The European Investment Bank EIB affects a 201 billions to revamp the energy sector of the country. The disbursement scheduled for month of May was disclosed in a document handed to news men duriing a four days work visit by bank officials.
The visit ended over the wekend with the bank’s Vice President, Thomas Ostros unveiling the actual financial allocation they are making of Cameroon in the different sectors of activity.
The energy sector in Cameroon still faces lots of challenges and eventually participate in development retardment. It is in this line that the EIB deemed it necessary in investing billions in this sector.
The bank through the document stresses that the money is an addition to the 65 millions Euros earlier disbursed to governement in this sector between 2006 and 2011. The said disbursement under the sub head hqas reached 90.5% as the EIB tries to make its own contribution towards energy sufficiency in Cameroon.
Their intention is to ensure that both urban and rural dwelling Cameroonians could get access to cheap and affordable electricity.It is in this same perspective that the EIB in 2012 made available to the governemnt a sum of 30 million euros for the Lom Pangar hydroelectrifc dam project, as indicated by the press document.
Other sectors such as transport also bagged a sumn of 225.98 million euros about 148.23 billion FCFA as at Mqay to boost the construction of the trans Cameroon railway line, the extention of the Port of Douala and the Dibamba bridge.
Agriculture is not left behind as EIB reveals it invested 45.33 billion FCFA. History still precides as in December 2008, as EIB signed and agreementwith Mbanga plantations and shipped in 2.65 billionsto acreage by another 500 hectres.
The overall focus of the bank is to see more credit lines opened for Cameroonians SMEs and local commercial banks aqmong other financial engagement in Cameroon.