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Cameroon – Football: the Financing of the Paul Biya stadium of Olembe to Yaounde is done!

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Written by Deckson N.

On 27 December 2016, the Government of Cameroon and the local branch of Union Bank of Africa (UBA) signed an agreement amounting to CFAF 24.5 billion representing 15% of the cost of building the state-of-the-art sports complex.

The agreement covers a seven-year repayment term, which runs 6 months after the disbursement of the funds for an interest rate of the order of 6% payable once, it was learned.

According to the Minister of Finance, who initialed the documents on behalf of the Government of Cameroon – the Minister of Sports was also present – the agreement with this bank “further marks the accession of UBA Cameroon, partner bank and citizen, Of the sports aspect of the vision of emergence in 2035 wanted and implemented by His Excellency the President of the Republic “.

Alamine Ousmane Mey adds that the signing of this convention “highlights the permanent registration of relations between Cameroon and UBA Cameroon“.

This envelope comes in addition to CFAF 139 billion, representing 85% of the total cost of the project, the subject of another agreement signed last August between Cameroon and the Italian bank Intesa Sanpaolo.

The Olembe stadium, located in the capital of the country, will host the African Cup of Nations (AFCON) 2019. Entrusted to the Italian group Piccini, the complex includes a 60,000-seat stadium, two 3000 seats each, playgrounds for handball, basketball, volleyball, tennis, as well as a hotel, shopping center and car parks.

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Deckson N.

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