2006 Press Releases
Press Release
U.S. Trade and Development Agency
March 22, 2006
USTDA Funds Study for a Heavy Equipment Leasing Venture in Cameroon
Yaoude, Cameroon – Increasing the capacity to build trade-related infrastructure in Cameroon and its neighboring countries is the goal of a U.S. Trade and Development Agency (USTDA) grant awarded today to S.H.O. Tractafric Cameroun (SHO Cameroun), a privately owned Cameroonian company. Under the agreement, USTDA will partially fund a $360,152 study to assist SHO Cameroun and its partners with the feasibility analysis and structuring of a joint venture heavy equipment leasing company.
The grant was conferred at a signing ceremony at the U.S. Embassy in Yaounde. U.S. Ambassador to Cameroon R. Neils Marquardt and SHO Cameroun Managing Director Mr. Jean-Philippe Petit signed the agreement on behalf of the U.S. Government and SHO Cameroun, respectively.
SHO Cameroun intends to form Location Cameroon, S.A. (Locam) with Diamond International, Inc., a Chicago, Illinois-based project development firm, for the purpose of providing short-term leasing of Caterpillar heavy equipment in Cameroon and neighboring countries. Locam would help small- and medium-sized heavy equipment operators, many of which are unable to sign on to long-term leases, secure equipment for contracts, particularly in road construction and other transportation infrastructure projects. The availability of high-quality heavy equipment will improve the region’s trade-related infrastructure, which in turn will strengthen its ability to attract foreign direct investment. Diamond International and Caterpillar will share the cost and perform the study on behalf of SHO Cameroun.
The U.S. Trade and Development Agency advances economic development and U.S. commercial interests in developing and middle-income countries. The agency funds various forms of technical assistance, feasibility studies, training, orientation visits and business workshops that support the development of a modern infrastructure and a fair and open trading environment. USTDA’s strategic use of foreign assistance funds to support sound investment policy and decision-making in host countries creates an enabling environment for trade, investment and sustainable economic development. In carrying out its mission, USTDA gives emphasis to economic sectors that may benefit from U.S. exports of goods and services.
Visit USTDA’s Website at www.ustda.gov