Cameroon secures $107 mln loans for hydro project
29 March 2012
Reuters - March 28, 2012
Cameroon has reached financing agreements totalling 52.89-billion CFA francs with two regional banks for the construction of the Lom Pangar hydroelectricity project, a decree signed by the government said on Wednesday.
The agreements follow a $132-million zero-interest loan approved by the World Bank on Tuesday towards the construction of the dam.
Cameroon is the region's biggest economy and the world's fifth-largest cocoa producer, but its economic growth, seen at 5.5% this year, has underperformed regional peers due to its lack of infrastructure, analysts have said.
The government of Cameroon has said it plans to spend about $12-billion to increase electricity output from 1 000 MW to 3 000 MW by 2020.