Approximately FCFA 5.65 billion allocated for rural electrification in Cameroon

The head of State of Cameroon, Paul Biya, has ratified the loan agreement in the amount of circa FCFA 5.65 billion concluded February 19, 2015 between his country and the Arab Bank for Economic Development in Africa (BADEA), for the financing of the electrification project in three regions of the country, APA learns on Tuesday from an official source.

The loan is repayable over 30 years with a grace period of 10 years and an annual interest rate of 1%.

The project aims to improve access to electricity for homes, schools, health service centers, administrative units, commercial, industrial and agricultural in the targeted areas but which have not been specified.

It will also promote agro-processing industries, with a view to reducing poverty, rural migration and the abuse of the plant cover.

In recent years, BADEA participated in financing projects including road construction, Shipyard and Industrial (CNIC).

In April 2013, according to estimates from the Ministry of Economy, Planning and Regional Development, the overall amount of its interventions in Cameroon stood at FCFA 34 billion.