Second Paris round table on the financing of CEMAC integrative projects

29 Nov, 2023

From November 28 to 29, 2023, the second round table of donors was held in the French capital for the mobilization of financing for the implementation of structuring and integrating projects of the Economic and Monetary Community of the Central Africa (Cemac).


The Paris meetings, which saw strong participation from stakeholders, were placed under the auspices of the Central African Head of State, current president of the conference of Heads of State of this community institution.

In his dual capacity as president of the Central African Monetary Union (Umac) and of the steering committee of the Cemac economic and financial reform program (Préf-Cemac), the Minister of Economy and Finance, Mr. Jean-Baptiste ONDAYE, took an active part in this important meeting.

A good harvest

This second round table, like the first, produced a good harvest allowing the financing of the thirteen integrative projects selected under the second program.

Indeed, Cemac representatives left the Paris meeting with a whopping 9,209.95 million euros in the community's pocket, or approximately 104.2% of the expected funding. This represents a surplus of 374.8 million euros, not counting the promises that the financial partners will confirm, in particular: Arise (301 million euros); Bdeac (695 billion CFA francs); the AfDB (389.77 million euros); the World Bank (330 million USD); Blend finance (5,596 million euros); Wagas (400 million euros) and the African Chamber of Commerce in Scandinavia (around 200 million euros).

The total cost of the thirteen integrating projects is estimated at 8,835.875 million euros. 1,513.701 million euros, or 17.13% of this total cost, have already been mobilized by Cemac itself. The community requested from its partners funding of 82.87% of the cost of these thirteen projects corresponding to an amount of 7,322.174 million euros.

A cornerstone for the consolidation of Cemac

In view of these results which are beyond expectations, the president of the Préf-Cemac steering committee, Minister Jean-Baptiste, was satisfied and declared: "To all those who have made funding promises and to those who have announced their contributions to the financing of Cemac's integrative projects, our community, our heads of state, our governments and our people tell you: you have done useful work, you have thus added a cornerstone to the consolidation of Cemac and to the well-being of its 63.8 million inhabitants. History will remember that one day in November 2023, you wrote in golden letters, a page in the history of Cemac. We thank you for that never enough."

From one round table to another

In Paris, the president of the Préf-Cemac steering committee, Minister Jean-Baptiste ONDAYE, outlined the genesis of Cemac's integrative projects in these terms: "To deal with the triple oil, security and health shock which has seriously affected our economies since 2014, the CEMAC conference of heads of state defined a regional crisis exit strategy during the 2016, 2019 and 2021 summits, the implementation of which was entrusted to the economic and financial reform program of CEMAC, placed under the dedicated presidency of the President of the Republic of Congo, His Excellency Mr. Denis SASSOU N'GUESSO.

This is how the heads of state adopted in Yaoundé, on November 22, 2019, a first program of eleven priority integrating projects, selected by the Pref-Cemac Steering Committee on the basis of objective criteria of maturity and bankability . This program was presented at the first round table organized in Paris, on November 16 and 17, 2020.

This round table was a historic success, not only because it brought together Member States, friendly States, technical and financial partners and private investors at the highest level, but also because it made it possible to mobilize nearly 3.8 billion euros for a sought-after amount of 3.3 billion euros. The financing of the projects presented was thus completed.

Thanks to the constant monitoring carried out by the Pref-Cemac steering committee, with the decisive support of the Member States, the AfDB, the Cemac Commission, the Bdeac and the World Bank, the implementation of the projects CEMAC integrators have experienced, for the first time, remarkable success since the adoption of the CEMAC regional economic program in 2011, despite a global context marked by the effects of the Covid-19 pandemic and the war in Ukraine .

Indeed, 80% of the integrative projects presented in Paris in November 2020 have actually started, thus recording notable progress, less than three years after the mobilization of funding.

Note that, covering an area of 3.02 million km2 and having approximately 63.8 million inhabitants, the Cemac area is a land of opportunities. The partners present at the round table recognized the improvement in the macroeconomic situation in this part of Africa. All highlighted the immense potential that Central Africa abounds in through the youth of its population, the vitality of its human capital, its arable land which extends as far as the eye can see, its diverse ecosystems, its abundant forest resources. and mining, its immense expanses of water and its privileged geographical location.

The Communication Unit of the Ministry of Economy and Finance