Afriland First Bank has signed a declaration of intent with the Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank Group, to structure a €50 million syndicated financing facility, equivalent to about CFAF32.8 billion, for private sector projects in Cameroon.
The agreement was signed on July 29 in Baku, Azerbaijan, on the sidelines of the Islamic Development Bank Group’s Annual Meetings, and marks the latest step in cooperation between the Cameroonian lender and the ICD. Hervé Ayissi, Deputy General Manager of Afriland First Bank, signed the declaration on behalf of the Cameroonian lender.
Afriland First Bank said the facility would increase access to Islamic finance and provide additional resources for businesses, particularly small and medium-sized enterprises (SMEs). Eligible projects will include those in agriculture, agro-industry, healthcare, manufacturing and transport. The initiative is intended to expand access to financing, improve business competitiveness and strengthen the private sector’s contribution to economic activity.
Focus on productive sectors
The proposed facility comes at a time when access to long-term financing remains a major challenge for many businesses. The sectors targeted under the arrangement play an important role in Cameroon’s production base and job creation. According to Afriland First Bank, the facility will mobilize Sharia-compliant financing for businesses and productive investments, including projects that generate economic value and broaden financial inclusion.
Speaking after the signing, Ayissi said the agreement was particularly significant because it was concluded during the Islamic Development Bank Group’s Annual Meetings, which brought together major public and private sector stakeholders involved in Islamic finance.
“The fact that Afriland First Bank figures among the institutions selected to conclude agreements with the ICD constitutes a mark of confidence and international recognition of our Islamic finance model,” Ayissi said in a statement published by Afriland First Bank.
He added that the agreement would strengthen the bank’s ability to mobilize Sharia-compliant resources, finance more businesses and support value-creating projects in strategic sectors. The initiative also aligns with Cameroon’s National Development Strategy (NDS30), which seeks to accelerate industrialization, economic transformation and private sector development.
Building on existing cooperation
The agreement expands a long-standing partnership between Afriland First Bank and the ICD. Four previous ICD financing lines worth a combined €63 million have already been mobilized through the partnership. The proposed €50 million facility will add to a financing relationship that has become a recurring source of capital for private sector investment.
Afriland First Bank said the operation reflects continued confidence among international development finance institutions in its capacity to channel funding towards businesses and productive sectors.
The bank remains Cameroon’s largest banking institution by market presence. As of December 31, 2025, it had mobilized more than CFAF1.2 trillion for private enterprises. Its outstanding loan portfolio stood at CFAF1.667 trillion, while customer deposits reached CFAF1.95 trillion. Total assets amounted to CFAF2.55 trillion.
Headquartered in Jeddah, Saudi Arabia, the ICD is a multilateral development finance institution mandated to promote private sector investment through Islamic finance across its 56 member states. Afriland First Bank said the planned facility demonstrates the shared objective of both institutions to expand financing opportunities for businesses and support sustainable economic development.
Mercy Fosoh
