Two additional accords signed yesterday catapults the total cost of the projects to about FCFA 765 billion. China’s giant financier, Export/Import Bank China, code-named, “Eximbank China”, has taken its portfolio projects in Cameroon to 11 evaluated to the tune of 10 billion Yuan (about FCFA 764,871,392,905.63). The increase is thanks to two additional conventions signed yesterday between the visiting Eximbank Chairman and President, Li Ruogu, and the government of Cameroon, represented by Prime Minister, Philemon Yang. According to the terms of the two accords, Eximbank China will disburse FCFA 207,270 billion for the construction of the Kribi Deep Seaport project as well as FCFA 33 billion for the construction of 1,500 low-cost social housing units in the country.

Prior to penning the accords at the Star Building, Mr Li Ruogu and his accompanying delegation held talks with the Minister of the Economy, Planning and Regional Development, Louis Paul Motaze to discuss practical modalities on the disbursement of the funds. The package represents about 85 per cent of the projects’ total costs, the rest of which is supposed to come from the State. In the past, the financier, like others, posed as condition the disbursement of the State’s shares before they could give out what they agreed to disburse, a precondition that has slowed down so many projects even after financial conventions have been signed with donors. Based on this and the financial constraints the State is going through, given that these conventions could not be anticipated before hand, especially when drafting the State budget, Mr Motaze said they used the working session to convince the Chinese donors not to pose the contribution of government shares as prerequisite. The discussions yielded fruits as Li Ruogu and his men cancelled the condition, rekindling hopes that the Kribi Deep Seaport project, like others, to get financing from Eximbank China could effectively take off in no distant future. The visit, coming days after that of the country’s Vice Minister of Transport, Gao Hongfeng, who besides discussing with stakeholders of the project, visited the general ports site at Mboro, some 35 kilometres from Kribi town where bulldozing work is ongoing, tells of concerted efforts to effectively kick-start the project.

This visit by the strongman of Eximbank China is the third in Cameroon since Li Ruogu took over in 2005 as the Chairman and President of the China financier. During the second visit in March 2010, nine accords were signed with Cameroon under the watchful eyes of the Head of State Paul Biya. These among others include accords to rehabilitate MATGENIE, accords to boost agricultural production, develop information and communication technologies and others to boost the wood sector. Li Ruogu rounds off the Cameroon sojourn this afternoon.