Cameroon pays CFA34.7bn in interest to Eximbank China in Q1 2024

Business in Cameroon | Cameroon settled debts totaling CFA148.2 billion ($267 million) to the Chinese Eximbank in the first three months of 2024, as reported by the National Sinking Fund (CAA). Of this amount, CFA34.7 billion represents interest payments, with CFA113.5 billion allocated to principal repayment. These figures mark the largest debt and interest repayments made by Cameroon since the beginning of 2024 to all categories of creditors.

The Chinese bank emerged as the top beneficiary of Cameroon’s external debts by the end of March 2024, surpassing all multilateral institutions. Notably, the World Bank received CFA17.5 billion between January and March 2024, including CFA5.1 billion in interest. The IMF received CFA17.1 billion with CFA2.8 billion in interest, while the African Development Bank (AfDB) received CFA20.1 billion, including CFA9.3 billion in interest.

According to the CAA’s report, during the first three months of 2024, Cameroon’s cumulative external debt service amounted to CFA262 billion, representing a 31.8% execution rate compared to the projected CFA825 billion for 2024 (as per the Finance Law). Specifically, CFA195.4 billion is allocated for principal repayment and CFA66.7 billion for interest payments.

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