Reuters reported that Cameroon will take a XAF 207 billion concessionary loan from the Export Import Bank of China to fund construction of a deep sea port at Kribi.

Mr Louis Paul Motaze economy, planning and regional development minister of Cameroon announced the loan deal at a press conference following meetings with Exim Bank chairman Mr Li Rougu in the capital Yaounde.

He said that "We've had a very fruitful discussion with Mr. Li Rougu and reached an agreement with him that his bank will grant us a XAF 207 billion concessionary loan to develop the first phase of the Kribi deep sea port project."

He said that the deal would be finalized this week. He did not give details on the terms of the loan.
The Kribi port would be used for shipment of iron ore, alumina, cobalt and nickel from a series of mining projects due to come into operation over the next five years.
Cameroon's port of Douala currently handles about 95% of the central African country's shipping volumes, but its capacity is restricted by its location on the sediment filled Wouri River estuary that requires routine dredging.

The total cost of the first phase of the Kribi port project is estimated at XAF 282 billion. The port would cater to larger ships than Douala can handle and include road and rail links to mining projects.

Sunday, 16 Jan 2011 (Reuters)
(Sourced from www.reuters.com)