OFID injects 7bn CFA F into Olama-Kribi road project

President Paul Biya has signed a decree authorising the Minister of Economy, Planning and Regional Development to sign a loan agreement of approximately 7 billion FCFA, with the Fund for Organization of Oil exporting countries for International Development (OFID), APA learned.

The agreement is a partial financing towards the construction of the Olama-Kribi (South) road project which is intended to serve the new deep sea port.

This section notes that, part of the axis to link Yaounde to Kribi stretches over 271 kilometres. Funding of the project had been discussed at an round table meeting early December 2014 between the Cameroonian Government and donors from the Islamic world that were committed to unlock 37 billion FCFA for total needs estimated at 43 billion FCFA.

At the level of bilateral cooperation, in March 2012, OFID had granted a loan of 3 billion CFA Francs to Cameroon for the financing of a project to supply drinking water to 7 sites across the country.

It had already, financed the construction of a section of the Sangmelima-Ouesso transnational route connecting Cameroon to Congo at 5 billion FCFA.

Similarly, OFID, in December 2010, granted a loan of about 10.8 billion FCFA to that country for the construction of the shipyard in Limbe (South-West).