FINANCE

The Limbe Shipyard Project, the second biggest infrastructure project in Cameroon after the Chad - Cameroon Pipeline, was declared a project of national importance by the Prime Minister and Head of the government of Cameroon in 1999.

The project has the backing of the Government and was presented in December 1999 to International Financing Institutions active in Cameroon.

The line-up of these IFIs who are financing the project include:

The African Development Bank (AfDB) - USD 45.4 million loan accord signed in June 2003.

The Islamic Development Bank (IsDB) – USD 24.22 million loan accord signed on 08 September 2004.

The Arab Bank for Economic Development in Africa (BADEA) – USD 12 million signed on the 22nd of February 2001.

The FMO/ORET Fund – A EUR 9.5 million grant from the Government of the Netherlands signed on 06 August 2004.

And the ING BANK – A loan of EUR 15 million as complement to the ORET grant signed on June 2004.

The Central African States’ Development Bank (BDEAC) – A loan of EUR 2.262 million signed on 1st September 2003.

Project financing includes funding from (CNIC) Cameroon to the tune of USD 10 million & EUR 5 million which has already been fully mobilized.