The figures speak volumes. As of December 31, 2024, the AFD group’s portfolio in Cameroon had reached over 594 billion FCFA, representing the largest share of the approximately 1705.4 billion FCFA committed across Central Africa. By 2025, this volume further expanded to approximately 622.8 billion FCFA, distributed among 51 projects—47 managed directly by AFD and 4 by Expertise France, according to the group’s activity report. The breakdown of this total among the three entities is clear: 574.4 billion FCFA for AFD, 40.5 billion FCFA for Proparco—its private sector financing subsidiary—and over 7.8 billion FCFA for Expertise France.

 What this aggregate figure doesn’t immediately reveal is the sectoral distribution, which provides a more nuanced understanding. In 2025, infrastructure and urban development captured 44.2% of the group’s commitments. Financing for private financial institutions accounted for a significant 35.9%. Governance received 6.8%, while education, training, and employment secured 6.4%. At the other end of the spectrum, agriculture and food security were allocated only 1.7%, water and sanitation 2.2%, and the productive sector 2.9%.

INFRASTRUCTURE: A DELIBERATE CHOICE ALIGNED WITH HISTORY

The pronounced focus on infrastructure is not accidental; it reflects a long-standing strategy and addresses genuine needs. AFD has maintained a presence in Cameroon since 1960, and the nation has historically been one of the primary beneficiaries of its financing in Africa, with annual commitments averaging close to 150 billion FCFA since 2002. The flagship project of 2025 perfectly exemplifies this orientation.

On January 21, five financing agreements totaling 175.5 million euros were officially signed at the Ministry of Economy. The most significant of these agreements was dedicated to the Douala and Yaoundé Flood Control Program (PLIDY), backed by a sovereign loan of 150 million euros. This initiative aims to tackle the recurring floods plaguing the country’s two major cities, with the overarching goal of substantially reducing the vulnerability of both populations and essential infrastructure. This single project alone represents nearly five times the entire three-year budget that the Cameroonian government recently allocated to revitalize its wheat sector. Furthermore, AFD has also supported the Regional Capitals program—funded through the C2D mechanism—which seeks to modernize urban infrastructure in five secondary cities, alongside the Sporcap initiative for improving access to sports facilities.

AGRICULTURE REMAINS ON THE SIDELINES

Here, the contrast is striking. The Cameroonian government has designated food sovereignty as a foundational pillar of its National Development Strategy 2020-2030 (SND30). The Integrated Agro-Pastoral and Fisheries Import-Substitution Plan (PIISAH) 2024-2026 has committed 1,500 billion FCFA to lessen dependence on imported rice, wheat, palm oil, and other staple commodities. Within this national strategic context, the mere 1.7% of AFD’s 2025 commitments allocated to agriculture and food security is particularly noteworthy.

This minimal share stands in stark contrast to the institution’s actions in other nations. Between 2018 and 2024, Proparco successfully doubled its annual financing across Africa, mobilizing over 7.6 billion euros—approximately 1.2 billion per year—specifically targeting infrastructure, agriculture and food security, financial systems, and essential services. These continent-wide priorities, however, do not appear to translate with the same intensity into the Cameroonian portfolio. Despite this, robust precedents exist. AFD previously supported 8,000 productive projects in Cameroon through the ACEFA program, which reached 260,000 agricultural holdings and funded micro-projects in cereals, livestock, agro-processing, and commercialization sectors. The consolidation phase of this program now aims to reach one million Cameroonian agricultural holdings by 2035, recognizing that these two million family farms are responsible for nearly 80% of the national agricultural output. While these achievements are real, their budgetary weight within the 2025 portfolio remains marginal compared to the large-scale urban projects.

SOVEREIGN LOANS AT THE CORE OF ENGAGEMENT

The distribution by financial instrument illuminates another facet of the portfolio. In 2025, sovereign loans constituted 33.9% of commitments, followed by senior loans at 23.2%, C2D at 16.2%, and guarantees at 12.6%. Grants—a non-reimbursable instrument inherently best suited for social impact projects without immediate financial returns, such as in agriculture—represented only 6.3% of the total. This financial architecture operates with its own rationale. Major infrastructure projects are naturally conducive to sovereign loans because they generate tangible assets that can secure repayment. Agricultural projects, conversely, often involve dispersed populations, uncertain yields, and extended return horizons—conditions less compatible with conventional debt instruments. Consequently, the low proportion of grants in the portfolio may partially explain the relative underfunding of the agricultural sector. Across Central Africa, during the period under review, 64% of AFD’s commitments were dedicated to infrastructure and development projects. Cameroon, as the region’s primary recipient, accurately reflects this continental orientation. The question then arises: Does Yaoundé actively choose this allocation, or is it a consequence of negotiations with its donor?

SND30 AND AFD: TWO STRATEGIES SEEKING ALIGNMENT

The SND30 strategy outlines precise targets for structural transformation, including reducing food imports, fostering agro-industry development, and creating local added value. However, the operational logic of a donor whose primary instruments are sovereign loans tends to favor high-visibility urban projects—roads, drainage, equipment—rather than agricultural value chains that demand years of widespread support before yielding measurable results.