Tuesday, 6 September 2016

Yaoundé public lake set to be developed from a FCfa 7.3 billion loan

The Cameroonian Minister of Economy, Louis Paul Motazé, has just been authorised by the Head of State, Paul Biya, to sign on behalf of the Cameroonian government a complimentary loan agreement of FCfa 7.3 billion with Deutsche Bank.

The funds, we officially learned, will help finance the Cameroonian side of the project, “in addition to the buyer credit to finance Phase I of the touristic and economic development of the public Lake” of Yaoundé, which should lead to the creation of about 2,000 jobs.

Announced a long time ago but never carried out, due to lack of financing, this project will consist in purifying this lake located in the heart of the Cameroonian capital and neglected since the 80’s. This will also include installing street lighting around the lake, the creation and establishment of green areas, the construction of entertainment areas, shops, restaurants and even a luxury hotel all around the lake.

As a reminder, in early 2015, the London subsidiary of Deutsche Bank had already granted a loan of FCfa 21 billion to the State of Cameroon, to carry out this same project, in which the Spanish bank, Caixa Bank, has been committed since 2013.

Source: Business in Cameroon

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