Cameroon borrows FCFA 12.6 bn to develop Ydé lake

BUSINESS 12 Nov 2019
Cameroon borrows FCFA 12.6 bn to develop Ydé lake

By SIMON NDIVE KALLA
On November 4, 2019, President Paul Biya issued two decrees instructing the Minister of the Economy, Planning and Regional Development, Alamine Ousmane Mey, to sign two credit agreements for a total amount of FCFA12.6 billion with Deutsche Bank Spain.
In detail, the first agreement is a buyer credit. It involves an amount of FCFAF 9.03 billion to fund the tourist and economic development project of the Yaoundé municipal lake. The second agreement is a commercial credit amounting to FCFAF 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 sanitising 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.
On September 13, 2016, Deutsche Bank Spain, represented by Antonio Navarro Escabias, signed two loan agreements in Yaoundé for a total amount of FCFAF 21 billion for this Phase 1.

About the author

Leave A Reply

Leave A Reply