Louis Paul Motaze, Minister of the Economy, of Land Planning and Development (Minepat), is skilled since January 20, 2017 by President Paul Biya, to sign with the Export-Import Bank of China ( Eximbank-China) two loan agreements with a cumulative amount of CFAF 390.2 billion for the partial financing of the Phase 2 of the Kribi deepwater port project.
In detail, the first loan agreement is preferential and amounts to 301.8 billion FCFA. Which means the interest rate will be low. It generally runs at around 2.7%. The second loan is concessional and amounts to 88.4 billion FCFA. It consists of a grant component of at least 35%. Its maturity is more flexible.
When the port infrastructure is fully operational, after a first five-year phase with an estimated 1.4 million tonnes of freight activity per year from the second year onward, a second phase of the 15-year Kribi port Provision of an adjacent wharf of 350 meters as well as additional facilities and equipment for an activity exceeding 3 million tonnes per year.
Located 150 kilometers south of Douala, the new port of Kribi has a draft of 17 meters. The multi-purpose terminal, granted by the Government of Cameroon, consists initially of a 265-meter dock (two docks) equipped with two cranes on rails and six on tires. By 2035-2040, it will have about twenty terminals. Phase II work will last three years. The first phase cost about CFAF 245 billion.