How FECAFOOT will pay for B'da Stadium

Prime Potomac Global CEO, Ben Modo explains how FECAFOOT will pay for the construction of the Bamenda Olympic stadium and others that will be constaructed by the American firm.

“This funding mechanism is simple: FECAFOOT had to put 45% of the total contract amount and give us as a letter of credit. The money was to be taken physically and placed in an account and a bank that holds the funds was to issue us a letter of credit, indicating that when we finish the job, that is what they will pay us, “says Ben Modo, the boss of Prime Protomac Global.

“This first part has been settled. The second part of our next funding mechanism is 55%. This part, we have not demanded that they pay for the construction, “he added.

“We have agreed with the FECAFOOT that 55% will be paid for seven years. The condition is that they let us manage the stadiums for us to ensure that we will be paid, “explains Ben Modo.

For him, “when we say that the FECAFOOT did what we wanted, It means they did what was expected from them. I understand that the debate is because people do not perhaps have the right information, but it’s like I’m telling you. ”

“Physical money was deposited in a bank by FECAFOOT. And the bank has committed to pay us once the work is delivered. The second part is that when we have finished building, FECAFOOT will owe us 55%, and we will manage the stadiums to ensure that we will recover the funds that were invested in the project, ” he reiterated.

“It means a total autonomy, he says again. Any competition that is played in these stadiums and everything that takes place there, it is us who will be managing. “