Minister of Finance Alamine Ousmane Mey signed on behalf of DG of UBA
According to the convention signed between the Government of Cameroon and Union Bank of Africa, UBA – Cameroon, the sum of 24.5 billion CFA francs representing 15% of the cost of construction of the stadium.
The convention signed by Cameroon’s Minister of Finance, Alamine Ousmane Mey signed on behalf of the government and the Director General of UBA Cameroon, Isong Udom signed for the bank completes the amount required for the construction work.
It worth recalling that, the cost of construction of the ultramodern sports complex had been estimated at 163 billion CFA francs. In August 2016, the Italian Bank, Intesa Sanpaolo signed a convention with the government of Cameroon to made available 139 Billion CFA Francs representing 85% of the entire cost of the project.
The convention was signed in Yaounde, this 28th December 2016, in the presence of Four cabinet Ministers; the Minister, Secretary General at the Presidency, Minister of the Economy, Planning and Regional Development, Minister of Sports and Physical Education. The General Manager of the Treasury, Monetary and Financial Cooperation, the General Manager of the National Sinking Fund and representatives of the Piccini Group that was retained to carry out the construction of the stadium were also present.
According to the terms of the loan agreement, the Government of Cameroon has a maturity of seven years beginnings six months after the funds have been disbursed and the interest rate has been fixed at 6% payable once.
Speaking after sealing the deal, the Minister of Finance said the convention completes the financing of the stadium and it should contribute in accelerating the pace of work so that the stadium will be operational within the deadline.
The Olembe stadium has a capacity of 60 000 seats, two training stadia with 3000 seats each, play grounds for other disciplines; handball, basketball volleyball, tennis and a hotel, a commercial centre with parking space of grand capacity.
