(Business in Cameroon) - On October 6, 2014, the Cameroonian Head of State, Paul Biya, signed a decree authorising the Minister of Economy, Emmanuel Nganou Djoumessi, to sign two international loan agreements totalling 95.4 billion FCFA for the construction of the Olama-Kribi road.

The lenders are the Abu Dhabi Fund for Development (FADD), which will grant a loan of 7.5 billion FCFA to the State of Cameroon and the Islamic Development Bank (IDB) from which Cameroon obtained an Istisna’a loan, for a total of 87.9 billion FCFA.

The 204 km Olama-Kribi leg of the project, which, according to the Ministry of Economy, needs 100 billion FCFA in financing, is the 2^nd phase of the Yaoundé-Kribi road construction project that will connect the Cameroonian capital to Kribi, the seaside town that also has the country’s first deep water port.