General News of Lundi, 18 Mai 2015

Source: Cameroon Tribune

Additional funding available for Yaounde-Kribi road

Two decrees from the president of the Republic, dated May 13, 2015, empowered Minepat to sign loan agreements of about 13 billion F.

Among the main points of the Kribi deep sea port, there is the road, including the "provincial No. 18", linking the capital Yaoundé to this other port infrastructure.

The Yaounde-Kribi axis of 271 Km long, has been constructed to about 67 Km only (Yaoundé-Olama).

Therefore, a greater part of the work is still to be carried out. This justifies the signature by the president of the Republic, Wednesday, 13 May, of two other decrees, empowering the Minister of economy, planning and regional development (Minepat), to sign loan agreements "for the partial financing of the project of construction of the road Olama-Kribi (section 1, Bingambo-Grandzambi).

Specifically, the first Decree empowers Minepat to sign with the Arab Bank for development in Africa (BADEA), an agreement of loan of US $ 12 million, or approximately 6 billion F.

The second loan agreement will be signed with the Fund for the Organization of the petroleum exporting countries for international development (OFID), for an amount of US $ 14 million, on average 7 billion F, a combined sum of 13 billion F.

As a reminder, the realization of the Yaounde-Kribi axis is done in batches. The already completed 67 Km represents lot 1, Yaoundé-Olama, built on financing from the Islamic Development Bank (IDB).

Lot 2, Olama-Bingambo, 106 km, has already been the subject of the signing of a loan agreement between the Government and the IDB. The construction start is imminent.

Finally, concerning lot 3, Bingambo-Kribi, 98 km, the Government and its backers of the Islamic world in particular, gathered in Yaounde December 4, 2014, to discuss the mobilization of funding for the last stage, estimated at 77 billion.

Among the funders present at this meeting, there were precisely representatives from BADEA and OFID, among others. During their Exchange, it had particularly been noted that the realization of lot 3, Bingambo-Kribi, with some 20 bridges and structures which are needed. Also, the different parties agreed that this construction is carried out in two sections.

The first section, 45 km, Bingambo-GrandZambi, object of the present decrees from the head of State, in any cost of 43 billion, of which 37 billion is to be unlocked by the donors and the rest by the Government.

Minepat ensures that the work of this section should start in November 2015. Only the second section of 53 km will be left which goes to terminus, GrandZambi-Kribi.