Funding is being secured for a key Cameroon road project.
Work will be carried out on a road contract in Cameroon now that financing has been secured – image courtesy of © Paulklee1879, Dreamstime.com
A loan facility will help pay for a major road project in Cameroon. The US$159.4 million loan is being provided jointly by the Achmea Bank and the Standard Chartered Bank. Meanwhile, the loan will be insured by the UK Export Finance (UKEF).
Another loan of $18.1 million is being provided by the Cameroon subdidiary of Moroccan bank Attijariwafa, Société Commerciale de Banque Cameroun (SCB Cameroun).
The funding will be used to improve a key road linking with the city of Doula. The work will involve upgrading and maintenance of the route and will be carried out by Canadian contractor Magil. The contractor was originally intended to commence working at the end of 2020 but the work was delayed until sufficient financing was secured.
