BreakingNews 24/1/16 - Cameroon Secures AfDB 89million Euro Loan to Finance Agricultural Value Chain Development Project

[ Masterweb Reports: Tayo Adeleke reports ] - The Board of Directors of the African Development Bank (AfDB) has approved a €89.291-million loan to finance the development of an Agricultural Value Chain Development Project (AVC-DP) in Cameroon.

The project will be implemented in the Central Basin, which covers the Centre, East and South Regions, and the Littoral Basin, which covers the Littoral and South-West Regions. It will focus on the elimination of constraints on the competitiveness of three targeted crop sectors (oil palm, plantain and pineapple) by leveraging infrastructure, crops, youth entrepreneurship and coordination to improve the competitiveness of the three crops value chains.

It will also create jobs and sustainably improve stakeholders incomes in targeted crop sectors. It is expected to boost inclusive growth by creating jobs, especially for youths, as well as enhance food and nutritional security.

The Bank will support the development of the plantain, pineapple and oil palm value chains, as a complement to the operations of the World Bank, the International Fund for Agricultural Development (IFAD, the European Union (EU) and the French Development Agency (AFD), which target other crop sectors (cassava, sorghum, maize, onion, fish, milk and pigs).

The rural infrastructure development component of the project is targeting the development of 1,000 kilometres of rural roads, 30 warehouses, 15 rural markets, 30 km of electricity networks, 30 drinking water supply (DWS) systems, and a quality control laboratory for agricultural products.

Under its crop sector development, the project will provide support for the establishment of processing units, institution-building for farmer organizations, technical guidance, facilitation of the interface with service providers, training, research support for the production of quality seeds and seedlings, and the establishment of a crop sector development fund to finance value chains.
The youth agricultural entrepreneurship component is expected to deliver nearly 600 businesses in the agro-business sector for approximately 1,500 young graduates (40% of them women) as well as ensure access to credit.

 

Tayo Adeleke reports.

 

*Photo Caption - Map of Cameroon

 
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