Cameroon Government Secures Loans To Finance The Biya Emergency Plan

The Cameroon government has secured the confidence of some major banks to jointly finance the three-year Emergency Plan (2015-2018) to accelerate the growth of the country's economy. The banks include the Cameroonian subsidiary BGFI, Standard Chartered Bank, Atlantic Bank, Ecobank and Deutsche Bank in Madrid. Cameroon Concord gathered that the above banks will provide 633.5 billion to add to the 925 billion CFA Francs sought by the State for the implementation of this project.

 The Deutsche Bank SAE intends to make available the sum of 13 million euros (about 8.5 billion CFA Francs) to enable Cameroon finance the construction of slaughterhouses and cold stores in many parts of the country. For its part BGFI Cameroon intends to release 100 billion CFA Francs which will be used to finance the rehabilitation of secondary roads and street lighting in the cities of Douala and Yaoundé. Ecobank has promised $ 35 billion which will be for the construction of water supply systems urban and rural regions. The Ecobank money will also be channelled to building 3,000 wells in areas of Adamawa and North and also the construction of the gendarmerie and police stations in Yaoundé and Douala.

Bank Atlantic Cameroon has announced that it is ready to release 190 billion that will be for the financing of the "Project 100 Social Housing" in every capital of the ten regions. This will also include the construction project and equipping of reference hospitals in the regional capitals and above all, the rehabilitation and upgrading of technical facilities

Standard Chartered Bank Cameroon reported to be raising the lions share approximately 300 billion CFA Francs) will be to finance the construction project of roads linking up each region, as well as the proposed creation of agro poles and 12,000 hectares of hydro-agricultural perimeter. According to the President of the Republic who was speaking at the Ministerial Council held last Tuesday, the loans were obtained in the "best interest of the Cameroonian people”.