EXIMBANK OF CHINA LOANS 415.82 BILLION FOR PHASE II OF KRIBI SEA PORT PROJECT

Louis Paul Motaze, Minister of Economy (Minepat), signed with Eximbank China, on 4April in Yaoundé, a concessional loan agreement (FCfa 89.4 billion) and a preferential buyer credit agreement (FCfa 326.42 billion) for phase II of the construction project of the deep water port of Kribi. Which brings it to a total of FCfa 415.82 billion with an interest rate of 2%. And the repayment term is 20 years, with a grace period of 7 years.

The different components of this second phase are the extension of the dyke by 675 metres (m), the reconfiguration of the access channel, the construction of a container terminal with a 700m-long dock to double the current capacities and provide twice more handling equipment than in phase I, to increase productivity. “Phase II thus appeared as crucial and above all, its completion before 2020 became a key point for the additional demand in traffic to meet a substantial offer in operational structures”, declared Louis Paul Motaze.

Still according to Minister of Economy, the contribution of the Chinese partner, representing 85% of the global cost of the project, will be added to the remainder evaluated at FCfa 68.5 billion, corresponding to 15% of the total cost of said project and paid for by the container terminal concessionaire (the Bolloré-CHEC-CMA CGM consortium) in the framework of the partnership contract.

Source: www.businessincameroon.com