According to two presidential decrees, which were seen by Reuters, the government plans to raise funds from Standard Chartered and Societe Generale.
Signed by Cameroon President Paul Biya, the decrees allow the government to enter into a fund-raising agreement with the two lenders.
The government also plans to invest in construction, infrastructure and agriculture.
The central African country has been delaying its plan to upgrade the 45,000-barrel-per-day Sonara oil refinery for years, due to plunging oil prices, reported the news agency.
The government has been forced to cut available spending due to the dipping oil prices. As a result, the government was forced to explore alternate forms of financing.
