Cameroon: 540 million USD from China for hydroelectric dam at Memve'ele
5 May 2011
Last Tuesday, China signed a loan agreement with Cameroon for 540 million dollars for the realization of a hydroelectric dam project in the South of Cameroon.
This is the hydroelectric dam at Memve'ele on the river Ntem, which will have an installed power of 210 MW.
The works will take five years and the power station should enter service in 2016. The government of Cameroon must contribute 97.4 million dollars to the financing of the project.
"This project is unlike any other; this is the biggest project financed by the Exim Bank of China in terms of financing volumes: so it is a great moment in the cooperation between our two countries", it was stressed at the agreement-signing ceremony by Chinese ambassador, Xue Jinwei, quoted by the Xinhua press agency.
Cameroon's minister for the Economy, Louis Paul Motaze, said that with this financing, Cameroon is taking a further step on the road to clearing its electrical energy deficit.