(Business in Cameroon) – The intermediate phase of the tourism and economic development project for Yaoundé’s municipal lake and the Mingoa Valley is delayed due to a shortfall of CFA4.06 billion in additional financing. Célestine Ketcha Courtès, minister of Housing and Urban Development (Minhdu), disclosed the issue before the National Assembly during the 2026 budget presentation.
Because Deutsche Bank required a new authorization decree, the National Public Debt Committee reviewed the request and found it unnecessary, citing the small amount involved. The committee considered that the State’s own resources could cover the financing need. In practice, those internal funds have not yet been released, halting progress on the intermediate phase. To secure the site, the ministry has begun building a perimeter fence using its own resources, according to Ketcha Courtès.
The first phase of the project is completed, including a restaurant, a multimodal road around the lake, and public lighting, among other improvements. The second phase, however, is at a standstill for lack of funds.
This next stage includes the construction of two additional restaurants, a water sports center, play areas, and development of the small lake’s surroundings. These facilities are intended to strengthen the site’s tourism and economic appeal, but for now they remain only plans.
Contract deadlines compromised for Elecnor
The funding impasse may affect the schedule. Spanish company Elecnor, which won the contract on July 17, 2020, will likely be unable to deliver all works within the original 36-month deadline.
This delay comes despite the Ministry of Economy having already signed financing agreements worth CFA21 billion with Deutsche Bank Spain on September 13, 2016, to support the project. These external funds were meant to help carry out the development program for the municipal lake and the Mingoa Valley.
In addition, President Paul Biya authorized the minister of Economy to sign two more credit agreements with the same bank, totaling CFA12.6 billion. If all financing (CFA21 billion plus CFA12.6 billion) is eventually mobilized, the total project cost will reach CFA33.6 billion.
According to official projections, the program is expected to create many direct and indirect jobs. It also aims to transform Yaoundé’s urban landscape through the construction of futuristic ministerial buildings, housing, and other modern infrastructure around the lake and the Mingoa Valley.
Frédéric Nonos
