Saudi Arabia has agreed to postpone Cameroon’s debt over a period of six years after the central African country was unable to finance the loan in the previously agreed-upon time scale, the official Saudi Press Agency (SPA) reported on Wednesday.
The Saudi Fund for Development signed a bilateral agreement “to postpone the debt owed for development projects” which amount to $3 million, according to SPA.
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The loan was reportedly issued to better the social, health and economic status of Cameroon.
The agreement to postpone the payment was reportedly signed between the Minister of Finance of Cameroon and the Kingdom’s Ambassador to Cameroon Abdulelah bin Muhammad al-Shuaibi, among other officials.
The move is part of the larger G20 implementation, led by Saudi Arabia, to postpone the “debts owed by the poorest countries, and based on motivating countries to take advantage of the financial space” in light of the pandemic.
The Saudi Fund has contributed to the financing of nine separate programs in Cameroon, that has totaled to over $108 million, according to the SPA report.
More than 33 developing countries have benefited from the debt deferral initiative, according to SPA, from over $1 billion of loans financed by the Saudi Fund.
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