Cameroon – Paul Biya Stadium: An Italian bank chosen to finance the project at 138 billion CFA F

Written by Deckson N.

Two decrees of the Head of State signed on July 25, 2016 authorized Cameroon to sign credit agreements for works.

The construction of the Paul Biya stadium in Olembe-Yaounde just made a turning point. Indeed, the funds for this huge project will soon be available. On 25 July 2016 the Head of State signed two decrees authorizing the Minister of Economy, Planning and Regional Planning to sign funding agreements with the Italian bank Intesa Sanpaolo SPA.

The first is a credit buyer agreement guaranteed by SACE in the amount of nearly 111 520 000 000 FCFA. The second is a commercial credit agreement of 27.027 billion FCFA as additional funding for what is billed as the OlembĂ© multisport center, “we learned from official sources.

It is the Italian Piccini group that was chosen for this ambitious project. We will have to wait for all administrative formalities to be set up before the actual start of work.

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Deckson N.

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