The President of the Republic of Cameroon, Paul Biya, signed on May 24, 2018, a decree ratifying the loan agreement for an amount of 30 million euros (19 billion FCFA) expandable to 48.80 million euros. (approximately 32 billion CFA francs) between the Republic of Cameroon and BMCE Bank International PLC, a subsidiary of the Moroccan bank Bank Africa.
The loan will be used to finance the rehabilitation of Roumdé Adjia de Garoua stadium, the construction of its annex stadium, and a four-star hotel in the city. This loan is timely for a country engaged in a race against time to make available infrastructure before the African Cup of Nations (CAN) he intends to organize in 2019.
For its part, the Moroccan bank, pending the approval of its approval file since September 2017, can count on the support of Yaoundé to influence the banking commission (COBAC).
