The Board of Directors of the African Development Bank (AfDB) Monday approved a EUR 88 million(US$99.52million) loan to Cameroon as direct budget support to finance the country’s COVID-19 crisis response.
The loan, to the country’s COVID-19 Crisis Response Budget Support Programme (PABRC), falls under the framework of the Bank’s COVID-19 Rapid Response Facility (CRF) of up to US$10 billion, the institution’s main channel to cushion African countries from the economic and health impacts of the crisis.
In Cameroon, the pandemic has revealed the structural weaknesses of the country’s health system and economy, particularly the limited human and financial resources allocated to the health sector.
The PABRC’s goal is to check the spread of the coronavirus, to save lives and to mitigate its adverse socio-economic effects on the Central African country, particularly on households and businesses. The programme also involves longer-term actions to build the resilience of the economy as a basis for recovery.
It will support the implementation of a health response plan to improve testing and ensure early detection and rapid management of the virus, thus reducing case fatality and improving the recovery rate. It will also support the most vulnerable in society by paying family allowances to staff of companies unable to pay social security contributions as well as distributing health kits.
“Women play a key role in the fight against the spread of COVID-19 as wives, mothers, caregivers and community resource persons. The social protection and economic resilience actions under this support will particularly target women and the households and businesses headed by them,” Bank Acting Director-General and Country Manager for Cameroon, Solomane Kone said.
Measures to sustain economic activity and safeguard employment will include value-added tax (VAT) credits to restore the cash position of enterprises as well as procuring inputs to support strategic agricultural value chains including poultry, fish, seeds and cereals. It will also support key small and medium-sized enterprises in the agribusiness, health and education sectors.
This operation complements the Bank’s US$13 million special emergency project for Economic and Monetary Community of Central Africa(CEMAC) member countries and the Democratic Republic of Congo, to fight the COVID-19 pandemic, which was approved earlier this month.
COVID-19 has broken out at a time when the Cameroonian economy, the largest and most diversified in the Central Africa, is recovering from the 2014 shock caused by a sharp fall in the world prices of the country’s main export products – oil, cocoa and timber. Without support, the spread of COVID-19 in Cameroon could compromise the reform drive and jeopardise the progress made in recent years.
The first confirmed case of COVID-19 in Cameroon was identified on 6 March 2020. By 22 June, the Central African country had more than 12,041 confirmed cases, including 308 deaths and 7,740 recoveries. The Centre (Yaoundé) and Littoral (Douala) Regions have the highest number of cases, representing about 55.8 per cent and 32.2 per cent of the total, respectively.
Supporting East Africa’s Young Professionals: A Webinar Presented By The African Energy Chamber
The voice of young professionals in the energy industry in East Africa will present an important and timely discussion through a webinar hosted by the African Energy Chamber (EnergyChamber). The COVID-19 pandemic has caused a seismic shift in the oil and gas sector and has brought into the fore the “great crew change”.
The African Energy Chamber webinar will give young Africans a voice in the energy sector and ensure that their views are heard and taken seriously. ‘It is important to listen to young professionals who represent the future of our industry in Africa and even globally’, said President of the African Energy Chamber East Africa, Elizabeth Rogo. “Africa has great talent and this is why we at the chamber believe that nations should put a particular focus on nurturing and developing this talent when seeking to further local content”, she continued.
In light of Covid-19 restrictions, positions that were, until recently, occupied by experienced international staff are now being filled by many young professionals who are proving to be more than up to the task. It is expected that this trend will continue even post covid-19. The long term result will be a critical mass of talent in East Africa to fulfil the demands of its growing energy industry.
The rise of renewables, the impact of climate change campaigns, the scarcity of funding and investments are just some of the major hurdles forcing oil companies, in particular, to think strategically about increasing their participation in renewables and new technologically driven energy solutions – one that greatly attracts the youth.
The Post-COVID-19 environment will mean it will no longer be business as usual. Countries such as Kenya are already at the forefront in digital transformation and have an opportunity to incorporate these vital skill sets by providing access to opportunity for our youth that can no longer wait.
