JEDDAH: The Islamic Development Bank and Cameroon have signed a €212.35 million ($238 million) financing agreement to support the Douala–Bafoussam Road Rehabilitation Project, a major transport initiative covering a critical corridor.
The agreement for the road project linking Cameroon’s Littoral and West regions was signed by IsDB Group Chairman Muhammad Al-Jasser and Cameroon’s Minister of Economy, Planning and Regional Development, and also IsDB Governor, Alamine Ousmane Mey on the sidelines of the World Bank Group-International Monetary Fund Annual Meetings in Bangkok.
“The project aims to enhance regional connectivity, lower transportation costs, facilitate the movement of goods to domestic and international markets through the Port of Douala, and expand access to economic opportunities for communities along the corridor,” the statement said.
It added that the project includes rehabilitating 218 kilometers of national roads and 108 kilometers of feeder roads, and improving social infrastructure, including classrooms, health centers, and water facilities, as well as markets and agricultural facilities.
Al-Jasser praised the IsDB Group’s longstanding partnership with Cameroon, noting that financing approvals had exceeded the country’s target and that its active portfolio spans energy, transport and agriculture.
He reaffirmed the group’s commitment to Cameroon’s sustainable and inclusive development, calling for faster project implementation to maximize impact and ensure timely delivery of approved investments.
Since Cameroon joined the IsDB in 1977, the group has approved $4.22 billion in financing for the country.
IsDB discusses Syria’s recovery
Separately, Al-Jasser met with Syrian Finance Minister Mohammed Yisr Barnieh, who also serves as Syria’s governor at the IsDB, to discuss recovery and reconstruction efforts, according to the Saudi Press Agency.
The discussions focused on Syria’s development priorities and ways to strengthen the IsDB Group’s support for recovery, reconstruction, and sustainable development.
Al-Jasser reaffirmed the group’s commitment to working with Syria and supporting its recovery and reconstruction, highlighting the importance of mobilizing resources and expertise to advance national priorities.
IsDB, IFSB boost Islamic finance
In a separate development, the IsDB Group and the Islamic Financial Services Board, or IFSB, signed a strategic collaboration framework to strengthen regulatory coordination, financial inclusion and sustainable growth in the global Islamic finance industry, SPA reported.
The agreement establishes a multi-year work program focused on strengthening institutional capacity, providing technical assistance, and conducting research into emerging risks and opportunities in Islamic finance.
It also provides for the exchange of best practices to strengthen the regulation and implementation of Islamic finance across member countries.
Supporting Mozambique
IsDB Group Chairman Al-Jasser also met with Mozambique’s Finance Minister and IsDB Governor Carla Alexandra Oreste do Rosario Fernandes Loveira to discuss expanding the bank’s support for the country’s development priorities, SPA reported.
The discussions “also covered future financing opportunities, including blended finance and concessional financing solutions, to support Mozambique's key development priorities, particularly in the social sectors and infrastructure development,” SPA stated.