MINEPAT gets 95.4 billion for Olama-Kribi road construction

The President of the Republic, Paul Biya, has signed two decrees authorizing the Minister of Economy Planning and Regional Development MINEPAT to sign two agreements with two donor agencies.

The two loan agreements worth 95.4 billion CFAF are for the construction of the Olama-Kribi road project.

In the first agreement, the MINEPAT boss will have to sign a sum of 87.9billion CFAF with the Islamic Development Bank for the construction of the 106 km Olama-Bingambo roads.

Meanwhile in the second agreement with the Abu Dhabi Development Fund, 7.5 billion FCFA will be disbursed for the funding of 98 km of the Bingambo-Kribi road.

According to the terms of the agreement, the Government will own the infrastructure only after she must have fully paid back the loan within a given time period.

The disbursing procedure is expected to begin after the agreements are signed and ratified, by presidential decree.

The Ministry of Public Works has been assigned to handle the technical part of the project as further efforts are being made to update studies on the project.