Off the wire
• China central bank injects 23 billion USD funds via SLO  • Major news items in leading German newspapers  • Feature: Change in Taliban mindset sees Internet used as propaganda machine  • Indonesia unveils suspects of capital suicide blast  • 1st LD: Dozens Syrian families start entering hotspot near Damascus  • Electrical short caused Dubai hotel fire: official  • Israel arrests members of "terror cell" operated by Lebanon's Hezbollah in West Bank  • Myanmar to host SEA archery championship  • Fourth seed Radwanska cruises through dangerous second-round matchup  • Price declines impact China's trade with oil exporters  
You are here: 　 Home

Central African states to spend 670 mln USD on infrastructure projects

Xinhua, January 20, 2016 Adjust font size:

The Bank of Central African States (BEAC) and the Development Bank of Central African States (BDEAC) on Tuesday signed a 400 billion CFA Francs (670 million U.S. dollars) agreement to fund infrastructure projects in their region.

BEAC governor Lucas Abaga Nchama, who spoke after the signing of the agreement in the Cameroonian capital Yaounde, said the money would be released in batches to the tune of 80 billion CFA Francs annually.

The money was aimed at helping improve the regional economy that was characterized by a weak 2.4 percent GDP growth in 2015.

BEAC, which seeks to reinforce its own capital after re-establishing financial stability in 2010, confirmed its willingness to help its partner institution.

"To enable the institution that was created in the sub-region to fund development to have sufficient resources to accomplish its role, BEAC has increased its share capital in BDEAC from 6 to 33 percent," Nchama said.

BDEAC promised to use resources availed to it to fund "projects and programs that respond to defined priorities by beneficiary states," its president Abbas Mahamat Tolli said.

A large part of the money will be used to fund projects such as roads, ports and airports construction in Cameroon, Gabon, Chad and Central African Republic.

The member states of the two financial institutions include Cameroon, Republic of Congo, Gabon, Equatorial Guinea, Central African Republic and Chad. Endit