With an active portfolio exceeding 622.8 billion FCFA distributed across 51 projects, the Agence Française de Développement (AFD) stands as Cameroon’s foremost bilateral financial partner. However, a detailed examination of its 2025 commitments reveals a strategic emphasis that warrants discussion: 44.2% of the funds are directed towards infrastructure and urban development, while a mere 1.7% is allocated to agriculture and food security. This is particularly noteworthy given that Yaoundé has positioned the agricultural sector at the core of its import-substitution strategy.
The figures speak volumes. By 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. This volume further expanded in 2025, climbing to around 622.8 billion FCFA, spread across 51 initiatives – 47 managed directly by AFD and 4 by Expertise France, as detailed in the group’s activity report. The breakdown among the three entities is clear: AFD accounts for 574.4 billion FCFA, Proparco – its private sector financing arm – for 40.5 billion FCFA, and Expertise France for more than 7.8 billion FCFA.
What these aggregate figures do not immediately convey is the specific sectoral distribution, which provides crucial insights. In 2025, infrastructure and urban development absorbed a substantial 44.2% of the group’s commitments. Funding for private financial institutions followed, taking 35.9%. Governance received 6.8%, and education, training, and employment secured 6.4%. In stark contrast, agriculture and food security were allocated only 1.7%, water and sanitation 2.2%, and the productive sector 2.9%.
Infrastructure: a deliberate and historically consistent focus
The pronounced concentration on infrastructure is not coincidental. It reflects a long-standing policy and addresses genuine needs. AFD has maintained a presence in Cameroon since 1960, and the nation has historically been one of the primary recipients of its financing in Africa, with average annual commitments nearing 150 billion FCFA since 2002. The flagship project for 2025 perfectly exemplifies this strategic direction.
On January 21, five financing agreements totaling 175.5 million euros were formalized at the Ministry of Economy. The most significant of these was a sovereign loan of 150 million euros dedicated to the Douala and Yaoundé Flood Control Program (PLIDY). This initiative aims to tackle the recurring floods plaguing the country’s two major urban centers, with a long-term goal of significantly reducing the vulnerability of both populations and essential infrastructure. This single project alone represents nearly five times the entire three-year budget recently allocated by the Cameroonian government to revitalize the wheat sector. AFD has also supported the Regional Capitals program, financed through the C2D mechanism, which seeks to modernize urban infrastructure in five secondary cities, alongside the Sporcap initiative designed to improve access to sports facilities.
Agriculture remains on the periphery
Here, the disparity becomes striking. The Cameroonian government has enshrined food sovereignty as a cornerstone of its National Development Strategy 2020-2030 (SND30). Furthermore, the Integrated Agro-Pastoral and Fishery Import-Substitution Plan (PIISAH) 2024-2026 has committed 1,500 billion FCFA to lessen reliance on imported rice, wheat, palm oil, and other staple commodities. Within this national strategic framework, the 1.7% of AFD’s 2025 commitments directed towards agriculture and food security raises significant questions.
This minimal share contrasts sharply with the institution’s activities in other nations. Between 2018 and 2024, Proparco successfully doubled its annual financing in Africa, mobilizing over 7.6 billion euros – approximately 1.2 billion per year – specifically supporting infrastructure, agriculture and food security, financial systems, and essential services. These continent-wide priorities, however, do not appear to manifest with the same intensity within the Cameroonian portfolio. Yet, strong precedents exist. AFD previously supported 8,000 productive projects in Cameroon through the ACEFA program, which benefited 260,000 agricultural holdings and funded micro-projects in cereals, livestock, agro-processing, and marketing. The current consolidation phase of this program aims to reach one million Cameroonian family farms by 2035, recognizing that these two million family farms are responsible for nearly 80% of the national agricultural output. While these achievements are tangible, their budgetary weight within the 2025 portfolio remains marginal compared to the substantial urban projects.
Sovereign loans at the core of financing
An examination of the financial instruments employed sheds light on 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 mechanism inherently suited for projects with direct social impact and no immediate financial return, such as those in agriculture – accounted for a mere 6.3% of the total. This financial architecture has its own rationale. Large-scale infrastructure projects are naturally amenable to sovereign loans, as they create tangible assets that can secure repayment. Agricultural initiatives, conversely, often involve dispersed populations, unpredictable yields, and extended return horizons – conditions less compatible with conventional debt instruments. Consequently, the relatively small proportion of grants in the portfolio could partly explain the comparatively low funding directed to the agricultural sector. Across Central Africa during the period under review, 64% of AFD’s commitments were allocated to infrastructure and development projects.
Cameroon, as the region’s primary recipient, accurately reflects this continental orientation. This prompts a crucial question: does Yaoundé actively choose this distribution, or is it a consequence of negotiations with its donor partner?
SND30 and AFD: strategies seeking alignment
Cameroon’s SND30 outlines precise targets for structural transformation, including reducing food imports, fostering agro-industry, 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 – such as roads, drainage, and equipment – over agricultural value chains that require years of widespread support before yielding measurable results.
