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Yaoundé - 21 October 2017 -
Finance

Cameroon: Douala autonomous port seeks funds for its investment program

Cameroon: Douala autonomous port seeks funds for its investment program
  • Comments   -   Monday, 09 October 2017 14:24

(Business in Cameroon) - An official statement revealed that on October 6, 2017, the Douala autonomous port’s (PAD) management board authorized the managing director, Cyrus Ngo’o, to “negotiate a financing plan, to cover their short-term cash flow and investment priorities, with banking institutions and other accredited institutions”.

 Though the institution did not reveal the sought amount or the type of investments to be performed, the port’s internal sources maintained that one of the port’s major investment project, being finalized, is wreck removal.

Truly, shipwrecks which have not been removed for decades obstruct the port’s water bodies on which 98% of the import-export activities happen officially, our source revealed. Those shipwrecks contribute to the port congestion thus having some incidences on the port’s competitiveness.

BRM

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