The Saudi Fund for Development (SFD) has signed an agreement to delay the debt that it owed to development projects financed by the SFD in Cameroon, the MoU has been signed today in the Republic of Cameroon.
The debt postponed agreement signed in the presence of a number of officials including Cameroon’s Minister of Finance and Saudi Ambassador to Cameroon Abdulelah bin Mohammad Al-Shuaibi.
It aimed at delaying the amounts which has been owed by Cameroon for development projects worth of $3 million.
It will help Cameroon to buy some more time to pay back the amount as agreement has reschedule debt over a period of 6 years.
Agreement has been signed in line with the G20 initiative of 2020 led by the Kingdom of Saudi Arabia which was in regard of debts deferral owed by the poorest countries.
The SFD has earlier signed two deals worth of $4.2 billion with Pakistan to support the its economy.
The first deal was worth of $ 3 billion deposit to the State Bank of Pakistan, which was to help foreign currency reserve levels as well as to mitigate the impact of pandemic and the other deal was aimed to support the country in financing oil derivatives trade with $1.2 billion.