Yaoundé - 14 July 2020 -

Cameroon to pump 70% of soon-to-be-issued bonds in AFCON-related infrastructures

Cameroon to pump 70% of soon-to-be-issued bonds in AFCON-related infrastructures
  • Comments   -   Tuesday, 23 October 2018 13:33

(Business in Cameroon) - Cameroon intends to inject CFA107 billion out of the CFA150 billion soon to be mobilized on the Douala Stock Exchange into infrastructures, in preparation for the 2019 AFCON. This equates to 70% of the amount, the government said in the operation’s information note.

In detail, CFA62 billion will be used to fund final works at the Olembe sports complex (a suburb in Yaoundé), its secondary stadiums and access roads will receive CFA36 billion; CFA26 billion for the Japoma complex (suburb of Douala), its secondary stadiums and access roads. As well, the Reunification Stadium in Douala will receive CFA8 billion for rehabilitation work.

In Garoua, the only northern city to host games, CFA20 billion will be invested, including CFA8 billion for the rehabilitation of the Roumde-Adja stadium and its access roads, and CFA12 billion for the rehabilitation of four training stadiums.

This latest financing will benefit the company Prime Potomac, which is leading works on these four stadiums, and was recently accused by employees and other subcontractors for failure to pay wages and fulfil contracts, due to cash flow constraints.

In the Western region, where a brand new stadium has already been erected in the locality of Kouékong, CFA17 billion will be invested to build a secondary stadium and rehabilitate four other training stadiums in the cities of Mbouda, Bafoussam and Bandjoun.

Let’s recall that the coming CFA150 billion bond issue received approval from the Financial Markets Commission (CMF) last October 19.

Brice R. Mbodiam

CEMAC countries raised CFAF262.3 billion on the money market in March 2020, according to the monthly statistics bulletin published by the Bank of Central...
On July 10, 2020, Cameroon's Finance Minister, Louis Paul Motaze, stepped down from his position as president of the board of directors of the Development...
The Minister of Posts and Telecommunications, Minette Libom Likeng (photo) informs that to boost the use of the  ".cm" country code top-level domain...
The Development Bank of the Central African States (BDEAC) recently granted CFAF155.05 billion to Cameroon, Congo, Gabon, and Chad, according to an...

Mags frontpage

Business in Cameroon n88: June 2020

Covid 19 Its impacts so far

Emmanuel de Tailly (SABC) : «Preserving jobs at all costs»

Investir au Cameroun n98 Juin 2020

Covid 19 Et maintenant, l’étendue des dégâts

Emmanuel de Tailly (SABC) : «Maintenir l’emploi coûte que coûte »