CAMEROON · FOREIGN POWERS
Key Facts
- —The setting Cameroon is a Central African country on the Gulf of Guinea whose president, Paul Biya, has ruled since 1982.
- —IMF Cameroon has had no IMF lending programme since the last one expired in July 2025, and its 2027 budget counts on about US$512 million from a new one.
- —China China’s Export-Import Bank was owed about US$2.66 billion by Cameroon at the end of March 2026, close to two thirds of its bilateral debt.
- —France and EU France holds the reserves of the CFA franc zone in its Treasury, and Cameroon’s finance ministry says the EU has granted about US$1.07 billion since 1959.
- —United States US goods trade with Cameroon was US$457.1 million in 2025, and the first US-Cameroon economic dialogue took place on 27 August 2026.
- —Oil and mines Perenco says it has invested more than US$1.5 billion in Cameroon since 2012, while an arbitration panel ordered Cameroon to pay Sundance about US$616 million.
- —Russia Cameroon confirmed in April 2026 that 16 of its citizens had died serving in the Russian army in Ukraine.
Cameroon foreign powers and investors matter in a country that Paul Biya has ruled since 1982, with no IMF programme since July 2025. For US readers, it is a story of oil, ports, minerals and a trade door Washington has kept shut since 2020.
This guide names the lenders, companies and governments that matter most in October 2026, what each one brings and what each one wants.
Cameroon Foreign Players at a Glance
Cameroon sits where West and Central Africa meet, on the Gulf of Guinea. President Paul Biya leads a government that leans on outside money for roads, power plants and its yearly budget.
The overview of Cameroon in Africa shows how the country fits into its region. Every Cameroon foreign player below is placed in that setting.
The Cameroon foreign players fall into three groups: lenders, companies and governments. The IMF and the World Bank set the rules, China and Europe finance the building, and oil and mining firms take the resources.
The United States and Russia matter mostly through trade rules and security ties. Each group pulls in its own direction.
- Lenders: the IMF, the World Bank, the European Union and China’s Export-Import Bank.
- Companies: Perenco in oil, EDF in hydropower, Canyon Resources in bauxite, Sundance Resources in iron ore.
- Governments: France, the United States, China, Russia and the European Union.
The IMF and the Budget Gap
Cameroon’s last IMF lending programme expired in July 2025, according to Business in Cameroon. Two programmes between 2017 and 2025 helped raise about CFA 2.6 trillion (about US$4.4 billion) in budget support, the finance ministry says.
That money came from the fund and other partners.
The 2027 budget plan counts on CFA 300 billion (about US$512 million) from a new programme. That is 9.5% of the CFA 3.16 trillion (about US$5.4 billion) needed in 2027, which keeps every Cameroon foreign lender at the table.
The IMF’s country page says its board last held its yearly review of Cameroon’s economy on 25 March 2026. It lists 1,059.84 million special drawing rights, about US$1.44 billion, owed to the fund on 31 March 2026.
In October 2025 Prime Minister Joseph Dion Ngute referred the decision on opening talks to the presidency. In mid-September 2026 the camer.be news site said President Biya’s go-ahead was still awaited.
What the IMF Wants
The fund usually asks for a smaller deficit, steady tax collection and clean state companies in return for its money. The 2027 deficit is planned at CFA 1.018 trillion (about US$1.74 billion), up from CFA 808.5 billion (about US$1.38 billion) in 2026.
The rating agency Moody’s confirmed Cameroon at Caa1, a very high credit-risk grade, on 21 August 2026. It blamed political uncertainty and slow decisions for delays in budget spending and IMF talks.
The World Bank and the European Union
The World Bank said on 10 September 2026 that it had 22 active projects in Cameroon, six of them regional. They include a target of electricity for about 6.8 million more people, a road corridor towards Bamenda, digital services and support for poor households.
Its Local Governance and Resilient Communities Project alone carries US$300 million of concessional money. The bank puts public debt at 42.9% of the economy in March 2026 and rates Cameroon at high risk of debt distress.
The European Union is the other large grant giver. Cameroon’s finance ministry says grants have passed €953 million (about US$1.07 billion) since 1959.
