IDB finances 16.9 billion FCFA electrification project in rural Cameroon

Energy

IDB finances 16.9 billion FCFA electrification project in rural Cameroon

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- Monday, 22 September 2014 03:56

(Business in Cameroon) - On September 9, Cameroonian Head of State, Paul Biya, released a decree empowering the Minister of Economy, Emmanuel Nganou Djoumessi, to sign two financing agreements with the Islamic Development Bank (IDB) for a total of 16.9 billion FCFA.

The two financings allotments, respectively 12.2 billion FCFA (the Istisn’a agreement) and 4.788 trillion FCFA (loan), will be used to implement the 2^nd phase of the government’s rural electrification programme.

With Eximbank, the Chinese foreign investment entity, the Islamic Development Bankhas become one of the Cameroonian government’s largest lenders in recent years, providing financial support in sectors ranging from health, road infrastructure, and education to rural development.

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