(Business in Cameroon) - The African Development Bank Group (AfDB) is set to officially open its new regional office for Central Africa in Yaoundé, Cameroon, on April 12, according to an official press release issued by the financial institution. This significant event comes nearly five years after Cameroon and the AfDB signed the headquarters agreement in July 2019.

The establishment of this office marks a significant expansion for the AfDB, adding to its five regional offices across Africa. It will serve seven countries, namely Cameroon, Congo, Gabon, Equatorial Guinea, the Central African Republic (CAR), the Democratic Republic of Congo (DRC), and Chad. Its opening aligns with the AfDB's strategy to strengthen its presence and enhance the efficiency of its operations within Central Africa.

“The new regional base for Central Africa underscores the African Development Bank Group’s dedication to strengthening cooperation with bilateral and multilateral development partners to enhance the effectiveness of development initiatives and promote sustainable growth across the region,” the institution said.

As of April 1, 2024, the AfDB's portfolio in the sub-region covers nearly 600 operations with a total value of $10.2 billion, around CFA10,953 billion. The active portfolio of multinational operations includes 26 projects, amounting to $2.49 billion. In Cameroon alone, the AfDB boasts a comprehensive portfolio of $2.8 billion, equivalent to CFA2,975 billion, funding 120 projects primarily in the infrastructure sector since its inception. These projects include integrative initiatives like the construction of the bridge over the Logone River, connecting the Cameroonian city of Yagoua with Bongor in Chad, with completion expected in the first quarter of 2024, alongside projects specific to Cameroon.