Africazine:
Cameroon is set to enhance its infrastructure with significant international backing for a crucial road project.
The Ebolowa-Akom II-Kribi road project has secured €198.3 million (6.8 million) in financing from UK Export Finance, aimed at paving a 162-kilometer route to improve access to the Port of Kribi. This initiative is expected to bolster regional trade and support British companies involved in the project.
UK Export Finance Backs Key Infrastructure Project
The financing for the Ebolowa-Akom II-Kribi road was arranged by Standard Chartered Bank and includes a €198.3 million facility guaranteed by UK Export Finance, alongside an additional €11.9 million (.6 million) commercial loan. This project is crucial for enhancing connectivity in Cameroon’s South Region, replacing a dirt road with a paved highway that will improve road safety and reduce transport costs.
Standard Chartered has emphasized that a significant portion of the goods and services required for the project will come from UK exporters, including ICM Construction Limited and DINTS International Limited. The involvement of UK Export Finance not only strengthens the financing structure but also highlights the UK’s commitment to supporting impactful infrastructure projects in Cameroon.
Cameroon’s Road Project: A Long-Awaited Development
The Ebolowa-Akom II-Kribi road has been in discussion for approximately 15 years, with President Paul Biya first announcing it in 2011. Delays in securing financing have hindered progress, but the recent agreement is expected to facilitate the long-awaited construction. The project aims to connect agricultural areas in southern Cameroon to the Port of Kribi, enhancing trade with Central African countries.
Economy Minister Alamine Ousmane Mey noted that the corridor will improve connectivity between Cameroon and its neighbors, including the Republic of the Congo, Gabon, Chad, and the Central African Republic. This development aligns with Cameroon’s broader strategy to establish regional transport corridors centered on the Port of Kribi.
Next Steps for the Ebolowa-Akom II-Kribi Project
- Construction is expected to commence following the finalization of financing arrangements.
- The project is anticipated to take 36 months to complete once construction begins.
- Monitoring of the project’s progress will be crucial to ensure timely execution.
This financing marks a pivotal moment for Cameroon’s infrastructure development, promising to unlock regional trade opportunities.
