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80 billion mobilized for wood exploitation company to begin work in Edea
80 billion mobilized for wood exploitation company to begin work in Edea.
Some FCFA 80 billion has been mobilized to begin wood exploitation project in Kribi.
The announcement was made by the Minister of Mines, Industry and Technological Development, Gabriel Dodo Ndoké, during the signing of a memorandum of understanding to this effect on Tuesday, 12 May.
The Director General of the Cameroon Industrial Wood Exploitation Company, Mohamadou Hamido, and the Minister of Mines, Industries and Technological Development Gabriel Dodo Ndoké, appended their signatures to the document.
The wood exploitation corporation is expected to set up a high standard firm that will be involved in both the Primary, Secondary, tertiary and quaternary transformation of wood.
According to the terms of the memorandum, the wood development project will be set up in Edea, Sanaga-Maritime Division of the Littoral Region. Experts in the sector have said the city is strategic as it is located along River Sanaga which has a huge wood potential. It is also some sort of a road junction, connecting the cities of Douala, Kribi and Yaounde.
The establishment of the firm would generate 2, 000 direct jobs and over 3, 000 indirect jobs. Partakers at the signing ceremony were all in agreement that the firm will contribute in reviving the economy of Edea. Such a move will bar the way to illegal wood exploiters which have been making huge gains at the detriment of the State. In March, the Forestry and Wildlife boss, Jules Doret Ndongo, sanctioned some 15 logging companies for illegal activities.