African Development Bank Opens new office in Yaoundé, Cameroon

By InstinctBusiness Apr 15, 2024 0

The African Development Bank Group, has announced the opening of its newest office for Central Africa. The office is located in Yaoundé, Cameroon.

Cameroon’s Prime Minister Joseph Dion Ngute and Bank Group Vice President for Regional Development, Integration and Business Delivery, Marie-Laure Akin-Olugbade, will chair the opening ceremony, which will be attended by members of the government as well as representatives from six other countries covered by the regional office.

The Central Africa office is one of the Bank Group’s five regional hubs and comprises seven countries: Cameroon, Chad, Congo, Central African Republic, Democratic Republic of Congo, Equatorial Guinea and Gabon.

The African Development Bank Group is a major development partner to its Central African member countries. As of 1 April 2024, the Bank Group’s active portfolio of multinational operations in Central Africa comprised 26 operations totaling $2.49 billion.

The new regional base for Central Africa underscores the African Development Bank Group’s dedication to strengthening cooperation with bilateral and multilateral development partners to enhance the effectiveness of development initiatives and promote sustainable growth across the region.

According to the Bank’s semi-annual “Africa’s Macro-Economic Performance and Outlook” report published in February, economic growth in Central Africa is projected to slow to 3.5 percent in 2024, with a potential rebound to 4.1% in 2025 driven by increased private consumption investment in mining and exports.