President Paul Biya authorizes a loan of 12.6 billion FCFA from the Deutsche Bank of Spain for the development of the Yaoundé municipal lake
On September 13, 2016, however, Deutsche Bank of Spain signed two loan agreements totaling CFAF 21 billion for this project. Two decrees signed on November 4, 2019 by the President of the Republic, Paul Biya, empower the Minister of Economy to sign two credit agreements worth a total of 12.6 billion FCFA with the Deutsche Bank of Spain. "The first agreement is a buyer credit. It concerns an amount of CFAF 9.03 billion to finance the tourism and economic development project of the Yaoundé municipal lake, the capital of Cameroon. And second is a commercial credit of 3.6 billion FCFA. It is also destined for phase 1 of the same project, "the daily Le Jour reported in its newsstand edition on November 6, 2019. And yet, the Deutsche Bank of Spain, represented by Antonio Navarro Escabias," proceeded on 13 September 2016 in Yaounde, the signing of two loan agreements of a cumulative amount of 21 billion FCFA, for this phase 1 of the project, "reveals our colleague. It is in 2016 that the project of development of the municipal lake of Yaoundé was launched. According to the newspaper, the project includes "clean-up and sanitizing the waters of the lake, installing water sports equipment, landscaping the banks, and building a five-star hotel and world class restaurants, shops as well as a space for relaxation and recreation. All of this work is conducted by a Spanish company called Acciona ".
