(Business in Cameroon) - The Cameroonian government was granted by the Italian bank Intesa Sanpaolo, a credit facility of FCfa 139 billion in total, the Ministry of Economy announced in an official communiqué. The two corresponding loan agreements will be signed today 16 August 2016 in the Cameroonian capital.

These financings, the communiqué from the Ministry of Economy specifies, will be used for the construction of a 60,000-seats football stadium in Olembe, in the suburbs of Yaoundé, in anticipation of the organisation of the Africa Football Cup of Nations (AfCON), the highest celebration of African football which Cameroon will organise in 2019.

This sports infrastructure, which will also have two training pitches, shopping areas and accommodation structures with a capacity of 70 rooms, will be built by the Italian company Piccini; for a total amount of FCfa 163 billion.

The remaining FCfa 24 billion will be made available by the State of Cameroon. On 4 August 2016, the Cameroonian Head of State even signed for this purpose, a decree authorising the Minister of Finance to sign, on behalf of the government, a loan agreement, of this amount, with the local subsidiary of the Nigerian banking group UBA.

Brice R. Mbodiam