France’s AFD funding in Cameroon: analyzing sectorial allocations

With an active portfolio exceeding 622.8 billion FCFA across 51 projects, the Agence Française de Développement (AFD) stands as Cameroon’s foremost bilateral donor. However, a detailed sectorial breakdown of its 2025 commitments reveals strategic choices that warrant scrutiny: 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 striking given that Yaoundé has positioned agriculture at the core of its national import-substitution strategy.

The statistics are compelling. As of December 31, 2024, the AFD Group’s portfolio in Cameroon surpassed 594 billion FCFA, representing the largest share of approximately 1705.4 billion FCFA committed across Central Africa. By 2025, this volume further expanded to roughly 622.8 billion FCFA, distributed among 51 projects – 47 managed directly by the AFD and four by Expertise France, according to the group’s activity report. The allocation across the group’s 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 these overall figures don’t immediately convey is the sectorial distribution, which offers crucial insights. In 2025, infrastructure and urban development absorbed 44.2% of the group’s commitments. Financing for private financial institutions accounted for 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 represented only 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 not coincidental; it reflects a long-standing rationale and addresses genuine needs. The AFD has maintained a presence in Cameroon since 1960, and the nation has historically been one of the primary recipients of its funding 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 was for the Douala and Yaoundé Flood Control Program (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, with the objective 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. The AFD also supported the Regional Capitals program, financed via the C2D mechanism, which seeks to modernize urban infrastructure in five secondary cities, as well as the Sporcap initiative for enhancing access to sports facilities.

agriculture remains on the periphery

This is where the disparity becomes 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 earmarked 1,500 billion FCFA to lessen dependence on imported rice, wheat, palm oil, and other essential commodities. In this context, the 1.7% of AFD commitments allocated to agriculture and food security in 2025 raises significant questions.

This minimal share contrasts sharply with the institution’s activities in other nations. Between 2018 and 2024, Proparco doubled its annual financing in Africa, mobilizing over 7.6 billion euros—approximately 1.2 billion annually—specifically supporting 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, there are strong precedents within Cameroon. The AFD previously supported 8,000 productive projects through the ACEFA program, which reached 260,000 agricultural holdings and funded micro-projects in cereals, livestock, agro-processing, and marketing. The consolidation phase of this program now targets one million Cameroonian family farms by 2035, recognizing that these two million family farms account for nearly 80% of the national agricultural output. While these achievements exist, their budgetary weight in the 2025 portfolio remains marginal when compared to large-scale urban projects.

sovereign loans at the heart of the strategy

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-reimbursable instrument ideally suited for projects with direct social impact and no immediate financial return, such as those 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 because they generate tangible assets that can secure repayment. Agricultural projects, conversely, often involve dispersed populations, uncertain yields, and long return horizons—conditions less compatible with traditional debt instruments. Thus, the relatively low proportion of grants in the portfolio could partially explain the 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, faithfully mirrors this continental orientation. The question remains whether Yaoundé actively chooses this distribution or is compelled to accept it during negotiations with its donor.

SND30 and AFD: two strategies seeking alignment

The SND30 strategy 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—such as roads, drainage, and equipment—over agricultural value chains that require years of diffuse support before yielding measurable results. This divergence highlights a critical area for alignment in Cameroon’s economic development and governance Africa.