The Central Africa regional office of the African Development Bank Group has acquired a new office in Yaoundé, Cameroon. A brand-new building, witness to the willingness of the Cameroonian authorities to concretize their agreement in favor of the headquarters establishment agreement signed on July 2, 2019 between the Cameroonian government and the AfDB. The inauguration ceremony for the headquarters building took place on April 12, 2024, during a ceremony presided over by Cameroon’s Prime Minister, Joseph Dion Ngute. The Bank’s presence in Yaoundé should enable it to better operationalize its services.
On April 12, 2024, the African Development Bank Group inaugurated the premises housing its regional headquarters for Central Africa in Yaoundé. The 6-floored building covers a total surface area of 3,600 m². The presence of this office will enable the financial institution to better operationalize its activities and achieve its objectives, in particular the acceleration of regional integration and the development of the private sector.
« This agreement, which establishes the former country office as a sub-regional office covering the countries of Central Africa, will enable the bank to get closer to the realities of our sub-region and provide more than in the past, a particularized support, in line with the expectations of our populations. »
Joseph Dion Ngute, Prime minister – Cameroon
The AfDB is an important development partner in the CEMAC region, which, although being rich in mining, forestry and fishery resources, is still in quest of progress. To date, the Bank has made its presence felt in the region through 596 operations carried out for the benefit of countries in the region, for a cumulative total estimated at around CFAF 10,950 billion, including 120 operations worth CFAF 2,978 billion in Cameroon. These investments have helped to improve the political, economic and social framework, creating more than 2.5 million direct jobs and providing access to electricity.
“ We strongly believe that the presence of a regional office in Yaoundé will contribute without any doubt to giving more support to the countries of the region on development policies and strategies. The opening of this Regional Office makes it possible to strengthen the dialogue with the Regional economic communities and the various development partners. It also allow to accelerate the implementation of our regional integration operations in Central Africa, promoting in the same vein, business development with the private sector, which I must say has so far been a challenge.”
Marie-Laure Akin-Olugbade, Vice-President for the Regional Development, Integration and Business Delivery – Cameroon
According to the AfDB, growth in Central Africa is set to slow to 3.5% in 2024, but the expected upturn in private consumption and increased investment in mining and exports could help boost growth to 4.1% in 2025. These are prospects that the AfDB would like to help make a reality. The current portfolio of regional and multinational operations in the region comprises 38 operations with a total commitment of nearly CFAF 1,000 billion.
