CAMEROON: GOVERNMENT SIGNS AGREEMENT WITH SPANISH BANK TO DEVELOP YAOUNDE MUNICIPAL LAKE

Source: www.africanakua.com / Ngwenekome Priscilia Ahone, Cameroon (Yaounde)

The Minister of Economy, Alamine Ousmane Mey, has signed two credit agreements with the Deutsche Bank of Spain, in order to sponsor the development project of the municipal lake of Yaounde.

This was triggered by two decrees issued by President Paul Biya last weekend, who authorized the Minister to sign the agreements.

According to official sources, the loan contract which is intended to finance the tourism and economic development project of the Yaounde Municipal Lake is worth 12.6 billion FCFA.

The first agreement, other reliable sources say, is a buyer’s credit worth 9.3 billion FCFA. Its main purpose is to finance the project of the lake found in the heart of Yaounde, while the second is a commercial loan which amounts to 3.6 billion FCFA. It will be invested in the first phase of the project.

The Municipal Lake, found behind the Ministry of Posts and Telecommunications in Yaounde, Cameroon.

The development project that was launched in 2016 will also include some activities like cleansing of the lake water, installation of water sports equipment and landscaping of the lake banks. Other added constructions in the contract that are on the waiting list include restaurants, a five-star hotel, shops and a space for relaxation and recreation in Yaounde. The works will be supervised by Acciona, a Spanish company.

However, it should be recalled that Antonio Navarro Escabias represented the Deutsche Bank in 2016 to sign the two loan agreements for Phase 1 of this project.

The loan contracts had a total of 21 billion FCFA.

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