Eneo Cameroon: CFAF 100 billion to speed up the development of the electricity service
Yaoundé, 3 February 2021 – Eneo Cameroon hereby announces the finalization of a fund raising worth CFAF 100 billion on the Cameroonian banking market. The transaction was arranged by CitiBank and the Société Générale, in partnership with six other local banks: BGFI, Afriland First Bank, CBC, BICEC, ECOBANK, SCB Cameroun.
As a strategic partner of the State, Eneo views this important event as the concretization of its commitment in resolutely developing the Cameroonian electricity service.
The transaction was facilitated by the progressive return of confidence in the electricity sector. The extension by the President of the Republic of the concession period from 2021 to 2031 was the first sign, followed by the ongoing stabilization of the finances of the electricity sector notably the ongoing payment of State’s debts and its manifest determination to pursue efforts aimed at ensuring the financial stability of the sector.
According to Eric Mansuy, General Manager of Eneo Cameroon, « This financing resulting from a unique transaction, will make it possible to satisfy the increasing internal electricity demand. It will contribute directly in reinforcing generation facilities, developing and modernizing distribution infrastructure as well as improving significantly customer experience. We appreciate the support of the institutions of the Republic of Cameroon that are committed to supporting and advancing the electricity sector, share our commitment and put in place enabling frameworks. Our action falls within the framework of a continuous collaboration with the institutions and the State of Cameroon, in line with the 2020 – 2030 National Development Strategy.»
Eneo is proud to continue working with the State of Cameroon and the main actors of the sector to further restore the financial stability of the sector and to be a major actor of the country’s industrial development. This should also reassure even more lenders so as to facilitate the financing of the entire investment programme that Actis is committed to.
Actis in Cameroon
The unprecedented transaction that was concluded by Eneo with the support of Actis, is equally a significant success of this Group, of which one of the major commitments vis-à-vis the Government is the mobilization of financing and the enhancement of corporate governance.
Actis wants to be a reliable private partner that resolutely wishes to go even further in its commitment in Cameroon, which is in line with the long-term.
« We continue working with the Government of Cameroon in order to find the most reliable solutions for the electricity sector and thus contribute in improving the welfare of Cameroonians. As demonstrated by the recent opening of the Actis sponsored Douala Grand Mall, these types of achievement are only really possible within the framework of a robust public-private partnership. Thanks to the confidence of the Government of Cameroon and the contribution of these banks, Actis/Eneo continues to contribute significantly in the Cameroon economic boom», declared David Alderton, Chairman of Cameroon Power Holding (CPH), representing Actis in Cameroon.
For more information about this event, download the Information Kit HERE