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Visiting ADB Vice President commends resilience of Cameroon’s economy amid shocks

The Vice President of the African Development Bank (ADB) in charge of Regional Development, Regional Integration and Services, Khaled Sherif, has expressed optimism on the resilience of Cameroon’s economy, despite global and internal shocks.

Khaled Sherif

Sherif made the observation Monday, September 17, as he began a four day working visit to the country. The visit is focused on enabling the ADB Regional headquarters, located in Yaounde to get a temporal location, while its permanent structure is under construction.

After separate audiences with Prime Minister Philemon Yang and the Minister of the Economy, Planning and Regional Development, Alamine Ousman Mey, the ADB Vice President expressed the institution’s willingness to continue supporting development in Cameroon.

Speaking to the State broadcaster (CRTV) Sherif said, the bank is pleased to note that despite challenges, Cameroon is still accomplishing an annual Gross Domestic Product (GDP) growth rate of 4.9 percent.
He said the resilience of the economy will spur the ADB to accompany the Government in the nation’s vision 2035 of becoming an emerging economy.

According to Minister Ousman Mey, the location of the ADB Regional Office in Cameroon points to a bright future for the CEMAC Sub-Region. The Minister said, the ADB is sponsoring some 23 projects in Cameroon worth FCFA 875 billion.

The ADB has been a strategic development partner of Cameroon for over 45 years. It has sponsored project worth US$ 2 billion.

In 2017, the President of ADB, Nigerian-born Akinwumi Adesina, paid a three days visit to Cameroon. Between July 15 and 18 of that visit, Akinwumi was at the Unity Palace, where was granted audience by President Biya. He also visited some key projects across the country. Cameroon is part of the ADB’s 10 years strategy plan spanning 2013 to 2022, aimed at improving the quality of life of the people of Africa.

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