Cameroonian President Paul Biya has authorised a $391 million World Bank loan to fund infrastructure development along the Douala-Bangui Economic Corridor.
Biya signed two decrees on Friday approving loan agreements worth more than €559 million to improve key transport and trade infrastructure.
Under the first agreement, Cameroon will receive a €347.5 million ($390.9 million) loan from the World Bank’s International Bank for Reconstruction and Development.
The funds will support the Douala-Bangui Economic Corridor, which is designed to improve transportation and trade between Cameroon’s commercial hub, Douala, and Bangui, the capital of the Central African Republic.
A second decree authorised the economy minister to finalise a €212.35 million ($238.87 million) financing agreement with the Islamic Development Bank.
The funds will be used to rehabilitate the Douala-Bafoussam highway, a key route for trade and transportation.
The new loans come after an August decree allowing Cameroon’s finance minister to raise up to 930 billion CFA francs ($1.67 billion) through domestic and foreign borrowing.
The government says the financing will help address budget needs while supporting infrastructure development across major economic corridors linked to the country’s oil, cocoa and timber sectors.
