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Cameroon borrows XAF12.6 bln from Deutsche Bank Spain to develop the Yaoundé municipal lake

Cameroon borrows XAF12.6 bln from Deutsche Bank Spain to develop the Yaoundé municipal lake
  • Comments   -   Tuesday, 05 November 2019 17:17

(Business in Cameroon) - On November 4, 2019, Cameroonian President Paul Biya issued two decrees habilitating the Minister of Economy to sign two credit agreements for a total amount of XAF12.6 billion with Deutsche Bank Spain.

In detail, the first agreement is a buyer credit. It involves an amount of XAF9.03 billion to fund the tourist and economic development project of the Yaoundé municipal lake. The second agreement is a commercial credit amounting to XAFF 3.6 billion, also intended for Phase 1 of the same project.

Launched in 2016, the project consists, among other things, in cleaning up and sanitizing the lake's waters, installing water sports equipment, developing its banks, and building a five-star hotel and world-class restaurants, shops, as well as a relaxation and leisure area on its surroundings. All this work is being carried out by a Spanish company called Acciona.

Let’s note that on 13 September 2016, Deutsche Bank Spain, represented by Antonio Navarro Escabias, signed two loan agreements in Yaoundé for a total amount of XAF21 billion for this Phase 1.

Sylvain Andzongo

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