(Business in Cameroon) – In the first half of 2024, Cameroon signed seven financing agreements totaling CFA429.9 billion, according to the latest monthly debt report published on July 19 by the national sinking fund (CAA). During the second quarter of 2024, the Cameroonian government secured three financing agreements worth CFA189.2 billion. With a nominal commitment ceiling set at CFA950 billion, the total commitments realized by the end of June 2024 amount to CFA429.9 billion, representing 45% of the target. Of these commitments, 42.2% are concessional loans and 57.8% are non-concessional loans, the CAA noted.
Specifically, the CAA detailed that a CFA7.83 billion loan was signed on January 11, 2024, with Standard Chartered Bank to finance the construction of the Ebolowa-Kribi road (179.2 km) in the South region. On January 30, an agreement for CFA50 billion was reached with Standard Chartered Bank and UK Export Finance for the development of 15,280 hectares of hydro-agricultural land in the Mbéré, Vina, and Faro and Deo regions of the Adamaoua region. On February 24, 2024, a CFA180.98 billion loan agreement was signed with the International Development Association (IDA), a World Bank institution, for the regional improvement project of the Douala-N’Djaména railway/road corridor.
On April 12, 2024, a CFA133.23 billion loan agreement was signed with the African Development Bank (AfDB) for land development and private sector promotion in the Far North region. On July 22, President Paul Biya signed a decree authorizing the Minister of Economy, Planning, and Territorial Development, Alamine Ousmane Mey, to ratify this loan agreement. On June 22, 2024, two loan agreements totaling CFA55.77 billion were signed with Standard Chartered Bank, Eximbank USA, and Private Export Funding Corporation (PEFCO) for the establishment of an intercommunal civil engineering and hydraulic machinery park. The first agreement involves a CFA44.52 billion credit facility guaranteed by Eximbank USA, and the second is a commercial loan of CFA11.25 billion.
These financing agreements are critical for advancing the country’s infrastructure and development projects across key sectors. With targeted investments in road, hydro-agricultural, rail, and territorial development, Cameroon aims to enhance its transport network, improve water resource management, and foster entrepreneurship and infrastructure development in its most remote regions. Effective implementation of these projects is expected to not only drive economic growth but also strengthen Cameroon’s competitiveness in the region, according to authorities.
