The European Union announced a $96 million loan to Cameroon on Tuesday, aimed at improving infrastructure and attracting foreign investment over the next three years.
The loan was revealed during a meeting between Cameroonian government ministers and EU officials in the capital, Yaoundé.
The funds will support development in key areas, including the energy sector, road infrastructure, and a railway network linking Cameroon with neighboring Chad, a landlocked country. The loan will also finance the construction of a bridge over the Ntem River connecting Cameroon and Equatorial Guinea, according to Cameroon’s Minister of the Economy, Alamine Ousmane Mey.
Cameroon’s infrastructure, including its roads, energy systems, and ports, has deteriorated significantly in recent years. In addition to these challenges, the country is grappling with a separatist conflict in the west, which has claimed over 6,000 lives and displaced more than 760,000 people, according to the International Crisis Group.
The EU is already funding several major infrastructure projects in Cameroon, such as a hydroelectric dam in the center of the country and a bridge between Cameroon and Chad.
“Our goal is to attract more private investment to manage these projects,” Minister Mey said. “The EU is also helping us restructure and manage public finances.”
Jean-Marc Chataigner, the EU Ambassador to Cameroon, emphasized that the loan is contingent on the proper management of the funds by the Cameroonian government.
Corruption is a significant issue in Cameroon. Last month, the country’s National Anti-Corruption Commission reported that the government lost more than $184 million to corruption in 2023.
“The government must ensure that the companies involved in the projects have full access to the funds,” Chataigner said.
