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Ministry of Economy Announces CFAF 10 Billion Financing Agreement with African Development Fund

The Ministry of Economy announced on June 6, 2023, that it has signed a financing agreement with the African Development Fund (ADF), the concessional window of the African Development Bank (AfDB) Group. The agreement provides CFAF 10 billion ($15.5 million) in funding for the Public Finance Governance Support Project (Pagfip).

The Pagfip project is a five-year (2023-2026) initiative that aims to improve the collection and security of tax and customs revenues, limit budgetary risks, and combat illicit financial flows. The project will be implemented by the Ministry of Economy and Finance, with technical assistance from the AfDB.

The CFAF 10 billion financing package from the AfDB consists of a concessional loan of CFAF 9.5 billion and a grant of nearly CFAF 675 million. The loan will be used to finance the project’s investments in infrastructure, equipment, and training. The grant will be used to support technical assistance and capacity-building activities.

Key Benefits of the Pagfip Project

The Pagfip project is expected to deliver a number of key benefits, including:

  • Increased tax and customs revenue collection
  • Reduced budgetary risks
  • Combated illicit financial flows
  • Improved public financial management
  • Strengthened fight against corruption

The project is expected to have a positive impact on economic growth and poverty reduction in Cameroon.

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