ARTICLE AD BOX
(Business in Cameroon) - The Cameroonian Football Federation Fecafoot received a loan of CFA4.6 billion from the government to finance the participation of the Indomitable Lions in the World Cup. The whole participation budget is estimated at CFA8.4 billion, of which Fecafoot was supposed to provide the CFA4.6 billion and the government the remaining CFA3.8 billion.
However, “to compensate for the delay in the provision of resources expected from FIFA", which should enable Fecafoot to cover its contribution to the participation budget, the government has agreed to pre-finance the national soccer body's share. The information was made public in a letter sent on October 20 to the President of Fecafoot, Samuel Eto'o, by the Minister of Finance, Louis Paul Motazé. "(...) I have the honor to inform you that the binding tranche of Fecafoot of CFA2.7 billion will be pre-financed by the State, and repayable to the Treasury by December 31, 2022. As for the conditional tranche of CFA1.9 billion, it will be mobilized based on the performance of our national team, and also repayable at the same time,” the Minister wrote.
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