MIGA hints possible investment in Cameroon

Edith Quintrell the director of operations of the multilateral investments guarantee agency (MIGA), a branch of the World Bank group insurance, at the end of her stay in Cameroon said on Friday, February 20, 2015 to journalists that new projects could soon be guaranteed in the country, particularly in the sectors of energy, transport and port operations.

"With the Government of Cameroon and the actors of the private sector, we made an assessment of our cooperation and examined new opportunities that could benefit from our guarantee, and allowing the country to have an additional instrument of uptake of foreign direct investment", Mrs. Quintrell said in summary.

Few details have filtered through the elements of discussion but, with regard to its agenda, it is not excluded that these new guarantees, be granted to projects by companies like GDF Suez, which operates (in joint venture with the national oil company) of gas off the coast of Kribi in the South of Cameroon coast.

Globelecq Africa has also been mentioned. Two of its major shareholders (Norfund and Commonwealth Development Corporation) recently announced a strategic partnership, which should allow them to take control, and if necessary, to launch new investments in African countries where the group is present, including Cameroon.

Edith Quintrell wished to clarify that the presence of the MIGA in Cameroon, was not a sign that the country had specific risks. "Our presence in the context of investment in Cameroon, as in many countries, aims to establish long-term security, for foreign investors who make requests and we get the agreement of the host country. "Even if these groups can generally raise significant financial resources, it is not less subject to various risks", explained Mrs Quintrell.

It should be remembered that the MIGA guarantees already some projects in Cameroon, including the investment by HTT Telecom S.A., the parent company group 4 G Africa whose best known brand is Yoomee.