The Kuwait Fund for Arab Economic Development has signed a loan agreement worth three million Kuwaiti dinars (approximately $9.7 million) with the Republic of Cameroon to support the development of its rice production chain. The initiative aims to enhance agricultural productivity by reclaiming 5,000 hectares of farmland in the Far North, Northwest, and West regions. This project is expected to boost economic and social development by improving rice production and benefiting local farmers.
Beyond increasing rice output, the project will establish marketing and distribution centers to strengthen the supply chain, working toward partial self-sufficiency in rice production. It is also expected to create new employment opportunities, particularly for women and youth, while contributing to poverty reduction and improved income levels. Additionally, the initiative aligns with Cameroon’s food security strategy and overall economic growth plans.
The loan, with a 23-year term and a six-year grace period, will be repaid in 34 semi-annual installments at an interest rate of 1% per year, plus a 0.5% service fee. This funding contributes to multiple Sustainable Development Goals (SDGs), including eliminating poverty and hunger, promoting economic growth, and ensuring sustainable agricultural practices. Over the years, the Kuwait Fund has provided Cameroon with nine loans across various sectors, reinforcing its commitment to supporting global development.
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