The African Development Bank (AfDB) and the Cameroon Shipyard and Industrial Engineering LTD (CNIC) have signed a loan agreement of US$45.40mn to finance a project for the construction of oil rig repair facilities in Limbe , Cameroon .

The project is consistent with Cameroon ‘s industrial development policy and aims at enabling the CNIC to capture a large part of the oil rig repair market in the Gulf of Guinea . It will involve the construction of a 390m long quay, the dredging of 590,000m3 of materials and the completion of 11ha of wharf area. It will also entail the construction of one 700m long breakwater, 3,500m² of offices and 12,000m²of workshops. Moreover, the project will help procure a 30,000-tonne floating dock, two 300tm cranes, machine tools, teaching aids, sundry vehicles and machinery.

The project will contribute to increase the share of the industrial sector in the GDP of Cameroon by generating value added estimated at more than CFAfr200bn and creating more than 3,000 direct jobs related to new activities to be carried out by CNIC. The project falls under the bank’s enclave projects category and will generate foreign exchange resources to cover CNIC’s debt service.

Bank group operations in Cameroon started in 1972. To date, the group has committed a total amount equivalent to US$934mn.