In the first quarter of 2026, Cameroon paid 121.8 billion FCFA to Eximbank China for debt repayment, according to data from the Caisse autonome d’amortissement (CAA). Of this amount, 16.5 billion FCFA represents interest earned by the Chinese public bank.
The payments made to Eximbank China account for 93% of the 132.2 billion FCFA repaid by the State for its bilateral debt over the same period, highlighting China's importance in Cameroon's public financing. Cameroon's bilateral debt to China amounts to 1,560 billion FCFA, or 65% of its total bilateral debt.
As of March 31, 2026, Cameroon's bilateral debt stood at 2,409 billion FCFA, reflecting a significant dependence on a limited number of state partners. China is the main creditor, holding 64.9% of this debt, or 16.9% of Cameroon's total external debt. France comes in second with 25.8%, representing 6.7% of the total external debt.
Cameroon's total public debt outstanding amounted to 15,416 billion FCFA as of March 31, 2026, or approximately US$27.5 billion. This amount represents 44.3% of the gross domestic product (GDP). Although this level of debt remains below the 70% threshold set by the Central African Economic and Monetary Community (CEMAC), and the 50% ceiling established by Cameroon's medium-term debt strategy for the period 2025-2027, public debt increased by 6% year-on-year.
In March 2026, Cameroon also approved a loan of 108.39 billion FCFA from China Exim Bank to finance Phase IV of the expansion of its fiber optic network. This loan aims to strengthen telecommunications transmission capacity nationwide and is part of a broader infrastructure investment program.
The IMF continues to consider Cameroon to be at high risk of debt distress. The institution has urged the country to prioritize concessional financing for infrastructure and to expand non-oil revenue mobilization to control debt vulnerabilities.
Cameroon spent 445.3 billion FCFA on public debt repayment in the first quarter of 2026, representing 18.4% of the repayments planned for the entire year. International creditors were the main beneficiaries of these payments. During this period, external debt service amounted to 268.9 billion FCFA.
China has become Cameroon's main investor over the past decade, thanks to major infrastructure projects financed by Eximbank China, including bridges, roads and dams. These loans are generally tied to Chinese companies, meaning that each agreement designates a Chinese contractor to carry out the work.
Despite the benefits that these investments can bring, Chinese loans often come with high repayment obligations, which puts additional pressure on Cameroon's debt service.