A further €244 million (about US$273 million) is allocated for 2021 to 2027.
On 21 October 2026 the EU ambassador and France’s ambassador, Sylvain Riquier, met the Douala port authority about expanding the port. Business in Cameroon said no financing was announced.
China as Creditor and Builder
China is Cameroon’s biggest bilateral lender, ahead of France. The state debt agency counted CFA 1.56 trillion (about US$2.66 billion) owed to China’s Export-Import Bank at the end of March 2026.
That is about 65% of Cameroon’s bilateral debt of CFA 2.41 trillion (about US$4.11 billion), Africtelegraph reported in May 2026. In early 2026 Cameroon paid the bank CFA 121.8 billion (about US$208 million), including CFA 16.5 billion (about US$28 million) of interest.
What China Brings and Wants
Cameroon approved a new fibre-optic loan of about US$195 million from the bank in March 2026, according to Developing Telecoms. The loan funds the fourth phase of the national fibre-optic network.
Chinese industry also invests directly: the cable maker Hebei Huatong has a plant in Douala. On 29 May 2026 it signed a loan of up to US$60 million with the World Bank’s private-sector arm.
The money covers cable capacity in Tanzania and working capital for the Cameroon plant.
France, Oil and the CFA Franc
France is a long-standing outside power in Cameroon, through money and companies. Cameroon uses the CFA franc, and the reserves of its six-country monetary zone sit in an operations account at the French Treasury, camer.be noted.
On 17 September 2026 the oil company Perenco and state firm SNH reported finds in the Rio del Rey and Bomana contract areas. SNH put the Kita and Bokwango finds at more than 30 million barrels of oil.
Perenco says it has invested over US$1.5 billion alongside SNH since 2012 and operates about 75,000 barrels of oil equivalent a day. It says further gas investment depends on a contract framework with SNH.
In power, the French utility EDF and the investor STOA built the 420-megawatt Nachtigal hydropower plant on the Sanaga river. The World Bank’s guarantee agency MIGA insured their equity for up to €164.5 million (about US$184 million) against breach of contract.
Mining and the Cost of Contract Fights
Mining shows both the promise and the risk of Cameroon foreign money. In July 2026 the Australian firm Sundance Resources said a tribunal had awarded it about US$616 million in damages, interest and costs.
The dispute concerns the Mbalam-Nabeba iron-ore project, Mining Weekly reported.
The International Chamber of Commerce tribunal found Cameroon had breached its legal obligations. The permit had gone to another developer despite a March 2022 emergency order.
The mines ministry had not replied to Mining Weekly’s request for comment.
Bauxite and the Railway
Another Australian company, Canyon Resources, works through its subsidiary Camalco on the Minim Martap bauxite project in the Adamawa region. In the year to June 2026 it lifted its Camrail railway stake from 9.1% to 26.9% for CFA 9.85 billion (about US$16.8 million).
Canyon also advanced CFA 4.4 billion (about US$7.5 million) to the state for rail upgrades, recoverable through deductions from future rail tariffs. In August 2026 it withdrew its target for a first bauxite shipment in late 2026, citing unclear financing and port transshipment capacity.
Washington Courts Yaoundé on Trade
At the first US-Cameroon Economic and Commercial Dialogue on 27 August 2026, officials announced about US$7 billion in American opportunities, the US Embassy said. The projects are at various stages of development.
The sectors include technology, critical minerals, infrastructure, energy, forestry and logistics.
According to the US Trade Representative, goods trade between the two countries was US$457.1 million in 2025. The US sold US$169.3 million and bought US$287.7 million.
Cameroon lost duty-free access under the African Growth and Opportunity Act on 1 January 2020 after a US human-rights review. The US renewed the programme in February 2026 through 31 December 2026, and Cameroon says it wants back in, with technical help.
Big Numbers, Few Contracts
On 15 October 2026 the US Embassy released plans worth about US$2.23 billion by the firm A. Epstein and Sons International and a partner, ITF. They include a US$2 billion airport near Douala.
Trends Africa said it remains at the feasibility-study stage.
The August list also names a US$500 million rutile project and a proposed US$3.5 billion, 1,040-megawatt Grand Eweng hydropower plant on the Sanaga river. The embassy described these as opportunities, not signed contracts.
