The World Bank has announced an extra funding of CFA20 billion, roughly $35 million, to support Cameroon’s adaptive social safety net and economic inclusion project. This financial assistance aims to help vulnerable families in the Far North region affected by the floods anticipated in 2024.
Cheick Fantamady Kanté, the World Bank’s Country Director for Cameroon, revealed this update on April 14 during a meeting with government officials in Yaoundé. He indicated that this additional funding is nearing completion and will aid around 100,000 more households in need of support.
With this new allocation, the total funding for the program will increase to approximately CFA166 billion. Of this amount, the World Bank will contribute CFA112 billion, while Cameroon’s national budget will cover the remaining CFA54 billion. Initially, the program was set to assist 356,000 individuals from 2023 to 2028, and the new funds are likely to extend this reach even further.
Initiated in December 2023, this project is the second phase of Cameroon’s wider social safety net strategy that began in 2013. Similar to its predecessor, the current phase focuses on supporting the nation’s poorest households and encouraging entrepreneurship among young people aged 18 to 35, particularly in urban areas.
The project comprises five key components. First, it provides regular cash transfers to low-income families, along with basic guidance to help them become more self-sufficient and productive. Second, it offers emergency cash payments to families impacted by climate-related disasters, conflict, or significant displacement.
Third, the program includes financial incentives for those participating in labor-intensive public works projects in both rural and urban settings. The fourth component is aimed at urban youths engaged in the informal sector, assisting them in starting small businesses to support themselves through self-employment.
Lastly, the initiative also extends financial and technical support to young entrepreneurs with promising business ideas, helping them to turn their plans into reality and integrate into the formal economy.
