Banks loan Gabon €13.7m

2012-01-27 19:38
Libreville - The National Wood Company of Gabon has obtained a loan of €13.7m to help build a plant to treat timber at Libreville's Owendo port, officials say.

The Development Bank of Central African States is providing €12.2m and the private Ecobank, which operates in west and central Africa, is lending the remaining €1.5m.

The equatorial African country is densely forested with prized woods, which it formerly exported as timber for processing in other countries, but President Ali Bongo

Ondimba announced in November 2010 that he was banning the export of tree trunks and planned to promote a local wood treatment industry.

The complex at Owendo will comprise three factories, one for splitting the wood, with a sawmill and a workshop for cutting and laminating wood products.

It will create almost 450 jobs overall.

The Gabonese authorities last September inaugurated a vast Special Economic Zone at Nkok, 30km from Libreville, dedicated to making wood products.

Before the export ban, wood accounted for 6% of Gabon's gross domestic product, excluding oil, and the timber industry was the main private employer in Gabon, accounting directly for 15 000 jobs and indirectly for 5 000 more.

Read more on:    ali bongo ondimba  |  gabon  |  central africa

Join the conversation! encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.
NEXT ON NEWS24X publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Comments have been closed for this article.

Inside News24


Book flights

Compare, Book, Fly

Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.