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.