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Now Available: Cameroon Infrastructure Report Q1 2014

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2013-12-13 09:49:33 - Fast Market Research recommends "Cameroon Infrastructure Report Q1 2014" from Business Monitor International, now available

We have upgraded our medium-term forecast for Cameroon's construction sector based on the successful awarding of six contracts under the 20 project public private partnership programme, as well as news that several major projects are expected to enter construction in 2014. We now anticipate growth of 11.2% in 2014, with an annual average rate of 9.7% between 2014 and 2016.

Cameroon's construction sector is expected to post strong growth, and this is further boosted by the initial success of its PPP programme. The government is reinvesting oil wealth in infrastructure. At the same time we are seeing heavy industry companies taking a build-your-own approach to necessary infrastructure. Heavy investment in expanding cement capacity indicates the scale of the infrastructure build-up and

the expectation of continued growth. Expanding local cement supplies should also help to bring down industry costs, which have been highly volatile.

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We have now priced in the additional upside presented by the 20 PPP projects announced by Cameroon's Ministry of Economy, Planning And Regional Development (MINEPAT). The projects, which range from transport to social and industrial infrastructure, were due to start in 2013. Cameroon has been ready to offer PPPs since the PPP Act was passed in 2006; however, this is shaping up as the biggest single PPP programme to-date in the country.

With the first six project successfully awarded, we have upgraded our growth outlook from 2014. We have also increased our growth expectations based on the start of construction of a number of projects, including the Limbe port, the Mbalam iron ore project and the Katsina Ala power plant. The following planned, and several other ongoing projects are supporting our positive outlook:

* In August 2013, authorisation was given to UK energy company Joule Africa for construction of their 850MW hydropower plant on the Katsina Ala River. A full feasibility covering the financial and engineering side of the project was carried out by Lahmeyer International over a 12-month period. The first phase will see the construction of a 450MW unit, with an estimated cost of US$1bn. The project is expected to provide a significant boost to the construction sector over the medium term and would greatly enhance electricity capacity in Cameroon, expanding by 40% from current levels.
* In late August it was reported that construction would start on a new deepwater port in Limbe in November 2013, following the completion of feasibility studies. The port will cost US$880mn in total, with the first phase due to cost US$72mn, which will take the port to a depth of 17 metres with the capacity to handle 200,000 containers per year. Also at the port of Limbe, the PPP for the construction of a cement export terminal was awarded in June 2013, to a consortium of LPDC (Limbe Port Development Corporation) and Guemgang.
* Six contracts under the 20 project PPP programme were awarded in June 2013, including two tramways, the second phase of the Kribi port, two railways and the above mentioned cement port. French companies accounted for the majority of winners.
* In March 2013, G Power Cement announced plans to build a new cement plant. The US$90mn plant would have the capacity to produce 800,000 tonnes a year once completed, due in 2015. This will be the third cement plant to be opened in Cameroon in just two years, indicating the demand for cement off the back of strong construction sector growth. Cameroon is emerging as an up-and-coming cement producer, as good access to both the booming West African economy and global export routes are bringing in an increasing amount of foreign investment. In May 2012 Addoha Group began construction of a US $25.9mn plant. After a number of delays relating to land disputes, Dangote Cement finally began work on a US$115mn 1.5mpta plant. Both are located in Douala.
* In June 2012 it was reported that China ExIm Bank would lend Cameroon XAF241.1mn (US$451mn) to build a 215km road linking Douala on the western coast with capital Yaounde. Chinese financing would cover 85% of the highway's cost. The six-lane highway will be the first new motorway since the country's independence. The project would replace the existing hazardous two-lane highway and cut down the distance between the two cities by 50km. In July 2012 the contract was awarded to China First Highway Engineering Company. Work is due to be completed in 2017. It is hoped that the highway will boost domestic and sub-regional trade.

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