Economic relations between Cameroon and the US have also
reflected the new US policy orientation toward Cameroon. In 2003, sub-Saharan
Africa received 8.5 billion USD in terms of foreign direct investment,
representing 6.3% of total US investment in developing countries. Equatorial
Guinea received 823 millions, Nigeria 340, as highest destinations of US
investment in Africa because they are oil-exporting countries. South Africa (89
million) and Cameroon (73 million) drew the highest investment in non-oil
exporting African countries.218(*)
Closed in 1993 for budgetary reasons, the United states Agency
for International Development (USAID) resumed activities in Cameroon in 2002
from its Ghanaian headquarters.219(*) The agency provides public aid for development by
financing projects, and promotes trade through the African Growth and
Opportunity Act (AGOA). The US Trade and Investment with Sub-Saharan Africa
report published by Department of trade reflects the progress AGOA has had in
Africa in general and Cameroon in particular. Issued in 2000, the Act is
expected to permit the importation into the US of African products without
quotas and custom duties. To do this, AGOA has to help African countries
develop a market economy and produce materials corresponding to international
standards. It is thanks to this program that US importations from Africa
increased by 39.9% in 2003, mostly from petroleum products, and 20% from
non-petroleum products.
At a more technical level, the US has increased its support
for agriculture in Cameroon especially the partnership research project in the
University of Dschang (for Coffee and cocoa), as well as the «Food for
Progress» program which has received $5 million. Cameroon is also one of
the main beneficiaries of the US Funds for Aids that provide free drugs and
assistance to patients, as well as family planning, malaria and control of
other diseases. We should also note that Cameroon is among the countries to
benefit from Microsoft's `Health Metrics' intended to vaccinate millions of
children around the world. It is also for these reasons that Bill Gates
personal representative was in Yaoundé in 2005 during the World Forum on
Malaria.
On other economic issues, we should note that the return of
the Export-Import Bank (EXIM Bank) marks the beginning of real growth
in economic exchange between the US and Cameroon. This bank has, since its
re-opening, been funding US expertise in the privatization process in Cameroon,
as well as the commercialization of cash crops such as coffee, cocoa, banana
and minerals. The US mission in Cameroon manages two types of assistance which
entirely reflect their vision of foreign policy. There is the special
Ambassador's Self-Help fund aimed at capacity building in local communities and
the special fund for the promotion of democracy and human rights. These funds
grant assistance to Cameroonians and it is expected that if they (Cameroonians)
build a strong base and come out of poverty, they could be a better trading
partner and political stronghold.
It is worth noting here that US financial assistance to
Cameroon was closed to 40 million USD prior to the 1990s. But with the closure
of USAID's mission to Yaoundé due to human rights reasons, official
financial cooperation was reduced to strict minimum. Before 2003, neither EXIM
Bank nor OPIC (the Overseas Private Investment Corporation) nor USTDA (United
States Trade and Development Assistance) financed any projects in Cameroon,
especially that Cameroon was classified Intermediate Less Developed Country.
Though EXIM Bank started showing skirmishes of investment intentions in
Cameroon from October 1998, it is only in the years following 9/11 that the
Bank's board approved the financing of projects in Cameroon especially in
relation to Cameroon's commitment to keep to agreements with the IMF. It is
equally in this framework that Cameroon came to benefit from the sub-Saharan
private investment funds project initiated by OPIC. In the same way, the
African Development Foundation, which receives funds from Congress, has
financed two projects in Cameroon worth CFA 130 million Frs. in the agriculture
sector.
But it is not only the embassy that reveals instances of US
interests in Cameroon. The private sector plays the biggest role. Apart from
corporations such as Wackenhut (for private security), UPS (mails and
international luggage transfer) and Pecten (petroleum distribution) which
have been in Cameroon for several years, since 2001, other US giant firms have
been implanted in Cameroon. Some of these firms include; AES (hydro-electric
energy), TAUG (transportation), Geovics (mineral extraction), and several
others involved in hardware, prevention of catastrophes, gas extraction and
exploration.
