Councils in the North West and South West Regions who have loans from the council support Fund for mutual Assistance, FEICOM has been cancelled.
The total loan amounting to 4.6 billion was cancelled on the 31st August 2024 during a Board of Directors meeting that took place in Limbe.
While announcing to the members of the North West Regional Assembly and specifically to Mayors of the North West Region, who are statutory members of the Assembly, the President of the North West Regional Executive Council, Prof Fru Angwafo III, was emphatic that the President of the Republic has taken this act as a means of empowering councils to do more in accelerating local development.
The release from Minister Georges Elanga Obam
In a release signed by the Minister of Decentralisation and Local Development on the 31st August 2024, Georges Elanga Obam was emphatic that:" With Regards to the debt owed FEICOM by North West and South West Councils, the General Manager noted that these Municipalities are facing difficulties as a result of the security crisis. Marked by the slowdown in economic activities and the deterioration of infrastructure and facilities. This situation has increased their operating costs and their indebtedness towards FEICOM. Accordingly, on the basis of the principle of solidarity that governs FEICOM's operations and the low impact of the outstanding debt on the institution's financial balance and the overall improvement of the security situation, the board approved the proposal made by the General Management to cancel the debt of the 62 Municipalities concerned, to the tune of CFAF 4,660,682,625, that is 75% of the outstanding debt." The release stated.
From close sources, the idea to get the loans cancelled is an in-depth consultation amongst the Mayors of the North West who have had enormous difficulty in repaying loans due to insufficient funds generated largely because of the 8-year armed conflict.
This has led to serious jubilation from the ranks of North West Mayors under the banner of the United Councils and Cities of Cameroon (UCCC).
By
Ndi Tsembom Elvis
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