The Cameroon Football Federation has found a surprising trick to allow the company, Prime Protomac Global to recover all of the financing of stadiums with artificial turf to be built by November 2016.
FECAFOOT and Prime Protomac Global have a deal. After negotiations, the two “partners” have agreed on a construction financing mechanism of synthetic turf stadiums in some Communities of Cameroon. “This funding mechanism is simple: FECAFOOT had to put 45% of the total contract amount and give us as a letter of credit. The money was to be taken physically and placed in an account and a bank that holds the funds was to issue us a letter of credit, indicating that when we finish the job, that is what they will pay us, “says Ben Modo, the boss of Prime Protomac Global. “This first part has been settled. The second part of our next funding mechanism, is 55%. This part, we have not demanded that they pay for the construction, “he added.
But the remaining 55% of the financing agreement, will not be paid by the Cameroon Football Federation. Well, not directly from its own funds. “We have agreed with the FECAFOOT that 55% will be paid for seven years. The condition is that they let us manage the stadiums for us to ensure that we will be paid, “explains Ben Modo. For him, “when we say that the FECAFOOT did what we wanted, It means they did what was expected from them. I understand that the debate is because people do not perhaps have the right information, but it’s like I’m telling you. ”
Thus, to better understand the payment formula that was accepted by the FECAFOOT, insisted the engineer, “physical money was deposited in a bank by FECAFOOT. And the bank has committed to pay us once the work is delivered. The second part is that when we have finished building, FECAFOOT will owe us 55%, and we will manage the stadiums to ensure that we will recover the funds that were invested in the project, ” he reiterated. According to him, once the stadiums completed, it will belong to Prime Protomac Global to collect all receipts and other financial entries. “It means a total autonomy, he says again. Any competition that is played in these stadiums and everything that takes place there, it is us who will be managing. ”