Cameroon plans to set up a fund to rebuild economically destroyed areas

(Business in Cameroon) - Cameroon plans to set up a special allocation account to rebuild areas identified as economically distressed (Far North, Northwest, and Southwest). During the cabinet meeting chaired on October 27 in Yaoundé by PM Joseph Dion Ngute, the Minister of Finance, Louis Paul Motaze, said the measure will be included in the 2023 Finance Act.

"The Council validated the 2023 budget law following discussions and the PM asked the Minister of Finance to consolidate it for submission to the President of the Republic soon,” the final statement issued after the meeting said. The sources of financing and the amount to be allocated are not disclosed yet.

The three target zones have been officially declared "economically distressed" according to a decree made public on September 2, 2019, by the Prime Minister. This status allows the state to offer various incentives to companies wishing to set up in the areas. Since 2013, the Far North has been the victim of attacks by members of the Nigerian Islamist sect Boko Haram, whose deadly incursions have virtually washed away the already weak economic fabric of this part of Cameroon. As for the NoSo regions, simple corporatist demands of Anglophone lawyers and teachers in late 2016 have turned into a separatist war since 2017.

S.A.