On a commando mission to several European Union States these past few weeks, – at the instruction of President Paul Biya – the Cameroonian Minister of Economy returned to Yaoundé with the BEI's firm commitment to provide Cameroon with about 40 million Euros in the form of a loan for the Kribi Port construction project.

Conclusion guaranteed

Following the visits to Yaoundé of top Chinese authorities and heads of financial institutions, the huge project for the construction of the deep water port of Kribi, the launching of which has been announced, is moving to the next level. This 40 million Euro loan is provided by BEI for the Kribi project after the signing of a 208 billion CFAF loan agreement with the Chinese counter of the EximBank of China.

The President of the Chinese bank holding visited Yaoundé to effect the final adjustments for the provision of this loan which accounts for more than two-thirds of the financing required for the construction of the Kribi port. Many Chinese experts accompanying the President of EximBank of China visited the site in January 2011.

This new European Investment Bank loan provides the Cameroonian State with the guarantee that the financing of the Kribi port facility project, the delivery of which is scheduled for late 2013, will soon be concluded.

Tuesday, 21 June 2011 13:59 | (BUSINESSINCAMEROON.COM)