Cameroon: Eximbank of China provides 193 billion FCfa in financing for road to future Kribi port

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Cameroon: Eximbank of China provides 193 billion FCfa in financing for road to future Kribi port

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- Sunday, 13 April 2014 03:08

(Business in Cameroon) - The Cameroonian Head of State, Paul Biya, signed a decree on April 8, 2014, authorising the Minister of Economy, Emmanuel Nganou Djoumessi to sign a 192.9 billion FCfa (385.8 million dollar) loan agreement with Eximbank of China to finance the construction of the Kribi-Lolablé road. Thirty-eight kilometres long, the road will serve the Kribi deep water port that is currently under construction.

According to the Kribi industrial port complex’s steering committee, the Chinese portion of the financing is approximately 85% of the total amount, which is estimated to be 215 billion FCfa. The remaining 15% is to be provided by the Cameroonian government.

Road work will last between 36 and 48 months, according to forecasts. The first boat should come into port in Kribi in June 2014, which is only two months away.

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