Cameroon Eyes New Infrastructure Finance Investments After $50 Million Africa50 Commitment

Cameroon is considering new equity investments in international financial institutions that offer alternative sources of financing, according to a presidential circular issued on October 12, 2026, to guide preparation of the 2027 state budget. The policy comes after the government had paid approximately $27.8 million (CFA16.3 billion) by the end of 2025 toward its $50 million (CFA29.3 billion) capital subscription to Africa50, a pan-African infrastructure investment platform.

In paragraph 32 of the circular, President Paul Biya calls for such equity investments to be “encouraged” to “ease the conditions for accessing these resources and increase the volume of financing available to Cameroon.” The document does not identify any institutions that might receive new investments, nor does it specify how much the government intends to commit or when the investments might take place.

Africa50’s 2025 financial statements, published on August 28, 2026, provide details of Cameroon’s existing capital contributions. As of December 31, 2025, the country had paid $25.023 million (CFA14.67 billion) to Africa50-Project Finance and $2.780 million (CFA1.63 billion) to Africa50-Project Development.

Together, these payments represent 55.6% of the $50 million subscription announced by Cameroon’s Ministry of Economy in November 2024. They show how much of the country’s announced investment had actually been paid into the two Africa50 entities by the end of 2025. The difference between the announced subscription and the amount paid is approximately $22.2 million (CFA13 billion). This calculation assumes that the original subscription amount has not changed since November 2024.

However, the unpaid portion should not be interpreted as an overdue debt. The available information does not establish whether the entire outstanding amount had already been called for payment or whether Cameroon had missed any payment deadlines.

The potential financial benefits of further equity investments will depend on the rights attached to the shares and the financing terms offered by each institution. By becoming a shareholder, the government commits capital to an institution, but that investment does not automatically entitle it to loans or preferential financing for national projects.

The presidential circular does not explain what specific financial advantages Cameroon expects to obtain from the additional subscriptions under consideration. It therefore establishes a policy objective without identifying the precise mechanisms through which new shareholdings would improve access to financing.

Nachtigal: Africa50 Acquired a 15% Stake From the Government

Africa50 has already participated in a major infrastructure project in Cameroon. On December 4, 2018, the institution announced that it had acquired a 15% stake in Nachtigal Hydro Power Company, the company responsible for the 420-megawatt Nachtigal hydroelectric power plant.

The transaction reduced the Cameroonian government’s ownership in the project from 30% to 15%. Africa50 therefore became a shareholder in a project in which the state had previously held a larger direct stake.

A presidential ordinance dated December 20, 2018, authorized the sale at a maximum price of €6 million, equivalent to approximately CFA3.94 billion. However, this legally authorized ceiling does not establish the amount the Treasury actually received from the transaction.

The government thus sold part of its ownership in Nachtigal to an institution in which Cameroon itself is a shareholder. Nevertheless, the transaction does not demonstrate that the country’s equity participation in Africa50 gave it access to preferential financing terms.

Another example involves Africa Finance Corporation (AFC). On June 20, 2023, the institution announced that Cameroon’s National Social Insurance Fund (CNPS) had become one of its shareholders. AFC did not disclose the value of CNPS’s investment. At the time, AFC said it had already invested more than $300 million (CFA175.9 billion) in infrastructure projects in Cameroon, including Nachtigal and Sonara. These investments cannot be attributed to CNPS’s subsequent entry into AFC’s shareholder base.

There is also an institutional distinction between the two types of participation. CNPS’s investment in AFC forms part of the investment activities of a public social security institution. It is separate from equity subscriptions made directly by the Cameroonian state. For 2027, the presidential circular also maintains the government’s preference for projects financed through concessional loans, which offer more favorable terms than those available on the market.

Non-concessional borrowing remains reserved for projects that demonstrate sufficient socioeconomic and financial returns and for which no concessional financing is available. The planned equity investments therefore sit alongside Cameroon’s existing borrowing priorities. While the government wants to improve access to alternative financing through international institutions, the financial benefits of any new shareholdings will depend on the terms attached to those investments and the financing arrangements available for individual projects.

Baudouin Enama