With an active portfolio exceeding 622.8 billion FCFA across 51 distinct projects, the Agence Française de Développement (AFD) stands as Cameroon’s primary bilateral donor. Yet, behind this impressive financial volume, a detailed sectoral analysis of its 2025 commitments reveals a distribution worthy of closer examination: 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 stark contrast is particularly noteworthy given that Yaoundé has positioned agricultural self-sufficiency at the very core of its import-substitution strategy.
The financial 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 around 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 among the three entities is clear: AFD accounts for 574.4 billion FCFA, Proparco (its private sector subsidiary) for 40.5 billion FCFA, and Expertise France for over 7.8 billion FCFA.
However, these aggregate figures do not reveal the critical sectoral allocation. In 2025, infrastructure and urban development absorbed 44.2% of the group’s commitments. Financing for private financial institutions followed, taking 35.9%. Governance received 6.8%, while education, training, and employment accounted for 6.4%. At the lower end of the spectrum, agriculture and food security received a marginal 1.7%, water and sanitation 2.2%, and the productive sector 2.9%.
Infrastructure: a deliberate and historically consistent choice
The pronounced focus on infrastructure is far from accidental. It reflects a long-standing strategic approach and addresses tangible national needs. AFD has maintained a presence in Cameroon since 1960, and the nation has historically been one of the principal beneficiaries of its financing in Africa, with average annual commitments nearing 150 billion FCFA since 2002. A flagship project from 2025 perfectly exemplifies this orientation.
On January 21, five financing agreements totaling 175.5 million euros were formally signed at the Ministry of Economy. The most significant of these was for the Flood Control Program in Douala and Yaoundé (PLIDY), backed by a sovereign loan of 150 million euros. This initiative aims to tackle the recurrent flooding that plagues Cameroon’s two major cities, striving to permanently reduce the vulnerability of both residents and vital infrastructure. This single project alone represents nearly five times the entire triennial budget recently dedicated by the Cameroonian government to revitalizing its wheat sector. AFD has also supported 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 designed to enhance access to sports facilities.
Agriculture remains on the periphery
Here, the contrast becomes particularly striking. The Cameroonian government has enshrined food sovereignty as a central pillar of its National Development Strategy 2020-2030 (SND30). Furthermore, the Integrated Agro-pastoral and Fisheries Import-Substitution Plan (PIISAH) 2024-2026 has earmarked 1,500 billion FCFA to diminish reliance on imported rice, wheat, palm oil, and other staple commodities. Within this national strategic context, the 1.7% of AFD’s 2025 commitments allocated to agriculture and food security raises significant questions.
This minuscule share stands in sharp contrast to the institution’s activities 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, 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 across cereals, livestock, agri-food processing, and commercialization sectors.
The current consolidation phase of the program aims to reach one million Cameroonian family farms by 2035, recognizing that these two million family farms contribute nearly 80% of the national agricultural output. While these achievements are real, their budgetary weight within the 2025 portfolio remains marginal when compared to large-scale urban projects.
Sovereign loans dominate the financial landscape
The distribution by financial instrument further illuminates the portfolio’s dynamics. 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-repayable instrument inherently better suited for direct social impact projects without immediate financial returns, such as in agriculture—represented only 6.3% of the total. This financial architecture operates on its own logic. Major infrastructure projects are naturally conducive to sovereign loans, as 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 limited share of grants within the portfolio may partly 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. As the primary regional recipient, Cameroon faithfully mirrors this continental orientation. This prompts a crucial question: 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 primarily employing sovereign loans tends to favor high-visibility urban projects—such as roads, drainage systems, and public facilities—over agricultural value chains. The latter often demand years of widespread support before yielding measurable results.
