Examining France’s development agency financial commitments in Cameroon

The Agence Française de Développement (AFD) stands as Cameroon’s foremost bilateral donor, managing an active portfolio that exceeds 622.8 billion FCFA, spread across 51 distinct projects. Yet, a detailed analysis of its 2025 financial commitments reveals a notable disparity: a substantial 44.2% of these funds are channeled into infrastructure and urban development, while a mere 1.7% is allocated to agriculture and food security. This striking contrast raises pertinent questions, particularly given Yaoundé’s strategic emphasis on import-substitution, with agricultural growth at its very core.

The financial figures are indeed compelling. By December 31, 2024, the AFD Group’s total portfolio in Cameroon had surpassed 594 billion FCFA, representing the largest portion of the approximately 1705.4 billion FCFA committed across the Central African region. This volume saw further growth in 2025, reaching roughly 622.8 billion FCFA, distributed among 51 projects—47 directly managed by the AFD and 4 by Expertise France, as detailed in the group’s activity report. The breakdown among the group’s three entities is clear: AFD itself accounts for 574.4 billion FCFA, Proparco (its subsidiary dedicated to the private sector) for 40.5 billion FCFA, and Expertise France for over 7.8 billion FCFA.

 However, these aggregate figures do not immediately convey the sectoral distribution, which provides crucial insights. In 2025, infrastructure and urban development captured a significant 44.2% of the group’s total commitments. Financing for private financial institutions followed, absorbing 35.9%. Governance received 6.8%, while education, training, and employment accounted for 6.4%. Conversely, agriculture and food security received only 1.7%, water and sanitation 2.2%, and the productive sector 2.9%.

INFRASTRUCTURE, A DELIBERATE CHOICE ALIGNED WITH HISTORY

This pronounced focus on infrastructure is far from coincidental. It reflects a long-established rationale and addresses undeniable needs within the country. The AFD has maintained a presence in Cameroon since 1960, and historically, the nation has consistently been one of the primary beneficiaries of its funding across Africa, with annual commitments averaging nearly 150 billion FCFA since 2002. The flagship project for 2025 perfectly illustrates this strategic direction.

On January 21, five financing agreements, totaling 175.5 million euros, were formally signed at the Ministry of Economy. The most significant of these agreements was dedicated to the Program to Combat Flooding in Douala and Yaoundé (PLIDY), backed by a sovereign loan of 150 million euros. This initiative directly targets the persistent flooding that affects Cameroon’s two major urban centers, with the overarching goal of sustainably reducing the vulnerability of both populations and essential infrastructure. Remarkably, the budget for this single project is almost five times the entire three-year allocation that the Cameroonian government recently earmarked for the revitalization of its wheat sector. The AFD also provided support for the Regional Capitals program, financed through the C2D mechanism, which aims to modernize urban infrastructure in five secondary cities, as well as the Sporcap initiative designed to improve access to sports facilities.

AGRICULTURE REMAINS MARGINAL

It is in this context that the contrast becomes particularly stark. The Cameroonian government has enshrined food sovereignty as a fundamental pillar of its National Development Strategy 2020-2030 (SND30). Furthermore, the Integrated Agro-Pastoral and Fisheries Import-Substitution Plan (PIISAH) 2024-2026 committed 1,500 billion FCFA towards reducing the nation’s reliance on imported staples such as rice, wheat, and palm oil. Against this backdrop, the meager 1.7% of AFD’s 2025 commitments allocated to agriculture and food security is especially striking.

This minimal share contrasts sharply with the institution’s engagement in other countries. Between 2018 and 2024, Proparco notably doubled its annual financing in Africa, mobilizing over 7.6 billion euros—approximately 1.2 billion annually—specifically targeting infrastructure, agriculture and food security, financial systems, and essential services across the continent.

These stated continental priorities do not appear to manifest with the same intensity within the Cameroonian portfolio. Despite this, robust precedents demonstrate successful agricultural interventions. The AFD has previously supported 8,000 productive projects in Cameroon through the ACEFA program, which reached 260,000 agricultural holdings and provided funding for micro-projects across various sectors, including cereals, livestock, agro-processing, and marketing.

 The consolidation phase of this program now aims to reach one million Cameroonian family farms by 2035, recognizing that these two million family farms collectively contribute nearly 80% of the national agricultural output. While these achievements are undeniable, their financial weight within the 2025 portfolio remains marginal when juxtaposed with the scale of the large urban development projects.

SOVEREIGN LOANS AT THE CORE OF ENGAGEMENT

The distribution of funds by financial instrument sheds further light on the portfolio’s dynamics. In 2025, sovereign loans accounted for 33.9% of commitments, followed by senior loans at 23.2%, C2D at 16.2%, and guarantees at 12.6%. Grants—a non-reimbursable tool inherently best suited for projects with direct social impact and no immediate financial return, particularly in sectors like agriculture—represented only 6.3% of the total. This financial architecture operates with its own inherent logic. Large-scale infrastructure projects are naturally amenable to sovereign loans, as they typically generate tangible assets that can serve as collateral for repayment.

Agricultural projects, conversely, often involve dispersed populations, inherently uncertain yields, and extended horizons for financial returns—conditions that are generally less compatible with conventional debt instruments. Consequently, the relatively modest proportion of grants within the portfolio could partially explain the comparative underfunding of the agricultural sector. Across Central Africa, during the period under review, 64% of AFD’s commitments were directed towards infrastructure and development projects.

Cameroon, as the region’s primary recipient, faithfully reflects this broader continental orientation. This prompts a crucial question: does Yaoundé actively choose this specific distribution of funds, or is it a consequence of its negotiations with the donor?

SND30 AND AFD: STRATEGIES SEEKING ALIGNMENT

The SND30 clearly outlines precise targets for structural transformation, including the reduction of food imports, the development of agro-industry, and the creation of local value-added products. However, the operational logic of a donor whose primary financial instruments are sovereign loans tends to favor highly visible urban projects—such as roads, drainage systems, and public equipment—over agricultural value chains. The latter often require years of widespread, sustained support before yielding measurable results, a characteristic less aligned with the typical expectations of debt-based financing.