Since the launch of its Country Strategy Paper 2023-2028, the African Development Bank has approved eight new operations in Cameroon worth a combined 833.8 billion CFA francs. That represents 67.9% of the 1,227.5 billion CFA francs set out in the strategy’s initial indicative program, according to a calculation based on data published by the pan-African institution on July 17, 2026.
Disbursements across the broader active portfolio remain low, however. The portfolio stood at 1,629.2 billion CFA francs and had a cumulative disbursement rate of 26%, according to a joint review presented in Yaoundé on July 14, 2026.
That rate covers the entire active portfolio, including operations approved before and after the Country Strategy Paper was launched. It therefore does not mean that only 26% of the 833.8 billion CFA francs in newly approved financing has been disbursed.
Commitments rise nearly 31%
The African Development Bank estimates its commitments to Cameroon at 1,603.6 billion CFA francs in 2026, up from 1,226.2 billion CFA francs at the start of the strategy period. That was an increase of 377.4 billion CFA francs, or 30.8%.
At the same time, Cameroon’s annual borrowing capacity under the African Development Bank lending window rose to 429.4 billion CFA francs from 273.3 billion CFA francs. The annual limit therefore increased by 156.1 billion CFA francs, or 57.1%.
The change reflects an increase in the volume of financing proposals submitted and approved. It does not, however, indicate on its own whether the financing agreements have become effective, whether work has begun or how much has been spent.
The portfolio review continues to identify delays in signing financing agreements and meeting the conditions for them to become effective, insufficient budget allocations for government counterpart funding, and late submission of audit reports.
These problems slow the transition from project approval to implementation, including agreement signing, fulfillment of pre-disbursement conditions, procurement, contractor mobilization and the release of funds.
The portfolio also remains heavily concentrated in infrastructure. Transport accounts for 53.83% of financing, followed by energy at 22.32%. Agriculture represents 10.8% and the social sector 9.19%.
Based on the value of the active portfolio, those shares represent about 877 billion CFA francs for transport and 364 billion CFA francs for energy. Together, the two sectors account for more than three-quarters of the bank’s active financing in Cameroon.
Share of red-flagged operations falls from 48% to 26%
One indicator, however, points to a recent improvement in operational performance. The share of projects classified as red-flagged fell to 26% in mid-July 2026 from 48% at the end of February.
The decline amounts to 22 percentage points and brings Cameroon’s portfolio closer to the 25% institutional target set by the African Development Bank. Operations in this category face critical difficulties that could jeopardize their schedules, objectives or ability to use the available funds.
This improvement should not, however, be confused with the pace of disbursement. Moving a project out of red-flag status indicates a reduction in its operational risks. It does not mean that the resources allocated to it have already been disbursed or spent.
The disbursement rate, which measures the share of committed financing that has actually been paid out, remains at 26% for the portfolio as a whole.
Cameroon and the African Development Bank adopted an acceleration plan in February 2026 that included performance contracts, monthly sector reviews and priority action on signed operations with no disbursements for more than 15 months.
“We need to shift the focus from procedures to results,” Léandre Bassolé, the bank’s director general for Central Africa, said at the time.
The decline in the share of projects facing difficulties suggests that the measures are beginning to have an effect. Their effectiveness, however, will have to be assessed based on disbursement trends, implementation progress and adherence to project schedules.
Turning approvals into completed infrastructure
The Economy Ministry cites more than 570 kilometers of roads, the 420-megawatt Nachtigal hydropower plant, and the distribution of more than 133,000 metric tons of fertilizer and improved seeds among the achievements of Cameroon’s partnership with the African Development Bank.
Ongoing operations are also expected to create more than 14,500 direct jobs, mainly for young people and women. Those projections will nevertheless depend on projects moving into implementation and on the ability of government agencies to remove the obstacles slowing their progress.
For the remainder of the strategy period, the challenge will be to maintain the pace of new approvals while turning financing already committed into completed infrastructure, delivered services and jobs.
“The private sector must be at the heart of the country’s economic transformation,” Bassolé said after the review.
That ambition requires, among other things, reducing administrative delays, securing counterpart funding, improving procurement and submitting audits on time. With nearly 68% of the indicative program already approved, the performance of the partnership between Cameroon and the African Development Bank will now depend less on further approvals than on how quickly existing operations are implemented.
Baudouin Enama