In a ceremony hold at Dakar, capital of the Republic Senegal, a loan agreement was signed on 12 May 2009, between the Republic of Cameroon and the Arab Bank for Economic Development in Africa (BADEA). By virtue of this agreement BADEA extends to Cameroon an additional loan of US $ 6 million to help finance Limbe Shipyard Development Project.

The project is in line with the objectives of BADEA to develop the infrastructure Sector in Cameroon, and meets the Government priorities. The project also will have an impact on the economic and social development of the country. It will also contribute to the reinforcement of the infrastructures and will support the oil exploitation not only of Cameroon but also of the whole region of Central Africa.

The agreement was signed, on behalf of BADEA by H.E. Mr. Abdelaziz KHELEF, Director General and by H.E. Mr. Louis Paul MOTAZE, Minister of Finance, Planning and Land Reforms for the Republic of Cameroon.

The loan will be repaid in 22 years including a grace period of 5 years and at an annual interest rate of 3%.

Including this new loan, the total commitments of BADEA to the Republic of Cameroon will amount to US $ 88.91 million until end of March 2009.