China-Cameroon: A financing agreement...

China-Cameroon: A financing agreement signed

http://www.afriquejet.com/actualites/economie/chine-cameroun:-un-accord-de-financement-signe-2010123065739.html
(french translation)

Economy - Funds allocated by the People's Republic of China, will help the projects of economic and technical cooperation. The year 2011, for Cameroon will be marked by the promotion or the effective start of a series of development projects: Lom Pangar Memve'ele and Mekin, deep-water port of Kribi, social housing, drinking water .. .

The list is long. Many socio-economic projects that will require major financial commitments from the state. It is with this realization that China has proposed, at the beginning of this month December, to sign an agreement of economic and technical cooperation with Cameroon. This is the third of its kind signed during this past year.

For this "Agreement on Economic and Technical", People's Republic of China grants to Cameroon 20 million yuan RMB, the equivalent of 1.5 billion CFA francs. The agreement was signed yesterday in Yaounde between the Minister of Economy, Planning and Land Management (Minepat), Louis Paul Motaze and the Chinese Ambassador to Cameroon, Xue Jinwei. The Minepat described as "the realization of the resolutions of the 4th Ministerial Conference of Forum on China-Africa Cooperation held in November 2009 at Sharm El Sheikh, Egypt." It is indeed matter for China to strengthen its ties with Africa following a plan of action that lasts three years (2010-2012).

"We are willing to work with Cameroon to achieve its ambitious strategy," said Xue Jinwei. The Chinese side stated that the practical arrangements for use of these funds will be subject to other agreements. For his part, Louis Paul Motaze said that money "will be aimed at the achievement of economic cooperation projects and technology agreed between the two governments." Furthermore, the terms of settlement of accounts, for the purposes of this Agreement will be signed later by the Autonomous Sinking Fund of Cameroon and the State Bank of China Development.

Cheers,
Bigstar