UK export credit agency UK Export Finance (UKEF) will provide buyer credit and direct lending worth £113m (€135m) for a major road expansion in Cameroon to be carried out by a Canadian contractor using goods and services from the UK.
With a track record in the African country, Magil Construction will undertake the expansion of the Douala East Entrance Road that connects the city with ports. The expanded road is intended to speed the transport of goods and help landlocked neighbours Chad and the Central African Republic.
“Africa is one of the most exciting continents on which to do business. That’s why this government worked so quickly to ensure trade agreements were rolled over and exports could continue unabated,” said Mike Freer MP, UK Minister for Exports.
UKEF said trade with Cameroon is on the rise, reaching £231m in value at the end of 2021, up 40% on the previous year.
Magil recently completed the construction of the Douala Soccer Stadium used at the recent African Cup of Nations.
Ralph Tropea, executive advisor at Magil Construction, said: “Magil Construction is proud partner in this project which is a testament to economic and business cooperation by the UK, Cameroon and stakeholders from conception to construction.”
UKEF said it has up to £2 billion available to support UK exports to Cameroon and can continue to back projects in Cameroon with its financial support.