Category Archives: Cameroon News
Last year, Nigeria took a major economic hit — the country was losing approximately 700,000 barrels of oil per day as militants in the Niger Delta (such as the Niger Delta Avengers) targeted key Critical Energy Infrastructure Assets (CEIA) – such as pipelines, gas & oil platforms, etc.…- both onshore and offshore. The unanticipated loss in petroleum resource production was one of the drivers of the country’s recession.
As Nigeria exits the recession of 2017, investor sentiment across West Africa is likely to experience uplift in 2018. Still, political uncertainty ahead of Nigeria’s 2019 presidential elections and on-going security concerns are among the key risks for businesses operating in the region, says specialist global risk consultancy Control Risks (www.ControlRisks.com) in their annual political and security risk forecast ‘RiskMap’.
Euro 100 Million for Supporting Cotton in Cameroon by the International Islamic Trade Finance Corporation (ITFC)
The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Bank (IDB) Group (www.IsDB.org), signed a EUR 100 million syndicated agreement with the Government of Cameroon and Sodecoton as the Executing Agency for the export of cotton and the import of agricultural inputs. The Agreement was signed by HE Louis Paul Motaze, Minister of Economy, Planning and Regional Development, and IDB Group Governor for Cameroon, which took place at Yaoundé, Cameroon.
Cameroon takes action on three United Nations Commission on International Trade Law (UNCITRAL) Treaties
On 11 October 2017, the Government of Cameroon deposited instruments of ratification or accession to three international conventions prepared by the United Nations Commission on International Trade Law (UNCITRAL). These three treaty actions are a remarkable illustration of Cameroon’s greater commitment to the harmonization of international trade law in Africa. They are to be seen in the context of Cameroon’s role as Chair of the 49th session of UNCITRAL (2016-2017) and the announcement, at the 50th session of UNCITRAL in July 2017, that an African regional centre of UNCITRAL is to be created in Cameroon.
The United Nations Convention on Transparency in Treaty-based Investor-State Arbitration enters into force today
The United Nations Convention in Transparency in Treaty-based Investor-State Arbitration (“The Mauritius Convention on Transparency”) will enter into force today, 18 October 2017. The Convention has to date been ratified by Canada, Mauritius and Switzerland. None of the ratifying States made reservations and, as a result, the Transparency Rules are now part of the investor-State dispute settlement regime created by investment treaties concluded by those three States. Consequently, the Transparency Rules will apply to investor-State disputes arising under investment treaties concluded by those States before April 2014 in accordance with the conditions set forth in the Transparency Convention and the relevant investment treaties.
With a 3.6% real GDP growth in Q1 2017, the world economy has remained strong, surpassing the earlier forecast at 3.5% for 2017-2018. This growth, according to Euromonitor International, is and continue to be highly driven by emerging markets which account for approximately 74% of the world’s real GDP expansion, and a predicted share of up to 79% by 2020.
Wafacash and WorldRemit expand partnership to offer instant money transfers across West and Central Africa
Morocco-based financial services company Wafacash (www.Wafacash.com) is scaling up operations with leading digital money transfer service WorldRemit (www.WorldRemit.com) to offer instant money transfers across West and Central Africa.
World Bank report on PPPs in power transmission in Africa presented at Future Energy Central Africa in Yaoundé next week
Regional energy ministers to debate energy reforms in opening session
“The ‘Linking up: Public-Private Partnerships in Power Transmission in Africa’ report has a very simple message: the private sector is already actively involved in power generation in Africa, and the same could happen in the transmission sector as has happened in other parts of the world under what we are calling the independent power transmission (IPT) model.”
An International Monetary Fund (IMF) staff team, led by Corinne Deléchat, visited Yaoundé during August 22–29, 2017 to review recent economic developments and discuss the 2018 budget and medium-term budget framework.
Several regional energy ministers confirmed for October power forum
Encouraging private and public collaboration to make energy deals happen is high on the agenda at the rebranded Future Energy Central Africa forum that is taking place from 2-3 October in Yaoundé, Cameroon this year. “We have deliberately put together a very practical programme” says event director Marie Sachet, “because I believe all stakeholders agree on what the generation potential in the region is, but we need specific actions to prepare the sector for much-needed investments and bankable power projects.”
She continues: “Future Energy Central Africa is working with the energy ministries in the region, project developers, financiers as well as regulators to set the agenda to encourage private and public cooperation in order to increase energy capacity and economic growth in Central Africa. Our conference programme includes a high-level ministerial keynote panel discussion on the opening day, successful project leaders from the private sector as well as utility leaders.”
WORLD BANK INTERVIEW: Mini and off-grid electricity, especially from sources like solar, offers increasing potential to electrify homes in many rural areas of Sub-Saharan Africa”
Exclusive interview with Lucio Monari, Director, Energy and Extractive Global Practice at the World Bank. He will address the CEO Forum at the upcoming African Utility Week on a World Bank study on the “Financial Viability of Electricity Sectors in Sub-Saharan Africa”.
The UN Special Rapporteur will continue to monitor developments in Cameroon closely, and is at the disposal of the authorities to provide assistance or advice as required
The WAZAL collection was started in 2005 by a fashion designer, AYISSI NGA Joseph-Marie aka JJ Du Style, who creates very chic street wear using noble and quality material collection, including first choice wax (African print) from Senegal or Mali. In 2006, he launched his first designs which are worn by some celebrities such as Singuila, Alpeco, Wayne Beckford, Romaric Koffi and Lalcko.