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Piccini obtains surety-bond from Cameroon to complete Olembe sports complex

Piccini obtains surety-bond from Cameroon to complete Olembe sports complex
  • Comments   -   Wednesday, 24 July 2019 17:15

(Business in Cameroon) - On July 24, 2019,  Makonnen Asmaron (photo), president of Italian group Piccini and Louis Paul Motaze, Cameroonian minister of finance, signed a surety-bond agreement. This agreement should help Piccini obtain financing from local banks to accelerate its construction.  

Discussions are quite advanced with local banks in that regard. Today’s visit will allow for quicker advances towards the finalization of these works,the ministry of finance indicates.

It was to reassure the ministry that we would complete the works before the end of this year [2019]. We have made up for the wasted times. We also reassure Cameroonians that they will have stadiums better than those seen around Africa and probably in the world,” Makonnen Asmaron said.

In a working visit in Cameroon since July 23, 2019, Makonnen Asmaron also carried out a working session at the department of the prime minister Joseph Dion Ngute. One of the focus of this session was an assessment of the works’ advances and the implementation of a funding agreement to accelerate constructions in preparation for competitions Cameroon will host in 2020.

Let’s note that in preparation for AFCON2019 (whose organization was withdrawn from Cameroon), Piccini was commissioned to build a sports complex hosting a 60,000-seat stadium, in Olembe for XAF163 billion. The infrastructure should have been delivered in September 2018 but, it has not been completed to-date.   

Sylvain Andzongo

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