A delegation from China Eximbank stayed in Cameroon from October 26 to 29, 2023. It was led by the vice-president in charge of risk management of this financial structure, Li Zhongyu. This visit, we learn, is part of the relaunch of operations to mobilize financing from this financial structure. It therefore aims to revitalize the partnership, even cooperation between Cameroon and China Eximbank, on the one hand and to share the bank’s new vision of financing development on the other hand. Specifically, it is indicated, the aim is to take stock of the partnership between Cameroon and China Eximbank, and to assess the country’s sovereign risk in terms of investment.
China Eximbank is a strategic partner of Cameroon. It is its first financial partner with a commitment volume estimated at nearly 3,000 billion FCFA and an outstanding debt estimated at 1,280 billion FCFA. Its intervention in Cameroon no longer needs to be demonstrated. This partner has enabled the realization of numerous projects, in particular, that of supplying drinking water in nine towns in Cameroon; the Memve’élé and Mekin dams; the Yaoundé-Douala and Kribi-Lolabe highways; the deep water port of Kribi; the development of Backbone and optical fiber, among others.
The meeting with the Minister of Finance, Louis Paul Motaze, on October 27 – and a little earlier the same day with the Minister of the Economy, Planning and Regional Development, Alamine Ousmane Mey -, we learn, allowed the China Eximbank delegation to observe the quality of Cameroon’s debt management and to assess the use of resources coming from this debt as well as the impact of this investment on the economy. According to the Minister in charge of the Economy who spoke on this subject, it seems that the future is even more promising given the interest and willingness shown by the Chinese bank to further support the projects of development of Cameroon within the framework of its National Development Strategy 2020-2030 and the Chinese part in particular. “China Eximbank appreciates the quality of Cameroonian sovereign risk and has demonstrated its availability to support our country for its emergence in 2035,” indicated Alamine Ousmane Mey.
In addition to meetings with the Minister of Finance and the Minister in charge of the Economy, the Chinese delegation met with the Minister of Public Works, Emmanuel Nganou Djoumessi, the general directors of Camwater, Camtel, and the Caisse Autonome d amortization (CAA) and managers of Chinese companies established in Cameroon. On October 28, the delegation deployed to the sites of the Paepys, National Broadband Network II, and Yaoundé-Douala Highway projects.
This visit comes after the stay in China-Bejing-on October 17, 2023 of the Minister of Finance, Louis Paul Motaze, who signed a tax convention with the Chinese government. Indeed, the elimination of double taxation in terms of income tax and the improvement of the existing framework for combating fraud and tax evasion could attract more Chinese investors to Cameroon. These could rely on investments or financing from China Eximbank.
