The state's insolvency in the face of a debt owed to Eximbank of China, has robbed the Chinese financial partner of the construction project of this structure, Industrial and Commercial Bank of China (ICBC).
Construction work on the Bini Dam in Warak has been at a standstill for almost two years. And for good reason, "The financial partner is not in a hurry to release the funds to be used for the construction of the structure while the government has already mobilized in full the sum of 22 billion CFA francs for the implementation of the loan. The company Synohydro has already pre-financed the work to the tune of 20 billion CFA francs and is already in difficulty to continue injecting funds into the project," explains Gaston Eloundou Essomba, Minister of Water and Energy, during a visit to Warak on December 15.
In fact, the state's insolvency in the face of a debt owed to Eximbank of China, has robbed Industrial and Commercial Bank of China (ICBC), the Chinese financial partner of the power infrastructure construction project. As a result, as a prerequisite for the release of the envelope of 182 billion CFA francs, ICBC demanded that the Cameroonian authorities honor their commitments vis-à-vis these debts.
Construction of a 75-megawatt (MW) hydroelectric development at Warak on the Bini River was to be delivered between 2021 and 2022. So far, only the preparatory work, site installation and opening of access roads on the site have been completed since 2018. Excavation work on the left side of the right-of-way of the left dike was also completed that year.
