Afreximbank has emerged as Cameroon's leading commercial creditor, holding 26.3% of the country's commercial debt, equivalent to approximately CFAF 547.9 billion. This development marks a significant shift in Cameroon's financing strategy, characterized by an increasing reliance on international markets. Cameroon's commercial debt exceeded CFAF 2,000 billion by the end of the first quarter of 2026, reaching CFAF 2,083.7 billion, according to the Caisse Autonome d’Amortissement (CAA).
This commercial debt includes loans contracted under market conditions from non-concessional creditors. Afreximbank now surpasses private placements made through the London Stock Exchange Group (LSEG) and the Eurobond issued by Cameroon in 2021. The CAA emphasizes that this increase reflects Cameroon's gradual access to international markets, with commercial debt primarily consisting of loans from Afreximbank, representing 5.9% of the country's total external debt.
The outstanding debt of Cameroon to Afreximbank experienced a significant increase between March 2025 and March 2026, rising from CFAF 208.8 billion to CFAF 547.9 billion, a 162.4% increase. This increase of CFAF 339.1 billion demonstrates Afreximbank's growing role in Cameroon's financing, amidst substantial budgetary needs and the search for alternative funding sources.
The Minister of Finance, Louis Paul Motazé, highlighted Afreximbank's role during the presentation of the State's financing program for 2026, noting that this institution had mobilized more than CFAF 600 billion for the benefit of the State and the Cameroonian private sector since 2024. He also described Afreximbank as a strategic partner, praising its confidence in Cameroon's potential.
Afreximbank's financing in Cameroon is mainly directed towards the public sector, in the form of direct loans, guarantees, or foreign exchange transactions. The pan-African bank also supports the private sector, as evidenced by its involvement in the construction project of a bitumen production plant in Kribi and the Cameroon Tyres Factory project.
Afreximbank's rise to prominence occurs in a specific context, with Cameroonian George Elombi at its head since September 2025. Cameroon is doubly linked to Afreximbank, as a shareholder state and through the Caisse Nationale de Prévoyance Sociale (CNPS), which is also a shareholder. This relationship underscores Cameroon's interest in pan-African financing tools and its increasing reliance on non-concessional resources.
While this partnership is strategic, it is essential to monitor the cost and sustainability of the debt, as commercial financing is generally contracted at more expensive terms than concessional loans. The CAA emphasizes the need for increased monitoring of rates, maturities, and guarantees, in order to control the impact on debt servicing.
