| Project Detail |
The proposed operation concerns a EUR 63 090 000 loan to the Republic of Cameroon to finance the Project to Promote Entrepreneurship and Develop Skills for Industrialisation (PEAC). The Project is in keeping with Cameroon’s National Development Strategy 2020-2030 (SND30). Specifically, it will support the implementation of SND30’s second and third pillars which seek to (i) develop human capital and well-being; and (ii) promote employment and economic integration. Bank financing is justified by the need to support Cameroon’s strategic orientations to reduce the shortage of skilled labour in priority sectors. This financing is also and above all justified by transformative measures that help to leverage human resource investment and sustain the resulting gains. This project will be implemented in synergy with other Bank-funded operations in Cameroon. It is structured around three components: (i) Building the capacity of the national vocational training system; (ii) Promote entrepreneurship and business competitiveness; (iii) Project Coordination and Management.
Project Objectives
The overall project objective is to develop the skills required to meet the needs of the economy and promote entrepreneurship and employment in promising sectors (construction, transport, energy, agro-industry, green trades, ICT, etc.). The project will contribute to the endogenous transformation of the Cameroonian economy by increasing workforce productivity and improving the competitiveness of the enterprises that employ the workforce. PEAC will seek to (i) build the capacity of the national vocational training system by providing material and training engineering support, as well as improving private-sector involvement in the management of beneficiary training centres, thereby improving the quality of learning and making it more market-relevant; (ii) promote entrepreneurship and productive self-employment among young people, as well as professional integration, especially in targeted growth sectors; (iii) boost business competitiveness; and (iv) build the institutional capacity of modernised technical and vocational actors. Improving the skills and employability of trained young people and women in niche jobs will help to increase their income. |
