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Cameroon: Ecobank to invest additional XAF25 bln in a 3-year urgency plan

Cameroon: Ecobank to invest additional XAF25 bln in a 3-year urgency plan
  • Comments   -   Friday, 28 June 2019 12:24

(Business in Cameroon) - Célestine Ketcha Courtès, Cameroon’s minister of urban development, presided the relaunch of the road works that fall within the framework of the 3-year urgency plan Planut. During the ceremony on June 26, 2019, in Yaoundé, the official indicated that president Paul Biya has renewed the Planut’s funding agreement with “financial partner” Ecobank for an investment of XAF25 billion extensible to XAF60 billion.

Célestine Ketcha Courtès invited business leaders to send the project execution plans within 48 hours, and site journals at the end of every month. Engineering firms were tasked to find workers.

The Planut is funded by five banks namely, BGFI, Standard Chartered Bank, Banque Atlantique, Ecobank and Deutsche Bank.

In the 2018 budget execution report, Cameroon’s ministry of finance criticized the unclear spending for the Planut projects. The lack of clarification has a negative impact on the budget because “all these projects are paid via cash advances that generate an important volume of debts that require large budgetary coverage,” the ministry wrote.

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