President Biya is on the spending spree. After the Chinese Bank loaned Cameroon 75 billion CFA to deliver laptops to Cameroon University Students, the Government of Cameroon is yet again taking another loan from the Italian bank, Intesa Sanpaolo to the sum of 139 Billion CFA to construct an ultra-modern 60.000 capacity stadium at Olembe, outskirts of Yaoundé to be named, the Paul Biya stadium.
BaretaNews learned the contract was signed on Tuesday, August 16. The Chargés d’Affairs at the Italian Embassy in Yaoundé represented the Italian Government and the Minister of Economic Planning and Regional Development, Louis Paul Motaze signed on behalf of Cameroon.
We are told construction work on the 60,000 capacity stadium will begin next month costing a total of 163 billion CFA. Part of the funding (24 billion FRS) will come from the Biya’s government.
The government reveals that the stadium will host an Olympic swimming pool, a gymnasium, and a hotel. It will be named after Paul Biya. The stadium will be fully covered taking the shape of a birds nest, unlike all the others that are partially covered.
The stadium is being constructed in preparation for the upcoming African Cup of Nations (AFCON), the male category that will be hosted by Cameroon in 2019.
God is still saying something.