The contract for the project??s financing and execution was signed on Friday September 25, 2009. Construction work on the Memve??ele hydro electricity scheme in the South Region of Cameroon is expected to rumble off in no distant future. This follows the signing of a contract for financing and execution of the project between the government of Cameroon and a Chinese consortium, SINOHYDRO Corporation Limited, last Friday September 25, 2009.

According to the terms of the contract, SINOHYDRO Corporation Limited will finance and execute the project in its entity to the tune of FCFA 365 billion (555,894,879 Euros). Officials said negotiations will be carried out with a Chinese bank, EXIMBANK CHINE, to provide the funds at a preferential rate. The contract was signed for Cameroon by the Minister of Energy and Water Resources, Michael Ngako Tomdio while Feng Haiquing was mandated by the Board Chairman of SINO HYDRO Corporation Limited, Huang Baodong, to sign for the company. Speaking during the contract-signing ceremony, Minister Ngako Tomdio said the contract was the last stage of negotiations between the two parties for effective work to begin. ??I hope everything will be done rapidly so that SINOHYDRO Corporation Limited can begin work latest early next year??, the minister said. He stressed that the project is a big step forward in government??s effort to meet the growing energy needs of the population. The project upon completion, he said, will produce about 400 megawatts of electricity that will supply the South Region and hook up in the Southern grade to bring more electricity to the country for business, industry and the economy at large. Mr. Ngako Tomdio said selecting SINOHYDRO Corporation Limited to execute the project testified government??s confidence on the Chinese expertise and a mark of cordial SINO-Cameroon relations and called on the contracting firm to use its know-how to efficiently execute the project. A wish, which Feng Haiquing said SINOHYDRO Corporation Limited will work tooth and nail to see it come true. Friday??s ceremony came barely weeks after stakeholders of the project and a seven-man SINOHYDRO Corporation Limited officials held working sessions in Yaounde to discuss on the modalities of execution that will not be time-consuming and that will also reduce the cost of excavation. The contract-signing ceremony was attended among others by the Director of the project, Dr. Dieudonné Bisso.G.B, CT

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