CAMEROON-FUND ARAB COOPERATION: THE IMPACT OF THE ECONOMIC EXCHANGES AND THE FOREIGN AFFAIR BETWEEN SUB-SAHARAN AFRICA AND THE ARAB STATES (1973-2019)

Abstract

This article aims to analyze the challenges and the balance sheet of the evaluation of financing granted by the Solidarity Funds of the Arab-Persian Gulf Emirates in Cameroon since the decades 1973-2019, with in particular the creation of the various Arab organizations funds of economic development of which the Gulf Cooperation Council had proposed the creation of an Arab Organization in Rabat called the Organization of the Islamic Conference of which Saudi Arabia is the bearer. This current context of economic and social development in Cameroon is marked by the recent adoption of the Strategy Document for Growth and Jobs (DSCE). This document, which sets the main directions for the country's development policy, presents prospects requiring the establishment of significant financial resources to be mobilized by the Technical and the Financial Partners (PTF), for the achievement of the objectives of the (DSCE), the Cameroonian government shall mobilize the necessary funding. However, a study carried out recently in Cameroon, shows that a number of the projects approved by the financial backers have unpaid committed balances (SENDS). Among these projects, there are some, if not most, of the projects financed by the Islamic Bank of Development (BID). The Cameroonian government, in order to put hand to this phenomenon which is detrimental both to the donors and to the Cameroonian side, instructed to take the measures appropriate in concert with all donors including the BID to agree on ways and means to improve disbursement operations. These funds come from the Arab States of the Arabian Gulf, namely Kuwait, Qatar, Saudi Arabia and the United Arab Emirates (UAE). Most of these countries are members of the Cooperation Council for the Arab States of the Gulf (GCC). All of these Arab states benefit from significant oil revenues. Since the end of the 20th century, Saudi Arabia has invested heavily in the banking and tourism sectors. The capital of the country, Riyadh is the seat of many large financial structures. Bahrain has a high human development index (48th in the world) and has been recognized by the World Bank as a high-income economy. The United Arab Emirates has successfully diversified its economy. 71% of the UAE's total GDP comes from non-oil sectors which shall be beneficial to attempt the emergence of the Cameroonian country.