CMR to raise $1.5 bn for refinery, other projects

Cameroon's Finance Ministry seeks to raise $1.5 billion from banks to refinance the state refinery and other development projects, according to two presidential decrees seen by Reuters on Monday.

The decrees, signed by President Paul Biya, authorise the ministry to sign an agreement on fund-raising with Standard Chartered and Societe Generale though they did not give a timeframe.

Other projects for construction, infrastructure and agriculture are also covered by the decrees.

The central African country has been seeking to revamp its 45,000 barrel per day Sonara oil refinery for years but falling oil prices have cut available spending, prompting the government to seek other forms financing.

In another decree signed on Friday, Biya authorised the government to triple its debt issuance plans in 2015.