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(Business in Cameroon) – Afreximbank to raise CFA161 billion for a new bitumen plant in Kribi
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Site preparation underway as Cameroon eyes lower road construction costs
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Government signals interest in taking up to 15% stake in the project
Afreximbank has taken the lead in helping fund a new bitumen plant to be built in Cameroon’s southern port city of Kribi. In December 2024, the project’s developer, All Bitumen Cameroon Plc, signed a financing mandate with the bank. The company’s CEO, Ahmadou Oumarou, shared the update during a presentation at the 2025 ARDA Week investors’ forum held in Cape Town this April.
Under this arrangement, Afreximbank is not only expected to provide part of the financing but also bring in other financial partners to secure the CFA161 billion needed for the plant’s construction and equipment. This amount includes contributions from the project sponsors. The bank, which focuses on supporting trade and development across Africa, has already funded nearly CFA2 billion worth of project studies. Site preparation began on March 20, 2025.
The Chinese firm China Harbour Engineering Company (CHEC) was contracted for a five-month period to clear the 60-hectare site. That work is progressing faster than expected, which could pave the way for earthworks to start ahead of schedule. If all goes as planned, construction of the plant could begin in the last quarter of 2025.
In the meantime, All Bitumen has started talks with four potential construction firms from Europe and Asia. These companies are expected to visit the site in June before submitting their bids. The project has received strong backing from the Cameroonian government, which sees it as a way to boost the local production of materials needed for roadbuilding—one of the priorities laid out in the country’s 2020–2030 national development strategy.
To keep the project on track, the government set up an interministerial committee to follow its progress. The most recent meeting took place on March 26, 2025. While the state has expressed interest in acquiring a stake of 5% to 15%, no deal has been finalized yet. “The government is helping us every step of the way,” said Oumarou. “There has been talk of a 15% stake, but I want to be clear—nothing has been signed. We hope the talks will move forward with the revamped National Investment Company.”
Once operational, the plant will produce 250,000 tons of bitumen a year. It will be supported by a small refinery capable of processing 10,000 barrels of crude oil per day to provide the raw material needed. Industry experts say the project could cut road construction costs in Cameroon by as much as 30% and generate up to 400 direct jobs and 1,500 indirect ones.
