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Exim Bank of China could create a subsidiary in Cameroon

Exim Bank of China could create a subsidiary in Cameroon
  • Comments   -   Wednesday, 21 January 2015 02:54

(Business in Cameroon) - Exim Bank of China, the public financial institution which is China’s foreign investment bank, will be opening a subsidiary in Cameroon. This was revealed January 13, 2015 in Yaoundé, during an official visit paid by China’s Foreign Affairs Minister, Wang Yi.

Since 2011, according to figures provided by Caisse autonome d’amortissement (CAA), the public debt management entity, Exim Bank of China has been the country’s primary lender. That year, the Chinese bank injected 536 billion FCFA in Cameroon’s economy, compared to only 105 billion FCFA from the French Development Agency (FDA).

Better still, the Chinese financial institution financed most of the major infrastructural projects currently underway in Cameroon: the Memve-ele Dam (280 billion), the deep water port of Kribi (218 billion), the Yaoundé-Douala (241 billion) roadway, the deployment of fibre-optics (around 72 billion to date), the e-post project intended to interconnect all the country’s post offices (32 billion).

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