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    President Paul Biya authorizes a loan of 12.6 billion FCFA from the Deutsche Bank of Spain!

    President Paul Biya authorizes a loan of 12.6 billion FCFA from the Deutsche Bank of Spain for the development of the Yaoundé municipal lake!

    On September 13, 2016, however, Deutsche Bank of Spain signed two loan agreements totaling 21 billion frs for this project.

    Two decrees signed on November 4, 2019 by the President of the Republic, Paul Biya , empower the Minister of Economy to sign two credit agreements worth a total of 12.6 billion FCFA with the Deutsche Bank of Spain.

    The first agreement is a buyer credit. It concerns an amount of  9.03 billion frs to finance the tourism and economic development project of the Yaoundé municipal lake, the capital of Cameroon. And second is a commercial credit of 3.6 billion FCFA . It is also intended for Phase 1 of the same project.

    And yet, the Deutsche Bank of Spain, represented by Antonio Navarro Escabias had, on September 13, 2016 in Yaounde, authorised the signing of two loan agreements of a cumulative amount of 21 billion FCFA, for this phase 1 of the project.

    It is in 2016 that the project of development of the municipal lake of Yaoundé was launched. The project includes clean-up and sanitizing the waters of the lake, installing water sports equipment, landscaping the banks, and building a five-star hotel and world-class restaurants, shops as well as a space for relaxation and recreation. All of this work is conducted by a Spanish company called Acciona.
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