The UK has signed a new trade finance deal with Cameroon that will help support the building of major roadworks in the African country. 

UK Export Finance (UKEF), the UK’s export credit agency, will provide £133 million of financial support to the Cameroonian Government. 

Under the deal, UK businesses will install and upgrade the Douala East Entrance Road that links the capital, Yaounde, with key trade ports. 

The new infrastructure is set to improve the transport of goods in Cameroon in a bid to strengthen economic ties with neighbours Chad and Central African Republic. 

Mike Freer, UK minister for exports, said: “Africa is one of the most exciting continents on which to do business – that’s why this government worked so quickly to ensure trade agreements were rolled over and exports could continue unabated.

“This new deal backed by UK Export Finance is a huge boost to the UK’s growing trade with Cameroon. It will help keep the wheels of trade turning and provide opportunities for British companies to showcase their world-class expertise.”

International company Magil Construction, who completed the construction of the Douala Soccer Stadium in 2021, will undertake the works on the Douala Road project with assistance from the UK supply chain.

UKEF will provide a mix of buyer credit and direct lending support worth £113 million, and the transaction was arranged by Standard Chartered Bank.

The new deal marks the first anniversary of the Economic Partnership Agreement between the UK and Cameroon. 

The value of trade between the two countries hit £231 million at the end of 2021, up 40% on the previous year.