A Letter of Intent establishes a partnership with CAFI to implement the country's National Investment Framework
|National Investment Framework||Letter of Intent (LOI) signed (Decision EB.2017.09)|
|Implementing organization||French Development Agency|
|Funds requested||The LOI sets a contribution of US$ 18 millions. Programmes will be developped and submitted for approval by the Executive Board.|
Gabon houses approximately 18% of the Congo- Ogooué Basin’s forest – with forests covering 88% of the country territory. For decades, Gabon’s economy has been driven by exports of oil resources. Though forestry exploitation has been an important component of the economy, deforestation rate is only 0.04%. However, as oil prices decline, economic diversification to other sectors is an important component of Gabon’s development strategy.
This is expected to result in increased resource exploitation by extractive industries and the rapid expansion of agricultural intensification. Indeed, one of the central objectives of the Emerging Gabon development plan is to make Gabon self-sufficient in terms of foodstuff production and an exporter of cash crops.