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UPDATE 1-Cameroon plans to raise $1.5 bln for refinery, other projects
February 9, 2015 / 7:57 PM / 3 years ago

UPDATE 1-Cameroon plans to raise $1.5 bln for refinery, other projects

(Adds detail, context)

YAOUNDE, Feb 9 (Reuters) - Cameroon’s finance ministry will seek to raise $1.5 billion from banks to refinance the state refinery and fund other development projects, according to two presidential decrees seen by Reuters on Monday.

The decrees, signed by President Paul Biya, authorise the ministry to sign an agreement on fund-raising with Standard Chartered and Societe Generale. They did not give a timeframe.

Other projects for construction, infrastructure and agriculture are also covered by the decrees.

The central African country has been seeking to revamp its 45,000 barrel per day Sonara oil refinery for years. But falling oil prices have cut available spending, prompting the government to seek other forms financing.

In another decree signed on Friday, Biya authorised the government to triple its debt issuance plans in 2015. (Reporting by Tansa Musa; Writing by Emma Farge and Bate Felix; Editing by Robin Pomeroy and Dominic Evans)

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