The Islamic Development Bank (IDB) has opened a line of credit for 24.5 billion CFA francs for the Livestock Marketing and Infrastructure Development Project (PD-COBIE) in Cameroon.
Sources in Douala said Monday the project aims to contribute to economic development and improved food security in Cameroon.
Sources said two levers will be activated - the modernization of livestock marketing and the development of sanitary zoo infrastructures.
Presenting the project to the press, Livestock minister Dr Taiga said “the project aims to stimulate the marketing of livestock for better incomes for producers, as well as create jobs for young people and women in poor regions.”
The project aims to “modernize the marketing channel, to allow a better capture of sales transactions for effective tax collection by the government,” he added.
As part of its implementation, the five-year project is structured around four main components namely, the construction and modernization of livestock markets and infrastructure, particularly in production basins; supporting the development of organizational and institutional capacities.
The third and fourth components cover access to Islamic finance and livestock insurance; and the project management and coordination unit respectively.