UNDP loans Cameroon $21m to strengthen SMEs’ resilience

The UNDP and Cameroon have inked a loan deal of $21 million earmarked to strengthen the resilience of Small and Medium Enterprises (SMEs) of the central African country in addressing impacts of the COVID-19 pandemic, Journal du Cameroun reports.

The agreement signed between UNDP Chief in Cameroon Jean-Luc Stalon and Alamine Ousmane Mey, Minister of Economy & Planning, will help strengthen resilience of SMEs to overcome negative consequences of the pandemic, other challenges and stimulate a quick resumption of economic activities for stronger and more inclusive growth.

Thanks to the loan, Cameroon expects to preserve jobs and contribute to the survival of companies that have been worst affected.

The deal is in line with an $18.9 million agreement inked in August between Cameroon and the Arab Bank for Economic Development in Africa. This new deal is tied to that of August, Stalon said adding that the UN agency will also provide $1.5 million in contribution.