WASHINGTON, July 23, 2024 – The World Bank Group (WBG) has announced a new Country Partnership Framework (CPF) for Cameroon, focusing on creating more and better jobs and enhancing effective and inclusive service delivery institutions. This initiative will also pay special attention to climate and fragility issues.
The new CPF covers the fiscal years 2025-29 and aims to support Cameroon’s Vision 2035 of becoming “an emerging country, democratic and united in its diversity.” It sets the stage for economic transformation to benefit all citizens.
“We recognize the leading role of Cameroon in supporting stability and acting as the economic engine of the region. A key focus of our engagement is to create more and better jobs, particularly for the youth, as a driver for improving the living conditions of the Cameroonian population at large and preserving social cohesion,” said Cheick F. Kanté, World Bank Country Director for Cameroon.
The Framework highlights growing collaboration between Cameroon and various WBG institutions: the International Bank for Reconstruction and Development, International Finance Corporation (IFC), and Multilateral Investment Guarantee Agency (MIGA). The One World Bank Group plans to deliver over $2 billion during this CPF period, adding to an existing portfolio of $4.2 billion.
“The private sector has a key role to play in expanding renewable energy solutions, enhancing agricultural productivity, bridging the infrastructure gap, and increasing financing for micro, small, and medium enterprises (MSMEs) in Cameroon,” said Dahlia Khalifa, IFC’s Regional Director for Central and Anglophone West Africa. “Now more than ever, IFC is fully committed to helping the Cameroonian private sector achieve its full potential to lead economic growth in the country.”
The CPF underscores strengthening Cameroon’s climate resilience and addressing drivers of fragility. It aims to improve connectivity along major corridors essential for boosting productivity and public service delivery. All objectives within the CPF will also focus on promoting gender equality.
“Over the CPF period, the WBG will build on its track record of mobilizing private finance and foreign direct investment in diverse sectors, supporting inclusive and resilient development in Cameroon. This effort will be strengthened by sustained collaboration between the World Bank, IFC, and MIGA in joint business development, including through deploying the WBG Guarantee Platform housed in MIGA,” said Şebnem Erol Madan, MIGA Director of Economics & Sustainability.
The new CPF aligns with WBG’s strategic approach of achieving impacts at scale by tackling global challenges and mobilizing private capital. In preparation for this framework, WBG consulted with key stakeholders including government entities, private sector representatives, civil society groups, think tanks, academia, and other development partners.