Artist's impression of the Cameroon's deep water seaport at Kribi

Artist's impression of the Cameroon's deep water seaport at Kribi

China’s Eximbank has made a loan of XAF415.8 billion (US$673 million) to Cameroon, for the Kribi deep water seaport project.

The financing – part concessional loan (US$145 million) and part buyer preferential credit agreement (US$528 million) – represents around 85% of the total cost of the project.

Cameroon’s minister of economy, Louis Paul Motaze, said in a statement that phase II of the port project could now proceed, including extending the dyke by 675m, reconfiguring the access channel, construction of the container terminal and a 700m-long dock.

He said the work would double both the port’s current capacity and its raft of handling equipment.

Eximbank’s loan was offered with an interest rate of 2%, and the repayment term is 20 years, with a grace period of 7 years.

Speaking about phase II of the port project, Motaze said, “…its completion before 2020 became a key point for the additional demand in traffic to meet a substantial offer in operational structures.”

Newsletter

Delivered directly to your inbox World Construction Week features the pick of the breaking news stories, product launches, show reports and more!

Sign up for free

Newsletter

Delivered directly to your inbox World Construction Week features the pick of the breaking news stories, product launches, show reports and more!

Go to newsletters