China helps Cameroon with 36 billion for its development

The Government of Cameroon and the Chinese People Republic have signed two cooperation agreements worth 36 Million CFA. The two agreements were signed on Tuesday 04 May 2021 between the Minister of the Economy Planning and Regional Development Alanine Ousman Mey and the Chinese Ambassador to Cameroon H.E Wang  Yingwu.

The first is an Economic and Technical Cooperation agreement in the form of an unrequited donation in the amount of RMB 300,000,000 or approximately 25,500,000,000 CFA francs. It will be used to finance development projects to be identified by agreement between the parties.

The second is a memorandum of understanding cancelling certain interest-free loans from Cameroon to China, amounting to 122,960,000 RMB yuan, or approximately 10,451,600,000 CFA francs. These two agreements are in line with the commitments made by Chinese President Xi Jinping at the Beijing summit and the virtual extraordinary summit on solidarity in the fight against Covid-19.

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According to the Minister of the Economy, Alamine Ousmane Mey, these two agreements reflect active solidarity and China’s willingness to stand alongside Cameroon, especially during this difficult time marked by the Covid-19 pandemic.

 For the Chinese Ambassador to Cameroon, Wang Yingwu, these agreements will help support Cameroon’s efforts in developing its economy and will help improve the standard of living of the population.

Despite the Covid-19 pandemic, China still stands by Cameroon’s side and this once again demonstrates the solidarity, friendship and cooperation between the two countries. In addition, China is determined to work together with the Cameroonian side to deepen their cooperation in various fields, the Chinese diplomat added.

Regarding the fight against Covid-19, Minister Alanine  Ousman Mey, congratulated the interventions of China in Cameroon marked by the supply of sanitary equipment and the vaccine. The Covid-19 pandemic is an unprecedented challenge for the whole world, and Africa is no exception. After more than a quarter of a century of growth, it is being hit hard. For its many efforts to fight extreme poverty over the past two years have largely been wiped out.

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This calls for an exceptional increase in international support and political commitment to ensure access to essential services and social protection. MINEPAT boss welcomed the fact that China is playing a major role in this context. Because, it attaches great importance to the concerns of African countries on the question of the debt, in particular, that of Cameroon, insofar as the country benefited, three years ago, from the restructuring of its debt vis-à-vis of China for the period 2019-2022.

The granting of a donation without a counterpart and the cancellation of certain loans from Cameroon are part of this secular solidarity that has always characterized relations between China and Cameroon.

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