Innovative financing mechanisms in Douala Metropolitan Council, Cameroon

It is evident that the transformative and ambitious goals of the New Urban Agenda (NUA) will not be achieved without adequate and integrated financing frameworks and instruments. Both NUA and Agenda 2030 place emphasis on implementation at the local level and on the role of urban local governments.

Douala City Council in Cameroon is committed to achieving its 2025 development goals by mobilizing innovative financial resources. In doing so, Douala will contribute to deliver on the SDG 11 on sustainable cities and communities. The Douala Metropolitan Council budget of 103,200,000 Euros is not sufficient to take care of the issues facing the estimated 4million metropolitan residents. The Council is facing increasing challenge of reducing national transfer. The Council had identified solutions to overcome the shortage of funds which will be used to improve, among other things, housing, sanitation, mobility and transport.

The project to create the Douala's mixed Local Economy Company to manage the heritage of the city is one of such innovations. This company will help local authorities to better design and implement systems that ensure social, economic and safe physical access to quality basic services. Local authorities will be able to adapt their respective economic development, mechanisms and policies to a wide range of urbanization projects.

Creating innovative partnerships with business women and men, young girls and boys, companies, public-private and multi-stakeholders is essential to both NUA and Agenda 2030. Local saving and investment capacities of citizens and families will strength the capacity of the Douala's local economy Company to finance urbanization.

The event will highlight several other innovative solutions to promote and enhance municipal finance. The success and challenges facing the Douala City Council in implementing the innovative financial solutions will be explained and presented. The networking event aspires to nudge the knowledge sharing and experience exchange among global, national and local urban actors.