The Cameroon minister of plan, Louis Paul Motaze, has met with the African Development Bank Group’s President and discussions focused on the possibility of the continent’s leading development finance institution extending a loan from its soft arm window for the rebuilding of the country’s oil refinery that went up in flames last month.
The AfDB is capable of granting Cameroon up to USD 1 billion as an emergency loan given the country’s mounting economic and financial woes.
The cash-strapped Yaounde government is looking for resources as the Southern Cameroons crisis has robbed it of its ATMs.
CDC, PAMOL and SONARA have all gone under and this has left the government with very few avenues to raise revenue.
It is becoming clear that the country is running out of foreign currency and civil servant will soon be facing salary challenges.
Our reporter, Kingsley Betek, is on the ground to provide details of the meeting between the AfDB president and the Cameroon government official.