Chinese investors unveil multi-billion projects to boost infrastructure dev’t.

Members of government, led by the Prime Minister, Head of Government; Chief Dr Joseph Dion Ngute, have in the past weeks, been granting audiences and engaging deals with the visiting officials of the Silk Road Investment Fund Co. Limited. 

The Silk Road Investment Fund Co., Ltd, it should be said, is a market-oriented financial instrument, and a financial institution that conducts project investment, project financing and project bond issuance for countries along the Belt and Road route.

The One Belt One Road (OBOR), for its part, is an ambitious economic development and commercial project which is the brainchild of Chinese President, Xi Jinping. It focuses on improving connectivity and cooperation among multiple countries spread across the continents of Asia, Africa, and Europe.

Government’s show of interest in the offers of the institution was confirmed by the Chairman of the Board of Silk Road Investment Fund Co. Limited, Zhu Chunyu.

This was during an exclusive interview with The Guardian Post Wednesday June 28, in Yaounde. Zhu Chunyu was accompanied in the interview by the Chief Economist of Silk Road Investment Fund Co. Limited, Guo Xia.

Both officials used the media outing to unveil mouthwatering projects they intend to implement through multiform partnerships with different ministries, councils and state institutions. 

Zhu Chunyu said Silk Road Investment Fund Co. Limited intends to accompany government in its development vision through implementation and realisation of state-of-the-art infrastructural projects.

“…the government is very keen and very eager to work with us…that is why we feel very welcomed to work with Cameroon. Our vision is to develop the country and improve the people’s living standard,” Zhu Chunyu stated. 

He said discussions have so far been held with the Prime Minister, Head of Government, the Ministers Transport, Mines, Agriculture, Public Works and many others. 

Aside Yaounde, he said the team has also been to the economic capital city, Douala, Batouri in the East Region and Akonolinga in the Centre Region. 

Changing narrative of securing loans for dev’t

Zhu Chunyu said Silk Road Investment Fund Co. Limited is bringing in fresh impetus to change the narrative from the hitherto moves engaged by the state through loans which only ends up increasing the country’s debt burden. 

“We have changed the concept from the old traditional way. The investments are coming. We are here to work with the government,” he said, while canvassing for across-the-board support from Cameroonians.

“We are going to work with the government to help develop the different industries so that the Cameroon government can really bring the revenue, generate from our investments”.

He insisted that they are not giving government and its people fish as they want, “but we are going to train everyone how to go fishing, how to catch the fish and the people who can get the fish.”

“They are not depending on us for fishing. So we are going to train the local people on fishing,” Zhu Chunyu emphasised. 

Motivation to invest in Cameroon

Quizzed on what motivated their choice of Cameroon as an investment destination, Zhu Chunyu, explained that after a series of meetings with state officials, it was noticed Yaounde’s keen interest and eagerness towards development of the country and the hospitality of Cameroonians. 

“We share the same vision with government officials we have had a meeting with. We are dedicated to improving the living standards of the people with the experience that we have had in China. That is why we feel that we are connected with the government and the people. That is the reason we are here. We are doing whatever we can do with the government,” Zhu Chunyu said. 

Envisaged projects, target areas 

The Chairman of the Board of Silk Road Investment Fund Co. Limited said the institution envisages adopting a holistic, yet high level approach to development projects envisaged for Cameroon to be executed in different phases step by step. 

“The key area of our focus is development not only for the cities but for the whole country…,” he noted, adding that infrastructural development will be priority in the first phase of their projects. 

“We are going to work to improving the local jobs, improving the finance revenue for the government, people’s living standards…,” he promised. 

Achieving their desired objective of bettering the living conditions of Cameroonians, Zhu Chunyu said, Silk Road Investment Fund Co. Limited will “focus on housing” for a start. 

“We want to ensure that people now have affordable houses. The next will be to provide them with local jobs by creating different industries and in the infrastructure area,” he explained. 

State-of-the-art hospital in view 

He said the first phase will also tackle a project to construct an ultramodern health facility for the police corps which will serve all Cameroonians. The hospital, he said, will be erected in Yaounde. He gave to understanding the hospital’s foundation stone will be laid in the days ahead.

“…we will be improving at the level of hospital by providing healthcare for the local people,” he pledged. 

“The hospital is going to be of international standards. The hospital will not only carter for Cameroonians but also for overseas people as well,” he added. 

The facility, he boasted, will be equipped with international standard equipment to handle all kinds of health emergencies and in turn reduce medical evacuation of high-profile personalities. 

“China has extensive ways to aid in the medical services in African region. So, how to manage the hospital, how to give support, there is a lot of experience,” he disclosed. 

Zhu Chunyu said the police hospital will have a VIP area, 800 beds and wards, 1,200 normal wards and a mortuary among others. 

He said the facility will be constricted alongside a low cost housing, roads, electricity among others. 

Benefits for gov’t, Cameroonians

Queuing in, the Chief Economist of Silk Road Investment Fund Co. Limited, Guo Xia, who is also author of the book titled: “The Key to Economy”, on which the growth of Chinese economy was built, noted that Cameroon stands to benefit from multiple fronts based on the number of Chinese businesses that will be brought into the country. 

He said there is no limit to the estimated amount that Silk Road Investment Fund Co. Limited intends bringing to inject into the economy but such amount will grow based on the partnership deals. 

Transfer of expertise to locals 

The officials also said after the elapse of the time frame of each project, the expertise of its management and ownership will be transferred to the Cameroonian state structures through with which the deal was sealed. 

Such a deal, they said, will differ and depend solely on the terms of the partnerships. 

“Each project is different. For example, with the hospital project, our job is to build the project and the housing. When we build this project, we are going to fix the roads, provide electricity and everything,” he explained, adding that: “At the end, it is going to be win-win”. 

Zhu Chunyu rounded up by calling on all and sundry to rally behind the initiative in order to boost growth. 

“We are going to improve the country’s economy. Whatever project we are doing, is going to benefit not only Cameroonians but the government as well,” he concluded.

The Guardian Post gathered that instead of giving loans to government for the execution of the earmarked projects, officials of Silk Road Investment Fund Co. Limited, will be operating solely on the basis of Build, Operate and Transfer, BOT.  

We also gathered that the envelope for the projects earmarked for execution in the country would be in the neighbourhood of 18,000 billion FCFA.

Dependable sources within government circles have told The Guardian Post that the fruits of the win-win cooperation between the Silk Road Investment Fund Co. Limited, and the government of Cameroon, has come about, thanks to the negotiating power of US-based Cameroonian, Emmanuel Mukoso Jr.