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Saudi Fund to Help Finance Congo Republic-Cameroon Road Project

Feb. 9 (Bloomberg) -- The Saudi Fund for Development will provide as much as 5 billion CFA francs ($10.1 million) of funding for a road linking the Congo Republic town of Ouesso with Sangelima in neighboring Cameroon, Congo’s government said.

The project is part of a plan to improve trade and economic links in the Central African Economic and Monetary Community, the Economy and Planning Ministry said in a statement handed to reporters today in Brazzaville, the capital.

The Saudi fund provides loans that are repayable over as long as 50 years with a 10-year grace period, according to the Saudi Arabia Market Information Resource. The cost of the loans is “generally” 1 percent, according to its website.

The community comprises Cameroon, Congo Republic, Central African Republic, Gabon, Equatorial Guinea and Chad.

To contact the reporter on this story: Robert Mbakouo in Brazzaville via Nairobi at pmrichardson@bloomberg.net.

To contact the editor responsible for this story: Paul Richardson in Nairobi at pmrichardson@bloomberg.net.

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