MINEE RECEIVES IN AUDIENCE THE QATARI AND EMIRATI HIGH LEVEL ECONOMIC MISSION
NEW INVESTMENT OPPORTUNITIES EXPLORED
On Tuesday, February 28, Gaston ELOUNDOU ESSOMBA, Minister of Water and Energy, received in his office at the Emergence Building, a high-level economic mission of Qatari and Emirati financial partners of the Port Authority of Douala (PAD). Discussions focused on investment opportunities for these partners from the Gulf region, especially in the energy sector.
It was 2:32 p.m. in Yaounde when Mr Gaston ELOUNDOU ESSOMBA, Minister of Water and Energy, welcomed the members of the delegation led by His Highness Sheikh Nayef Bin Eid Al-Thani, of the Qatar Royal Family and member of the Board of Directors of JD Euroway Bancorp & Trust.
Also present was Mr Fitzgerald Zephir, President of JD Euroway Bancorp & Trust as well as members of his team. Following the customary exchange of courtesies, MINEE pointed out that the energy sector is one of the main drivers of growth in Cameroon. He gave an overview of the sector, highlighting the fact that the current economic situation compels the State to resort to an energy mix that must be improved. In terms of business opportunities in Cameroon, as regards the energy sector, the production of hydroelectric energy remains a suitable sector for investment given its constant huge potential.
Addressing Qatari and Emirati financial partners, the Minister indicated that the urgent construction of a gas-fired power plant in the city of Kribi would be an ideal opportunity for potential partners. In order to correct the energy mix in Cameroon, the construction of a solar field would also be useful.
In the electricity sector where the market is open, the Minister noted that financial partners are needed. He went on to say that the mode of cooperation is the public-private partnership. Regarding petroleum products, the Minister underscored that Cameroon must build a modern refinery after the fire incident that ravaged SONARA.
The members of the economic mission represented by His Highness Sheikh Nayef Bin Eid Al-Thani expressed interest in these investment opportunities. This allowed the Minister of Water and Energy to specify that an expression of interest is required to initiate any project and to get involved in a maturation process to study its feasibility.