The Development Bank of Central African States (BDEAC) has raised $222 million through its first international bond issue, opening a new funding channel as it seeks to accelerate disbursements for development projects across the six member states of the Central African Economic and Monetary Community (CEMAC).
BDEAC issued the bond on October 13 and announced the results the following day. Proceeds will support economic development and regional integration, including infrastructure, agriculture, agro-industry and industrial projects. According to the bank, the amount raised represents nearly 15% of its total balance sheet.
Africa Finance Corporation (AFC) participated as a strategic anchor investor alongside other investors. BDEAC did not identify the other participants or disclose how the proceeds would be allocated among individual countries and projects.
With an annual coupon of 7.88% in euros following a simultaneous euro-dollar currency hedge, the bond matures in October 2029. As part of the transaction, BDEAC committed to holding investor conferences twice a year and publishing semiannual presentations on shareholder support, loan portfolio performance, funding and liquidity.
The new funding comes as BDEAC seeks to turn confirmed financing commitments into actual disbursements. According to Investir au Cameroun, citing Note 26 of the bank’s 2025 annual report, BDEAC had CFA666.4 billion (about $1.14 billion) in confirmed loan and study financing commitments awaiting disbursement at the end of 2025. That figure was up from CFA543.1 billion (about $927 million) at the end of 2024, an increase of 22.7%. Dollar equivalents are approximate and use the October 13, 2026, exchange rate.
Although BDEAC says the bond proceeds will help accelerate disbursements, it has not specified how much of the new funding will go toward existing commitments.
The transaction is part of the bank’s 2023–2027 AZOBE strategic plan and follows its first credit rating from Moody’s in November 2025. On September 25, 2026, Moody’s reaffirmed BDEAC’s Ba3 foreign-currency rating with a stable outlook.
Separately, BDEAC signed a €30 million loan agreement with the Arab Bank for Economic Development in Africa (BADEA) on October 13. The loan is intended to support private-sector activity, particularly among small and medium-sized enterprises across the CEMAC region.
By opening a new channel to international capital markets, BDEAC aims to diversify its funding sources and expand its capacity to finance development. The longer-term impact will depend on how effectively the bank converts the additional funding into disbursements while maintaining financial transparency and sustainable funding conditions.
