He praised the budget support and structural reforms initiated by the international financial institutions, including the African Development Bank, represented at the highest level in Yaoundé.

The President of the African Development Bank, Akinwumi Adesina, took part in the Summit together with Congo's Heads of State Denis Sassou Nguesso of Equatorial Guinea Teodoro Obiang Nguema Mbasogo of the Central African Republic Faustin-Archange Touadera, and Chad, Idriss Déby Itno. Gabon was represented by its Prime Minister, Julien Nkoghe Bekalé.

"Your diligence with us is both highly appreciated and highly beneficial," he said. And in the face of the challenges and vulnerabilities that remain in the subregion, Paul Biya once again called for the contribution of development partners to enable the states of the region to gain the status of emerging economies: "Our The region remains committed to achieving sustainable development, becoming resilient and a center of stability and prosperity."

"The Bank's active portfolio in Central Africa is over USD 6 billion and includes a number of high-impact projects," he said.

In terms of transport infrastructure, the African Development Bank is also financing the construction of the national road 13 between Congo and Cameroon. In addition, the institution has concluded agreements with Africa50 to collectively invest USD 500 million for the construction of the road and rail bridge that will connect the two Congo. In the energy sector, the Bank financed major structural projects such as the 410 MW Nachtigal project and the Lom Pangar hydroelectric project in Cameroon as well as the Djermaya solar energy project in Chad.