A presidential decree of May 15 authorises MINEPAT to sign the agreement.
The Lom-Pangar Hydroelectric Dam project in the East Region of Cameroon is expected to receive additional funding from the International Development Association (IDA). A presidential decree of May 15, 2012 authorises the Minister of the Economy, Planning and Regional Development (MINEPAT) to sign the loan agreement with the donor.
The loan is in form of Special Drawing Rights amounting to 85.2 million, corresponding to 132 million dollars (about FCFA 66 billion), for the partial financing of the multibillion project. The World Bank Group met on Tuesday March 27 to approve the money to support economic development and significantly improve the supply of electricity to homes and businesses across the country.
The money will certainly give a boost to the project that has recently received particular attention from donor agencies. The Board of Directors of the French Development Agency (AFD) last week approved a FCFA 40 billion financing for the project. It came after those of the African Development Fund with FCFA 32.89 billion and the Development Bank of Central African States with FCFA 20 billion.
The European Investment Bank is still awaited to approve a FCFA 21.4 billion funding expected from it to round off the entire financing of the project evaluated at over FCFA 193.6 billion.
