Over CFAF 12 billion to boost economic development and foster renewable energies
The Minister of the Economy, Planning and Regional Development, Alamine OUSMANE MEY, Coordinator of the Cameroon-European Union Partnership, and the Ambassador, Head of the EU Delegation in Cameroon, Jean-Marc CHATAIGNER, signed on March 26, 2024 in Yaoundé, signed financing agreements for the Programme to Support Economic Development through the Promotion of Value Chains and Private Initiative, and the Programme to Support the Increase in Renewable Electricity Generation Capacity. The ceremony was attended by the Ministers of Water and Energy, SMEs, and the Ambassadors of the EU Member States represented in Cameroon.
19 million Euros, or approximately 12.46 billion FCFA. This is the total amount made available to Cameroon by the European Union, to finance two programs. The first: ” Support for Economic Development through the Promotion of Value Chains and Private Initiative), has been allocated a budget of 15 million Euros, or around 9.84 billion FCFA. This funding will be used to support the competitiveness of national businesses through direct support; to improve the business climate; and to facilitate access to financing for businesses via a financing facility to support the development of value chains. The second program: “Support for the increase in renewable electricity generation capacity”, for its part, benefits from an EU grant worth 4 million euros, that is around CFAF 2.62 billion. The grant is meant to finance the development of electricity generation capacity from renewable energy sources, in particular hydroelectricity, photovoltaic and biomass.
The specific aim of this action is to promote renewable energies by boosting electri- city generation capacity in areas that are poorly served by the major interconnection networks currently under construction. During the signing ceremony of these agreements, the Minister for the Economy, Alamine Ousmane Mey, pointed out that the National Development Strategy 2020-2030 (NDS30) places particular emphasis on the import-substitution mix and export promotion, with the main aim of structurally transforming the national economy by integrating value chains. For MINEPAT, the first agreement, aimed at promoting SMEs, is therefore designed to achieve the objectives of the SND30, with the following positive spin-offs: value creation, job creation and higher incomes for the population. “The focus will be on businesses run by women and young people, who are the main targets,” he said.
MINEPAT also noted that the se- cond agreement reflects the joint commitment of Cameroon and the European Union to the energy sec- tor, which plays a major role in the country’s economic development. He also pointed out that Cameroon, in its vision of emergence by 2035, has made the energy sector a major priority, with a sustained focus on all segments to eventually ensure universal access to electricity in line CAMEROON-EUROPEAN UNION COOPERATION with SDG7 and make Cameroon an energy hub in Central Africa. “The aim is to increase electricity generation and improve transmis- sion and distribution”, explained Minister Alamine Ousmane Mey. For Jean-Marc Chataigner, Am- bassador and Head of the EU Delegation, the two projects financed under the Neighbou- rhood, Development and In- ternational Cooperation Instru- ment (NDICI-Global Europe) are direct support for Cameroon’s NDS30, giving a concrete face to the discussions held during Cameroon-EU Business Week.
On behalf of the Government of Cameroon, the Minister of the Economy, Alamine Ous- mane Mey, lauded the support Cameroon is receiving, which is eloquent testimony to the vita- lity of the long-standing, rich and fruitful partnership between our country and the EU. “We believe that with a view to strengthening this Cameroon-Team Europe dy- namic, we are going to have more opportunities and operations supported by the EU”, said Minis- ter Alamine.
By Joceline ASSOUMO
Source: Cameroun Emergent
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