Cameroon-AfDB partnership: significant approvals alongside disbursement challenges

The collaboration between the African Development Bank (AfDB) and Cameroon showcases substantial growth in commitment volumes, yet faces persistent hurdles in translating these resources into actual expenditures. Since the implementation of the 2023-2028 Country Strategy Paper (CSP), the pan-African institution has greenlit eight new operations for Yaoundé, totaling an impressive 833.8 billion FCFA. This figure represents 67.9% of the initial indicative envelope, which was set at 1,227.5 billion FCFA for the period. These critical figures were unveiled on July 17, 2026, following a joint review conducted three days prior in the Cameroonian capital.

A clear acceleration in commitments is evident. The AfDB’s total commitments to Cameroon reached 1,603.6 billion FCFA in 2026, a significant rise from 1,226.2 billion FCFA at the CSP’s inception. This marks an increase of 377.4 billion FCFA, or nearly 31%. Concurrently, the nation’s annual access capacity to sovereign window resources has surged by 57.1%, moving from 273.3 billion to 429.4 billion FCFA. These robust statistics underscore the multilateral lender’s renewed confidence in Cameroon’s financial standing.

Disbursement rate stagnates at 26%

Despite the growing commitments, the conversion of these pledges into tangible expenditures remains a bottleneck. The entire active portfolio, valued at 1,629.2 billion FCFA during the joint review on July 14, 2026, exhibits a cumulative disbursement rate of only 26%. This ratio encompasses both operations initiated before the current CSP and those approved since 2023. It signifies a broader, structural challenge for Cameroon in effectively absorbing available financing, rather than solely indicating slow mobilization of the recently approved 833.8 billion FCFA.

The root causes identified during the review are consistent and recurring. Delays plague the signing and effective implementation of financing agreements, while the allocation of counterpart funds from the Public Treasury remains insufficient. Furthermore, audit reports frequently arrive late to the lender. These procedural frictions impede every phase of project execution, from initial approval to the fulfillment of preconditions, procurement processes, contractor mobilization, and the release of funding tranches.

Transport and energy sectors dominate financing

A sectoral analysis of the portfolio confirms a strong focus on heavy infrastructure development. The transport sector accounts for a dominant 53.83% of mobilized resources, followed by energy, which secures 22.32%. Agriculture represents 10.8% of the portfolio, and the social sector 9.19%. When translated into the total value of the active portfolio, these proportions equate to approximately 877 billion FCFA for transport and 364 billion FCFA for energy. Together, these two segments command over three-quarters of the AfDB’s exposure in Cameroon.

The Ministry of Economy highlights several key achievements stemming from this partnership, including the construction of over 570 kilometers of roads, the Nachtigal hydroelectric plant with its 420 MW installed capacity, and the distribution of more than 133,000 tons of fertilizers and improved seeds. Ongoing operations are projected to generate over 14,500 direct jobs, with a specific emphasis on opportunities for youth and women. However, these projections are contingent upon the effective commencement of the planned construction and development projects.

Reduction in high-risk projects

A positive trend has emerged in project performance. The proportion of projects classified as ‘red alert’ – those facing significant threats to their timelines or objectives – has decreased from 48% at the end of February to 26% by mid-July 2026. This 22-point reduction brings Cameroon’s portfolio closer to the AfDB’s institutional target of 25%. This improvement reflects the initial positive impacts of a jointly adopted acceleration plan in February, which introduced performance contracts, monthly sectoral reviews, and prioritized processing for operations signed but without disbursements for over fifteen months.

“We must transition from a procedural mindset to a culture of results,” emphasized Léandre Bassolé, AfDB Director General for Central Africa. Following the July review, the official underscored the critical role expected from the private sector in driving economic transformation. With nearly 68% of the indicative program already approved, the success of this partnership will increasingly hinge not on the volume of new announcements, but on the pace of execution: reducing administrative delays, securing national counterpart funding, streamlining procurement processes, and ensuring adherence to audit obligations. The latter half of the CSP will primarily be defined by the actual delivery of vital infrastructure.