More confidence in the future of Eneo, thanks to positive signals from the State of Cameroon...
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The State of Cameroon has just taken strong and unprecedented measures to partially streamline the sector's finances. The State has committed to injecting CFAF 182 billion to restructure the sector's cross debts between the major stakeholders.
This operation will take several forms:
- A fund raising by the State of CFAF 118 billion on the CEMAC money markets which will be paid in full to ENEO for the settlement of cross debts in the sector;
- The completion of the payment of CFAF 39 billion owed by the State to ENEO through financing by local banks
- A complementary fundraising would be formalised in the course of 2022.
Furthermore, with these financial decisions, the main issues in the sector will be settled by the end of 2022. Moreover, other more structural measures that should lead to a better functioning of the sector are expected from the end of January 2022.
These measures are expected to bring a fresh impetus to Eneo, as well as to other stakeholders (KPDC, DPDC, EDC, SONATREL, fuel suppliers, subcontractors).
What is the significance of these gestures by the State?
- Electricity is a vital sector and the State is doing everything possible to ensure that it remains strong;
- The State has confidence in the Eneo project;
- Local investors believe in Eneo;
- International donors see positive signals in this, so they are looking at the Eneo project, as part of the ongoing negotiations to mobilise more resources to support our project. In other words, about CFAF 520 billion in the generation, distribution and sale of electricity over the period 2021-2031.
