By Etienne Mainimo Mengnjo
The government of Cameroon and Standard Chartered Bank of London have formalized a financing agreement worth FCFA 130.4 billion to fund the construction of the Ebolowa-Akom II-Kribi road. The signing ceremony, that took place on May 15 in Yaoundé, marked a significant milestone for the nation’s infrastructure and its connection to the Gulf of Guinea.
Cameroon Minister of the Economy, Planning, and Regional Development Alamine Ousmane Mey signed the agreement alongside British High Commissioner to Cameroon, Matthew Woods and Mustafa Hussain, the Executive Director of Structured and Export finance at Standard Chartered Bank. The ceremony drew a high-profile delegation of diplomatic and financial leaders, including the Ministers of Finance, Public Works, and Posts and Telecommunications among others.
Speaking during the ceremony, Minister Ousmane Mey described the project as a “flagship integration project,” stating that upon completion, “the transport of goods to and from the deep-water port of Kribi will certainly be optimized and improved.”
The Minister stressed that the Ebolowa-Akom II-Kribi axis is “a crucial link in ensuring the functionality and profitability of the Kribi port industrial complex,” an infrastructure whose success relies heavily on high-quality land connections to the hinterland.
He added that the project aligns with the National Development Strategy 30 (SND-30). Minister Ousmane Mey attributed the successful credit agreement to “a vision, of a determination that characterises the leadership of the President of the Republic in promoting the harmonious development of our country.”
The Minister of State, Minister of Higher Education, Jacques Fame Ndongo, an elite of the South region, noted that the road dates back to the German era. He described it as “an old road, an emblematic road and a historic road, which coagulates all the ambitions and all the hopes of the South region.”
He added that the local population is optimistic because “it is a road not only of hope, but also hope for a better Cameroon… a road of the future and the future is built with President Paul Biya for young people and for women.”
Minister of Public Works, Emmanuel Nganou Djoumessi expressed relief that the funding is secured, stating, “We are satisfied that the financing of this important infrastructure is now available. In fact, it will be realised with the National Route 17, Multi-corridor.”
Mustafa Hussain on his part said Standard Chartered is proud to support a project of such national importance. “This transaction is a source of pride for us… it connects the mainland to the deep-water port of Kribi, and beyond,” Hussain said. “This project will bring about profound transformations and demonstrates Standard Chartered’s commitment to projects of national significance.”
Several dignitaries stated that the road is expected to catalyze economic activity toward the Kribi industrial zone while enhancing sub-regional connectivity. Officials noted the corridor will facilitate trade between Cameroon and its neighbors, including Congo, Gabon, Equatorial Guinea, and Chad.
The technical scope of the project includes a main section of 161.6 kilometers, divided between the Ebolowa-Akom II and Akom II-Kribi segments. Additional components include a 1.4-kilometer urban bypass in Ebolowa, a 12.3-kilometer bypass in Kribi, and a 4-kilometer spur in Akom II, bringing the total length to 179.3 kilometers. Construction is slated for completion within three years.
The total project cost is estimated at FCFA 169 billion. External financing accounts for FCFA 138.2 billion excluding taxes, with the Cameroonian government covering the remainder through taxes and customs duties.
The arrangement involves two separate loans from Standard Chartered Bank. The first, worth FCFA 113.4 billion, is guaranteed by UK Export Finance. A second agreement for FCFA 7.8 billion was concluded in early 2024 to fund environmental assessments and implementation studies.
The May 15 signing represents the eighth major transaction between the Republic of Cameroon and Standard Chartered Bank over the past nine years.
