The Vice President for the Middle East and Africa of the International Finance Corporation, Sergio Pimenta has been received by Cameroon’s Prime Minister – Head of Government, Joseph Dion Ngute. Discusions between the two personalities focused on the need to reduce the electricity deficit in Cameroon.
IFC vice president was in the country in view of the launch of the 420 MW Nachtigal dam construction project. The International Finance Corporation coordinated the mobilisation of 20% of the funds for the project through the World Bank group’s subsidiary dedicated to the private sector’s financing.
The Nachtigal dam upon completion will boost Cameroon’s energy generation capacity by 30%. It is also expected to provide steady supply clean and affordable energy to homes and companies. The project will also create thousands of jobs.
At the end of the meeting, Sergio Pimenta told press men that funds are available to support in the development of Cameroonian companies and to encourage foreign companies to invest in the country. He also announced his institution’s intentions to invest in Small and Medium size enterprises and industries operating in the agricultural, agribusiness and telecommunications sectors.
Prime Minister, Jospeph Dion Ngute, highlighted government’s determination to invest in the agricultural sector in order to produce, transform locally and export its products.
The International Finance Corporation intends to open a regional office in Douala and strengthen the dialogue with private partners, through innovative solutions that promote the creation of jobs.