The Ministry of Economy, Planning and Development (Minepat) signed two loan agreements of over 21 billion with Deutsche Bank on Monday for the financing of a lake project.

It was announced that sanitation and development of the municipal Lake of Yaounde is at the realization phase. This project does not only concern sanitation, sewage and other pollution control which is often announced at the urban community of Yaoundé (CUY) but it also concerns the "tourism and economic recovery project.

Yesterday, the president of the Republic signed two decrees in this regard. The first being the empowering of the Ministry of Economy, Planning and Development (Minepat), "to sign a loan agreement of more than 18 billion F with Deutsche Bank A.G. London Branch, for the financing of tourism and economic project for the municipal Lake, Yaounde.

The second decree also empowered Minepat 'to sign with the Deutsche Bank S.A.E., a loan agreement supplementary to about 3.4 billion F, for the financing of the Cameroonian counterpart on buyer credit of tourism and economic project for the municipal Lake of Yaounde'.

According to Dieudonné Takouo, Director of North-South cooperation and multilateral bodies at Minepat, 'the two decrees are complementary. The first is to mobilize 85% of the funds for the project which will be directed by Spanish partners.

"The second decree Meanwhile deals with the mobilization of the remaining 15% and constituting the Cameroonian counterpart. Our source said that it is as a result of lack of available financial means that the Government preferred to borrow from its part, so that the project can finally start.

However, noted Roger Mvogo, Deputy Director for the cooperation with Europe at the Minepat, "these funds will serve the achievement of the first phase of a vast project in Yaoundé, including Mingoa Valley that extends from the central hospital to ENAM and beyond".

The first phase in question is therefore limited to the municipal Lake. He added that, "it will be batter to start with the cleaning, moving and lighting of the stream, before the installation of tourist and commercial facilities".

The facilities will include a 5-star hotel with about 300 rooms, a restaurant, infrastructure for water, sports, pleasure craft, Recreation Parks and various attractions (aquarium, cascades animated, etc.).

For the second phase, covering the construction of the Mingoa Valley, Deutsche Bank is also prepared to raise funds to that effect. In perspective, more than 2,000 direct jobs and 3,000 indirect jobs will be created to ensure that the work is completed in 2018, long before the African Cup of nations (CAN) that Cameroon will host in 2019.