New Construction market report from Business Monitor International: "Cameroon Infrastructure Report Q1 2013"

Boston, MA -- (SBWire) -- 12/21/2012 --BMI View: Cameroon's construction sector faces favourable conditions over the medium term as the government continues to prioritise infrastructure investment as part of its 10-year economic plan. Cameroon therefore ranks as one of the best locations in West Africa for infrastructure investments. In addition, high oil prices are swelling government coffers and facilitating ambitious infrastructure plans, while Chinese funding remains dominant for mega-projects.

The key factors driving our outlook this quarter are:

- China First Highway Engineering Company was awarded a contract to build a motorway between Douala and Yaounde in China. The six-lane motorway will reduce the distance travelled between the two cities from 265km to 215km. It also aims to foster trade within the central African region, particularly within Cameroon, the Central African Republic and Chad. The bridge will be funded by China Export Import Bank, which has signed a US$467mn loan agreement.
- The World Bank has announced that it will provide a US$132mn loan for the Lom Pangar Hydroelectric Power Project in Cameroon. The project will increase the hydroelectric power production capacity of the Sanaga River by 40%. The loan will also finance the construction of a new 30 megawatt (MW) power plant, which will provide electricity to 2,400 homes in the country.
- Kribi Power Development Company (KPDC) will receive a long-term loan of EUR29.5mn (US$38.42mn) from the European Investment Bank (EIB) for its Kribi power project in Cameroon. The EUR263mn (US$342.49mn) project involves the construction of a 216MW natural gas power plant in Southern Cameroon, a high-voltage transmission link of 100km, new substations and transformers. Cameroon's government and AES Corporation had established KPDC to execute the project. The Sanaga South gas field offshore Cameroon will be the main supplier of natural gas to the plant. In addition, the electricity generated by the plant will be exclusively supplied to Cameroon power utility AES-SONEL.
- Cameroon is emerging as an up-and-coming cement producer, as good access to both the booming West African economy and global export routes are bringing in an increasing amount of foreign investment. In May 2012, Morocco's leading home builder Addoha Group began construction of an US25.9mn 0.5 metric tons per annum (mtpa) plant. After a number of delays relating to land disputes, Dangote Cement finally began work on a US$115mn 1.5mpta plant. Both the builds are located in Douala.

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A surge of investment and new exports should boost construction industry growth to an average of 6.1% between 2013 and 2017, while improved infrastructure will play a role in lifting the long term real GDP growth rate to an average of 4.4% per annum over the same period. Risks are primarily to the upside, with oil production potentially exceeding expectations in 2012.

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