UNDP Cameroon: Mobilising and Catalysing Alternative Financing for the National Development Strategy (NDS30)
April 6, 2023
The United Nations Development Programme (UNDP), in collaboration with the Government of Cameroon, organised a forum on financing for development in Cameroon under the Joint SDG Fund. The Forum brought together over one hundred and fifty influential actors, including decision-makers, the private sector, technical and financial partners, national and international investors and development institutions, local and regional councils, and civil society organisations, among others, to adopt measures and initiatives that will help finalise and ensure the effective implementation of the integrated national financing strategy of the NDS30.
The forum was organised on March 28, 2023, in Yaounde under the theme "Financing for inclusive and sustainable socio-economic development in Cameroon" and was co-presided over by the Minister of Economy, Planning, and Regional Development (MINEPAT) and the Minister of Finance (MINFI), with the participation of the Minister of External Relations (MINREX), and the Acting Resident Representative of UNDP Cameroon (representing the UNRC).
Speaking on behalf of the Government, the Minister of Economy, Planning, and Regional Development, Alamine Ousmane Mey, highlighted the necessity of mobilising resources to meet the needs of the National Development Strategy 2020-2030 (NDS30). UNDP Cameroon’s Acting Resident Representative, Mr. Alasane Ba, joined the Minister to encourage stakeholders to finalise and accelerate the implementation of the Integrated National Financing Framework and the mobilisation of other sources of alternative financing: private, local, public, diaspora, green bonds, climate finance, and investment opportunities for the adequate implementation of the National Development Strategy (NDS30).
"Financing development is a challenge that we must keep working on to overcome. As we work towards achieving the 2030 Agenda for Sustainable Development and the objectives of the National Development Strategy 2020–2030. We, therefore, need not only resources but also have to ensure the efficient use of available resources, reinforce the use of innovative financing instruments, improve development coordination, and the Humanitarian-Development-Peace Nexus." Said Mr. Alassane during his address to the Forum, where he also assured the government and stakeholders of the continued commitment of UNDP and the United Nations System's to the achievement of the NDS30 objectives.
Focusing on the Integrated National Financing Framework (INFF), stakeholders engaged in strategic presentations on the needs and mapping of financing for development in Cameroon and the new financial landscape for the mobilisation of internal, international, and alternative finance. This included a presentation by UNDP Cameroon’s Senior Economist, Ms. Ginette Mondongou Camara, on the experiences of the INFF in Africa and how the framework can mobilise resources and investment. The second half of the forum engaged the stakeholders through thematic presentations on sector-based issues (financing of productive infrastructure, agricultural value chains, social services, the private sector, local development, climate change). After the thematic sessions, the stakeholders engaged in plenary discussions, which were interspersed with recommendations. These recommendations will be set out in an action plan that will enable the Government to ensure the effective implementation of the integrated financing strategy, with a view to mobilising additional financing for the implementation of the NDS30 and thus boosting structural transformation and inclusive and sustainable development. The participants welcomed the initiative of the Forum and recommended its regular organisation to strengthen the dialogue on development.
The forum was organised within the framework of the Joint SDG Fund project, whose objective is to support the Cameroon Government in drawing up and implementing an Integrated National Financing Framework (INFF) to create a conducive environment and strengthen the capacity of mobilisation of financing for the National Development Strategy, aligned with the SDGs; strengthening functions, processes, and financial policy and planning systems and their mainstreaming; and conducting studies, including a feasibility study for a One SDG Fund in Cameroon, as innovative financing mechanisms for VSE/SME.
Key achievements of the project include Snapshots on business opportunities in the flour, timber, and fishing sub-sectors; Costing of the NDS30; Updating the Assessment of Development Finance (DFA); Integrated National Financing Framework (draft); Promotion of gender-sensitive budgeting tools by the 2023 gender-sensitive finance law through the adoption of the circular on the integration and evaluation of gender-sensitive budgeting in the state budget; Strategy of mobilisation of innovative finance and green funds; Strategy of mobilisation of local financing in 12 pilot councils; SDG Acceleration Framework Paper (DCAR 30); A feasibility study of the One SDG Fund for the financing of VSME in the agro-industrial and agri-food sectors; Development of two applications for funding monitoring and for the assessment of the impact of public policies and SDGs at the national and local levels.
The UN Offices participating in the implementation of the project include the UNRCO, UNDP, UN Women, and UNICEF. The implementing partners are MINEPAT and MINFI, with the participation of MINDDEVEL, NIS, civil society, the private sector, the EU, WB, IMF, and AfDB. The Joint SDG Fund is supported by Sweden, Spain, the European Union, the Netherlands, Norway, Switzerland, Germany, Denmark, Ireland, Luxembourg, the Republic of Korea, Portugal, and Monaco, among others.