Cameroon has mobilized in Paris (France) 98 billion francs for the construction of the hydroelectric dam at Nachtigal upstream (in the center of the country), Minister of Finance Louis Paul Motaze announced in a statement on Monday, APA has said.
According to the APA report, agreements enabling the financing were signed between the Cameroonian state and the International Finance Corporation (IFC) of the World Bank Group), leading 15 international lenders and local banks.
In mid-August, the Belgian company Besix Group announced its official designation for the construction of the dam, at a total cost of around CFA 786 billion francs, in partnership with Nouvelles Générations d’Entreprenuers (NGE), a French company and Morocco’s general works company.
Construction works are due to begin late December 2018 and will last 57 months. If completed, the dam will have a capacity of 420 megawatts or 30% of the installed capacity of electrical energy in Cameroon.