Russia, Security and the War in Ukraine
Cameroon and Russia signed a military cooperation agreement in Moscow on 12 April 2022, Financial Afrik reported. Its key terms were not disclosed.
On 6 April 2026 the foreign ministry named 16 citizens who had died serving in the Russian army in Ukraine, La Nouvelle Tribune reported. Moscow had sent the news by diplomatic note on 5 March 2026.
The ministry told families to contact its diaspora directorate in Yaoundé. La Nouvelle Tribune reported that Yaoundé announced no public approach to Moscow.
For the wider picture of Cameroon’s alliances, read the Cameroon geopolitics explainer and the Rio Times Cameroon hub. The Cameroon Explained 2026 guide gives the wider political context.
What It Means for US Readers
Cameroon is a small trade partner for the United States, with US$457.1 million of goods trade in 2025. Any firm that signs a contract there carries risk from contract disputes such as the Sundance case.
Watch three markers: whether the IMF opens talks, whether Cameroon returns to AGOA, and whether US announcements become signed contracts. For the political side, see who holds power in Cameroon and who runs its economy.
What Is Not Known
It is not known when President Biya will approve IMF talks or how a new programme would be sized. The sources used here give no figure for aid-agency spending in Cameroon.
The terms of the Russia agreement and the signed value of US-announced deals are unpublished. The amount Cameroon will eventually pay Sundance is not known.
Frequently Asked Questions
Who is Cameroon’s biggest bilateral creditor?
China’s Export-Import Bank, owed about US$2.66 billion at the end of March 2026, or about 65% of Cameroon’s bilateral debt. The IMF was owed about US$1.44 billion on 31 March 2026.
Does Cameroon have an IMF programme in 2026?
No, the last programme expired in July 2025, and in mid-September 2026 the president had not yet cleared the opening of talks. The 2027 budget assumes about US$512 million from a new deal.
Can Cameroon export duty-free to the United States?
Not under the African Growth and Opportunity Act, because Cameroon lost its eligibility on 1 January 2020. Cameroon wants to return, and the US programme runs until 31 December 2026.
Which foreign companies are biggest in Cameroon?
Perenco in oil, EDF in hydropower and Canyon Resources in bauxite are among the best documented in public filings and news. The US Embassy list also names firms in minerals, technology and logistics.
Why does France matter for Cameroon’s currency?
Cameroon’s CFA franc zone keeps its foreign-exchange reserves in an operations account at the French Treasury, camer.be reported in September 2026. The arrangement comes from agreements between the six CEMAC countries and France.
How many Cameroonians have died fighting for Russia?
Cameroon’s foreign ministry confirmed on 6 April 2026 that 16 citizens had died as contract soldiers in Russia’s army in Ukraine. It gave no circumstances or dates, and announced no public approach to Moscow.
Sources: IMF, Cameroon country page (Article IV 25 March 2026), 2026-03-25; World Bank, Cameroon overview, 2026-09-10; Business in Cameroon, 2027-2029 budget financing gap without IMF, 2026-08-05; Camer.be, IMF talks and 2027 budget, 2026-09-14; Africtelegraph, interest paid to Eximbank China, 2026-05-26; IFC, Huatong Cables project disclosure, 2026-07-10; MIGA, Nachtigal Hydro IPP, 2018-12-21; Business in Cameroon, Perenco findings, 2026-09-19; Mining Weekly, Sundance arbitration, 2026-07-27; Business in Cameroon, Canyon Resources rail advance, 2026-10-08; Business in Cameroon, EU grants, 2026-08-12; Business in Cameroon, Douala port talks with EU and France, 2026-10-22; Business in Cameroon, AGOA and US economic dialogue, 2026-08-11; US Embassy in Cameroon, Economic and Commercial Dialogue, 2026-08-28; Trends Africa, US firm infrastructure plans, 2026-10-16; La Nouvelle Tribune, 16 Cameroonians dead in Ukraine, 2026-04-07; Developing Telecoms, China fibre-optic loan, 2026-03-10; Financial Afrik, Cameroon-Russia military agreement, 2022-04-21.
Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error