| The National Authorizing Officer |
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| Implementation and Results |
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European Investment Bank (EIB) Fundings to Cameroon
The EIB, which is a funding organisation of the Union, uses her resources (capital or those allocated by the EDF) for development. Since the first Yaounde Convention, the EIB mainly sponsors the industry, tourism and energy sectors in Cameroon.
The Industry Sector
Since 1965, CICAM has been receiving loans from the EIB for a total amount of 1.4 billion XFA ; the EIB contributed to the expansion and the modernisation of the Figuil and Bonaberi processing factories, of CIMENCAM, with loans amounting to 3.8 billions XFA. The first loan was granted in 1968 under the Yaounde I Convention.
The aluminium industry, that occupies a foremost position in Cameroon’s industry and generates an important part of export earnings, has received more than three billions XFA of loans from the EIB, allocated to the creation of a rolling mill at SOCATRAL and to expansion and modernisation of ALUCAM aluminium factory in Edea.
The EIB also contributed to the development of mining resources in Cameroon by financing research for the exploitation of an iron ore deposit in Kribi in 1963.
The Bank participated in the creation of four hydroelectric dams, those of M’Bakaou, Bamendjin, Song-Loulou and Mapé. It also contributed to the expansion of the Edea Power Plant Complex, for a total amount of 23.8 billion XFA.
The Bank’s actions also concerned infrastructure projects, such as the construction of the Douala Novotel, the construction and rehabilitation of the Trans-Cameroon, as well as a modernisation operation of water supply system in Yaounde in 1984, for an amount of 5.11 billion XFA.
The Agro-industrial Sector
This important sector of Cameroon’s economy has also been supported by the Bank which granted several loans for various projects: the creation of oil-mills in Idenau, Dibombari, the modernisation of the oil mill of Modoni, the expansion of the SOCAPALM and CDC palm groves, the increase of latex processing capacities in HEVECAM plantations in Kribi. The EIB also participated in the creation of the SOSUCAM sugar complex in Mbandjock in 1966, then to its expansion in 1973.
From the above facts, it is undisputable that the European Union has ever since been providing a real support to Cameroon industrialisation efforts, especially through the EIB and the ICD. Today, the Bank maintains her action by encouraging the privatisation process implemented by the government, and by supporting the country in its search for a true market economy, with a liberal trading system, notably in the marketing of commodities.
Click here to display the list of fundings granted by the EIB to Cameroon between 1960 and 2006.
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| Economic Partnership Agreement |
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