President of the African Development Bank, Akinwumi Adesina, to attend Cemac's Extraordinary Summit of Heads of State in Yaoundé

The President of the African Development Bank, Akinwumi Adesina, will attend the Extraordinary Summit of Heads of State of the Central African Economic and Monetary Community (CEMAC) from 21 to 22 November in Yaoundé, Cameroon.

The agenda of the Summit set an evaluation of the regional program of economic and financial reform of CEMAC and the situation of the economies of the countries of the zone in the perspective of their recovery and diversification.

Economic activity in the CEMAC zone has been slowing since the second quarter of 2014 due to falling oil prices and various security shocks in the Lake Chad Basin, the Central African Republic and the northeastern regions. west and south-west of Cameroon.

The African Development Bank, through its five major strategic priorities, "High 5", supports the acceleration of economic diversification and regional integration, key factors of development. The institution approved, on March 28, the new Regional Integration Strategy Paper (RISP) for Central Africa for the period 2019-2025. The RISP aims to support the structural transformation of the region by improving intra-regional trade, which should increase from 2% to 6%.

The financial sector deepening project in the CEMAC zone, supported by the Bank and implemented by the Bank of Central African States (BEAC), is in particular a major anchor point for the current cooperation with CEMAC. .

Next year, the African Development Bank plans to mobilize more resources to support CEMAC countries in implementing reforms aimed at deepening the region's financial sector and other priority integrating programs.