The Steering and Monitoring Committee of the Debt Reduction and Development Contract (C2D), co-chaired by the Minister of Economy, Louis-Paul Motaze, and the Minister of Finance, Alamine Ousmane Mey, and the French Ambassador in Cameroon, Gilles Thibaut, is meeting on 11 May in Yaoundé.
This 11th session, the Committee indicated, will make an assessment of the operational implementation of the first two C2D signed in 2006 and 2011 and evaluate the preparations and progress in the implementation of the future 3rd C2D. The meeting will also provide the opportunity to draw up a timetable for the celebration of the 10 years of achievements of the C2D in Cameroon for which preparations already started in 2016 and to take note of the contribution of the C2D in supporting the Cameroonian economy which has shown great resilience against internal and external shocks. The first two C2D (2006 and 2011), indicates the Steering Committee, represented an investment FCfa 566 billion including FCfa 352 billion for the first and FCfa 214 billion for the second.
As a reminder, C2D is a result of the heavily indebted poor countries initiative, launched based on France’s proposal in 1996. To extend this dynamic beyond its completion point, France decided in 1999, to create the Debt Reduction and Development Contracts. These contracts set by mutual agreement a debt amount to be refunded by the beneficiary countries to France. Each repayment is then directly returned to the country in the form of subsidies which can be used to improve living conditions for the population.
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