(Business in Cameroon) - Currently (January 2020), the active portfolio of the Kuwait Fund in Cameroon includes three projects for an amount of US$35.5 million, or about XAF20 billion, data from the Ministry of Economy reveal.
In detail, this fund is financing the Sangmelima-Djoum road construction project (Bikoula-Djoum section) in the southern region, to the tune of US$10 million (XAF5 billion) ; the construction of the Ekounou Technical Vocational High School in Yaoundé, to the tune of US$ 10.5 million (XAF5.25 billion) ; and the construction of the Olama-Bingambo road (Bingambo-Grandzambi section), also in the south of the country, to the tune of $17 million (XAF8.5 billion).
“The Kuwait Fund does not provide budgetary or balance of payments assistance. In case, in a loan operation, the borrower is not the government of the country concerned, the fund generally requires the conclusion of a guarantee agreement with the said government, in order to match the borrower's obligations,” the Cameroonian ministry explained.
However, the ministry indicates, assistance operations granted by the Kuwait Fund may take the following forms ; direct or guaranteed loans, joint or parallel financing,with other international, regional or national assistance agencies; grants for the financing of related technical, economic and financial studies, including pre-investment studies, project identification, feasibility studies, project preparation, etc.; and grants for the financing of projects.