• Afreximbank to mobilize up to $1.5 billion for Chad’s private sector development.
• Agreement supports key sectors, including agropastoral industries, export agriculture, and oil refining.
• Financing aligns with Chad Connection 2030 plan to achieve 8% annual GDP growth.

The Chadian government is relying on international financial institutions to fund the ambitious “Chad Connection 2030” development plan. Afreximbank has pledged to mobilize up to $1.5 billion to finance private sector projects in Chad. The announcement, made on June 28, follows the signing of a memorandum of understanding between Afreximbank and Chad’s Ministry of Finance, held on the sidelines of the bank’s 32nd Annual General Meeting.

The agreement defines five priority areas for financing: developing agropastoral potential, promoting export agriculture, organizing the gold trade, reviving navigation on Lake Chad, and modernizing the crude oil refining sector. These strategic sectors are expected to drive job creation, diversify the economy, and strengthen Chad’s competitiveness.

This partnership is designed to provide a framework for closer economic cooperation between Chad and Afreximbank, reinforcing efforts to support the private sector as a catalyst for economic transformation. The funds will primarily target projects aligned with the national plan “Chad Connection 2030,” adopted on May 29, which aims to boost Chad’s average annual real GDP growth to 8% by 2030.

The estimated cost of implementing the “Chad Connection 2030” plan stands at around CFA18,000 billion ($32.2 billion), requiring extensive external financing. Afreximbank’s commitment is therefore a crucial first step in mobilizing the resources needed to achieve the plan’s goals.

“The signing of this agreement illustrates the shared determination to accelerate Chad’s economic transformation by relying on structural investments and strengthened partnerships with pan-African development institutions,” emphasized the Ministry of Finance.

The agreement also underscores the importance of enhancing African cooperation to fund development priorities locally, reducing reliance on external partners outside the continent. Chad, which became Afreximbank’s 38th member state in November 2015, now has access to a range of financial tools, guarantees, and programs designed to facilitate regional and international trade.

This article was initially published in French by Chamberline Moko

Edited in English by Ange Jason Quenum