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Cameroon – Electricity: Cameroon and Deutsche Bank finalize CFAF 30 billion to boost electricity transmission

Cameroon and Deutsche Bank finalize CFAF 30 billion to boost electricity transmission
Written by Deckson N.

Louis Paul Motaze, the Cameroonian Minister of Economy and the Director of Operations of Deutsche Bank Spain, Antonio Navarro Escabias, signed on July 5 in Yaoundé three credit agreements totaling CFAF 30.18 billion for the strengthening of electricity transmission networks in the country’s capital.

The first commercial credit agreement covers an amount of € 13,193,282.05, or about CFAF 8.6 billion. It covers 100% of insurance bonuses, as well as other expenses not covered by the project. The second credit amounts to 17,890,158.95 euros, or about 11.74 billion FCFA. It is a buyer credit, guaranteed by the Spanish Agency of guarantee of the export credits (Cesce). The latest agreement is set at 15,000,000 euros, or about 9.84 billion FCFA. It is guaranteed by the Belgian Export Credit Agency (Credendo), which will finance goods and services of Belgian origin, as well as a portion of the goods and services originating in Cameroon as part of the project.

All this money will strengthen and stabilize electricity transmission networks in the city of Yaounde through the construction of a 400 KV power transmission line linking Edéa and Yaoundé to the Nyom substation. Not to mention the construction of an electric loop in 90 KV high voltage lines in the Cameroonian capital.

On 13 September 2016, Louis Paul Motaze had already proceeded with the Deutsche Bank of Spain. Represented by Antonio Navarro Escabias, on the signing of two loan agreements with a cumulative amount of CFAF 21 billion. This is to finance the first phase of the project to enhance the tourist and economic value of the municipal lake and the development of the Mingoa valley in Yaoundé.

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Deckson N.

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