The figures speak volumes. As of December 31, 2024, the AFD group’s portfolio in Cameroon surpassed 594 billion FCFA, representing the largest share of the approximately 1705.4 billion FCFA committed across Central Africa. By 2025, this volume further increased to around 622.8 billion FCFA, distributed among 51 projects—47 managed by AFD itself 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 subsidiary—and over 7.8 billion FCFA for Expertise France.

What this overall figure does not immediately convey is the sectoral distribution, and this is where the analysis becomes particularly insightful. In 2025, infrastructure and urban development captured a dominant 44.2% of the group’s commitments. Funding for private financial institutions absorbed another significant portion at 35.9%. Governance accounted for 6.8%, while education, training, and employment received 6.4%. At the opposite end of the spectrum, agriculture and food security were allocated a mere 1.7%, water and sanitation 2.2%, and the productive sector 2.9%.

INFRASTRUCTURE: A CONSCIOUS CHOICE ALIGNED WITH HISTORY

This heavy concentration on infrastructure is not accidental. It reflects a long-standing rationale 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 annual commitments averaging nearly 150 billion FCFA since 2002. The flagship project of 2025 perfectly exemplifies this strategic direction.

On January 21, five financing agreements totaling 175.5 million euros were signed at the Ministry of Economy. The most significant of these supported the Flood Control Program in Douala and Yaoundé (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 ultimate goal of sustainably reducing the vulnerability of both populations and infrastructure. This single project alone is equivalent to nearly five times the entire three-year budget the Cameroonian government recently dedicated to revitalizing its wheat sector. AFD also contributed to the Regional Capitals program—funded through the C2D mechanism—which seeks to modernize urban infrastructure in five secondary cities, as well as the Sporcap initiative to enhance access to sports facilities.

AGRICULTURE REMAINS ON THE SIDELINES

Here, the contrast becomes striking. The Cameroonian government has enshrined 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 committed 1,500 billion FCFA to lessen reliance on imported rice, wheat, palm oil, and other essential goods. Against this backdrop, AFD’s allocation of just 1.7% of its 2025 commitments to agriculture and food security raises significant questions.

This minuscule share stands in stark contrast to the institution’s activities in other nations. Between 2018 and 2024, Proparco doubled its annual financing in Africa, mobilizing over 7.6 billion euros—roughly 1.2 billion per year—specifically for infrastructure, agriculture, 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 financed micro-projects in cereals, livestock, agro-processing, and commercialization.

The consolidation phase of this program now aims to reach one million Cameroonian family farms by 2035, recognizing that these two million family farms account for nearly 80% of national agricultural production. 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 FINANCING

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 (Debt Reduction-Development Contract) at 16.2%, and guarantees at 12.6%. Grants—a non-repayable instrument inherently suited for social impact projects without immediate financial returns, such as in agriculture—represented only 6.3% of the total. This financial architecture has its own logic. Major infrastructure projects naturally lend themselves to sovereign loans because they generate tangible assets that can secure repayment.

Agricultural projects, conversely, often involve dispersed populations, uncertain yields, and lengthy return horizons—conditions less compatible with traditional debt instruments. The minimal share of grants in the portfolio can, therefore, 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 primary regional recipient, accurately mirrors this continental orientation. Does Yaoundé actively choose this distribution, or is it a consequence of negotiations with its donor? This question warrants further consideration.

SND30 AND AFD: TWO STRATEGIES SEEKING ALIGNMENT

The SND30 sets precise targets for structural transformation, including reducing food imports, developing agro-industry, and fostering local value creation. However, the operational logic of a donor whose primary instruments are sovereign loans tends to favor highly visible urban projects—roads, drainage, equipment—rather than agricultural value chains that demand years of diffused support before yielding measurable results.