New Country Partnership Framework for Cameroon to Focus on More Jobs, and Effective Service Delivery for All

By India Education Diary Bureau Admin On Jul 24, 2024

WASHINGTON – The World Bank Group (WBG) announced a new Country Partnership Framework (CPF) for Cameroon, which will focus on two high level outcomes: more and better jobs, and more effective and inclusive service delivery institutions, with a special attention to climate and fragility.

The new Cameroon CPF covers the FY2025-29 period and is aimed at supporting the country’s Vision 2035 of becoming “an emerging country, democratic and united in its diversity.” It lays the foundations for economic transformation to benefit every citizen.

“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 reflects the strong and growing collaboration between Cameroon and the World Bank Group’s institutions: the International Bank for Reconstruction and Development, International Finance Corporation, and Multilateral Investment Guarantee Agency. The One World Bank Group expects to deliver over $2 billion during this CPF period, adding to the current country 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 the economic growth in the country.”

The CPF emphasizes the need to strengthen Cameroon’s climate-resilience and deepen efforts to address the drivers of fragility. It aims to improve connectivity of major corridors, vital for boosting productivity and public service delivery. All the objectives of the CPF will also include a 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 the deployment of the WBG Guarantee Platform housed in MIGA,” said Şebnem Erol Madan, MIGA Director, Economics & Sustainability.

The new CPF is aligned with the WBG’s strategic approach of achieving impacts and outcomes at scale, tackling global challenges, and mobilizing private capital. In preparation, the WBG consulted with key stakeholder groups, including the government, the private sector, civil society, think tanks, academia, and other development partners.