Announcement of IDA Credit to Support Second Technical Cooperation Project in Cameroon on June 25, 1981

FOR IMMEDIATE RELEASE eWorldBank ·1 s1 s H Street, N.W., Washington, D.C. 20433, U.S.A.• Telephone: (202) 477-1234 . IDA NEWS RELEASE NO. 81/ 108 June 25, 19B1 IDA CREDIT TO SUPPORT SECOND TECHNICAL COOPERATION PROJECT IN CAMEROON The International Development Association (IDA) has approved a credit of SDR 8.2 ~ill ion ($10 million) to Camero6n for a second project to reinforce the country's capacity to execute its Fifth Development Plan (1981-86). IDA is the World Bank's affiliate for conces~ionary lending. The project is designed to help bring about improvements in national planning and external debt ma0agement, and to promote sound policies and investme~ts in agri- culture, industry, energy, and social development. The IDA credit will help finance the services of expatriate resident specialists and short-term consultants for the Ministry of Economy and Plan (MINEP) to help set up an improved monitoring system for the Fifth Plan. In NINEP's Directorate of Industry, such services will help analyze various industrial sector issues, and will carry out studies in such areas as textiles, wood products, aluminum smelting, and • agro-industry. The project will help the Societe Nationale d' lnvestissement, a government-owned holding company, to do preinvestment work for ventures in textiles, sugar refining, timber and furniture production, and cement and brick manufacturing. The Ministry of Finance will be assisted in establishing a system to better or- ganize and analyze external debt data. Several operational units in the Ministry of Agriculture will be strengthened in the areas of cooperative development, rural works, and agricultural training. To assist the government in dealing with energy sector issues, the project will include ~tudies on energy supply and demand, pricing, and the coordination of energy research in Cameroon. The project will also help the Ministry of Social Affairs to analyze the socio- economic impact of development programs and to promote productive roles for women in the economy through the provision of technical services. The project is expected to increase the volume of sound investments which will further Cameroon's development objectives, and increase the skills of Cameroonian staff needed to carry out this work on a long-term basis. The IDA credit is for 50 years, including 10 years of grace, and is interest- free, except for a service charge of 3/4 of 1% per annum, to cover l·DA's administra- tive costs. The credit will be committed when funds are available . • NOTE: iDA er.edits are denominated in SDRs (Special Drawing Rights), which are valued on the basis of a ''basket" of currencies. The U.S. dollar equivalent of the SDR amount of the IDA credit reflects the exchange rate existing at the time of negoiiation of the credit.