Yaounde, Cameroon Africa. (Cameroon News) – Cameroon President Paul Biya Lays Foundation Stone of Kribi Deep Sea Port – China Harbour Engineering Company Ltd. President Paul Biya, candidate of the Cameroon People’s Democratic Movement (CPDM) in today, October 9, 2011 presidential election, rounded off his campaign programme on Saturday, October 8 by laying the foundation stone of the Kribi Deep Seaport in South Cameroon.

The Deep Seaport and an industrial to be located to Mboro some 30 kilometres from the seaside town of Kribi, is divided into three phases, the Minister of the Economy, Planning and Regional Development, Louis Paul Motaze said. He said the first phase is the general port whose foundation stone was laid and it is expected to be complete in 36 months.

Government got a loan of FCFA 207.7 billion from the Export/Import Bank (Eximbank) of China and has also mobilised its counterpart funding of FCFA 36 billion to make up the entire budget of FCFA 240 billion, Louis Paul Motaze said.

Upon completion, the main port with five to 16 metres draught will receive big vessels with a capacity close to 100,000 tonnes. This will fill the gaps of the Douala Seaport whose draught is only six to seven metres and can at best receive vessels with a capacity of 15,000 tonnes.

The second and third phases of the project, Mr Motaze said, will be financed by private operators on the “Build-Operate-Transfer (BOT)” system.

Paul Biya said the laying of the foundation of stone of the port was to concretise his promise of transforming Cameroon into a worksite beginning 2012. The port, he added, will be a major export port in the Gulf of Guinea and will create employment, generate money and engender new infrastructure in the area.

The project is being executed by China Harbour Engineering Company Ltd.