Cameroon: New African Development Bank Funds to Develop the Port Sector and Sustainable Urban Sanitation – African Business

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The African Development Bank Groupwww.AfDB.org) has provided new funding for two ongoing major projects in Cameroon: the Develop Access Roads to the Industrial and Port Area of Kribi Project (PARZIK) (https://bit.ly/3E0Ijex) and the Yaoundé City Sustainable Enhanced Drainage and Sanitation Project (PCADY) (https://bit.ly/3E0Is1z).

The African Development Bank’s Director General for Central Africa, Serge N’Guessan, and Alamine Ousman Mey, Cameroon’s Minister of the Economy, Planning and Regional Development signed the loan agreements for both projects on 20 September 2022 in Yaoundé.

PARZIK will receive €40 million, following on from an earlier €114 million tranche. The Bank’s board of directors approved the follow-up loan on 22 June 2022.

PARZIK is a project to improve road traffic between Edea, Kribi and Kribi. Kribi has a deep-water port. The 110 km of badly damaged road linking the towns will be rehabilitated as part of the project. The road will be extended to Equatorial Guinea, connecting the two countries. Additionally, a bridge will be built over the Ntem River to strengthen the national and trans-African corridors such as Douala-Kribi-Bata, Kribi-Yaoundé-Bangui and Kribi-Yaoundé-N’Djamena.

The second loan will go towards the PCADY Project, a large-scale operation that was started in 2013 to reduce flooding in Cameroon capital. It also aims to improve stormwater management and public hygiene.  

With the new loan of almost €33.5 million, Yaoundé will continue to address the residual flooding that occurs in the city centre including on Avenue Kennedy. A flood control basin and improved solid waste management will both be constructed. A number of facilities, playgrounds, and green spaces are planned, just like in the first two phases.

A Global Environment Facility (GEF), $8 million grant will be made available to the PCADY project for this new phase. This will be used to finance the design studies for the planned Ongot landfill in Yaoundé, in addition to the construction in Douala’s Ngombé district. the construction of a treatment center for special and/or dangerous industrial waste.

“I thank you for the impetus that our cooperation has just received under your leadership. The fulfilment of these two operations is the fruit of your efforts, combined with those of your staff who, together with ours, made up a dynamic and committed team dedicated to the achievement of our country’s development objectives,” said Minister Mey during the signing ceremony, which he attended with other members of government.

“For the African Development Bank Group, these two operations bring the volume of its active portfolio in Cameroon to almost €2 billion, broken down into 25 operations,” said N’Guessan of the African Development Bank. He added: “The transport sector alone accounts for 51.6% of the portfolio, or more than €1 billion, demonstrating the leading role of the African Development Bank Group in financing the transport sector in the country and the sub-region.” 

Distributed by APO Group for African Development Bank Group (AfDB).

Contact Media
Faïza Ghozali
Communication and External Relations Department
[email protected]

About the African Development Bank Group
The African Development Bank Group is Africa’s premier development finance institution. It is composed of three distinct entities, the African Development Bank(AfDB), African Development Fund(ADF) and Nigeria Trust Fund (NTF). The Bank has an office in Japan and is present in 41 African nations. This office contributes to economic development as well as the social progress of 54 regional member countries. For more information: www.AfDB.org

APO issued this Press Release. The content has not been reviewed by African Business. The content of this announcement is solely at the issuer’s responsibility.

Source: african.business

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