The contract between the government of Cameroon and the Spanish Deutsche Bank was signed recently in Yaoundé.
The government of the Republic of Cameroon represented by the Minister of Economy, Planning and Regional Development, Louis Paul Motaze and the Deutsche Bank of Spain represented by its Director of Operations, Antonio Navarra-Escabias, have signed three conventions for the financing of the project to reinforce and stabilise electricity transportation network in the capital city, Yaounde. The global sum for the conventions is FCFA 30 billion and work on the project according to the Minister of Energy and Water Resources, BasileAtanganaKouna who also witnessed the signing ceremony, will begin in 2018 and end before the African Cup of Nations tournament kicks off in 2019.
The project which falls within the framework of the Three-Year Emergency Plan involves the construction of new electricity transportation lines of 400kilovolts (KV) from Edea to Yaounde and a high tension line of 90kilovolts within Yaounde. Upon completion, electricity supply will significantly be boosted for the four million consumers in the city.
Speaking at the signing ceremony, Cameroon’s Minister of Economy, Planning and Regional Development stated the importance of the project which he said is within the ambit of the energy sector that constitute a major preoccupation of the government. The project to reinforce and stabilise energy electricity supply network in Yaounde, he added, falls squarely within the programme to construct and improve energy supply in the big metropolis of different regions.
By the end of the project in 2019, Minister Motaze said, electricity supply would have been significantly increased in the nation’s capital whose demand is on a steady rise. It will also minimise risk of frequent power seizures as a production and distribution centre will be put in place. The Minister of Energy and Water Resources who described the project as very important, stated that it will contribute in augmenting energy supply on the South interconnectivity network. The project is without doubt a booster to economic development as it will drastically reduce frequent and long blackouts for the four million consumers in Yaounde. It is also expected that the two-year project will generate some 100 direct jobs during the construction phase. The Spanish bankers accompanied by the country’s Ambassador to Cameroon, expressed confidence in Cameroon and its institutions. The amount will be made available in one month after all paper works must have been completed. The Ambassador of the Kingdom of Spain in Cameroon His Excellency Jorge de OruetaPemartin just like Louis Paul Motaze hailed bilateral economic cooperation existing between both countries.