Cameroon govt brings €18 mn from AfDB for 365 km Ring Road construction project
A new loan agreement has been signed for the first time between the Minister of Economy, Planning and Development, Alamine Ousmane Mey and the Director General of the African Development Bank for the Central African Region, Ousmane Doré. This is a part of the "Transport Sector Support Project phase 3: construction of the Ring Road", for an amount of 17.96 million euros, or about CFAF 12 billion. The signing took place in the presence of Cameroonian officials and Bank Country Manager in Cameroon, Solomane Koné.
The overall cost of this project of the Ring Road is estimated at 255 million euros, or 167.3 billion CFA francs. It is co-financed by a loan from the ADB window of 179.60 million euros, a loan from the Africa Growing Together Fund (AGTF) of 42.60 million euros. The government of Cameroon brings 21.54 billion CFA francs. The Ring Road construction project is the third major intervention of the Bank in the vast program of rehabilitation and development of Cameroon's road network. The Ring-Road is a total linear of about 365 kilometres. It crosses five of the seven departments of the North West Region, which has great economic potential, and includes several connections to the Nigerian border.
The commencement of the activities with the signing of the first tranche is believed to send a robust signal of the African Development Bank's commitment to support Cameroon in carrying out this operation. It will facilitate the mobilization of other technical and financial partners who have shown a real interest in the program. The sensitization of the populations of the zone of influence of the project, the realization of the related facilities and activities for the benefit of women and young people will be taken into account in its socio-economic part.
The Minister Alamine Ousmane highly welcomed the loan agreement while speaking on the occasion before extolling the beautiful cooperation between the African Development Bank (AfDB) and Cameroon.