Paul Fokam’s Afriland facilitates $1.2 billion agricultural deal in Bangui

Key Points

• Afriland First Holding facilitated a major CAR-India partnership to develop 30,000 hectares for cassava, sugarcane, and energy production.
• The 15-year project aims to cultivate 30,000 hectares of cassava and sugarcane, creating over 100,000 direct jobs and supporting cleaner energy sources.
• Afriland continues expanding its Pan-African presence with a focus on digital banking and SME lending, injecting $2.7 billion into Cameroon’s economy in 2023.

Afriland First Bank, founded by Cameroonian businessman Paul Fokam, has played a central role in facilitating a $1.2 billion partnership between the Central African Republic (CAR) and Indian conglomerate Mahasakthi.

On Tuesday, Apr. 15, the CAR government signed two major agreements with Mahasakthi, with a combined value of over FCFA 800 billion ($1.2 billion). The agreements were made possible with support from Afriland First Holding, the Togo-based financial arm of Afriland First Group.

The deal, signed in Bangui, the capital of CAR, focuses on developing 30,000 hectares of land for the large-scale cultivation and processing of cassava and sugarcane. It’s a significant move aimed at strengthening the country’s agricultural sector and improving energy production.

Farming deal empowers Central African communities

Over the next 15 years, Afriland First Holding will lead the coordination of the project, which is set to transform the agricultural landscape of a country where nearly 70 percent of the population relies on farming for their livelihood, according to the World Bank.

The initiative is closely tied to the CAR’s National Development Plan (PND-RCA) 2024–2028, which places a strong emphasis on making better use of the country’s 5 million hectares of fertile land. Under the agreement, 10,000 hectares will be allocated for cassava and 20,000 for sugarcane.

In a move that blends foreign investment with local participation, Mahasakthi will directly manage half of the land, while the other half will be cultivated by Central African farmers, each contributing at least 5 hectares.

The partnership is expected to generate more than 100,000 direct jobs—from field work and agri-processing to operations at two new power plants that will together produce 70 megawatts of electricity.

Beyond farming, the project promises broader benefits for the CAR. It’s not just about boosting food production—it’s also about supporting the country’s shift toward cleaner, more reliable energy sources, and creating real economic opportunities for communities on the ground.

Fokam builds Pan-African banking powerhouse

Founded in 1987, Afriland First Bank has grown into one of the leading financial institutions in the region, with a presence in nine African countries, including the Democratic Republic of Congo, Equatorial Guinea, Liberia, South Sudan, Uganda, and Zambia. The bank operates 87 branches, 218 ATMs, and 386 electronic payment terminals, serving over 705,000 customers.

With a strong focus on expanding digital services, Afriland continues to enhance banking accessibility across the region. Fokam’s vision of a self-sustaining Africa through African-led financial institutions is evident in the bank’s ongoing growth and investments. In 2023, Afriland injected $2.7 billion into the Cameroonian economy, solidifying its commitment to national development.

Afriland expands SME lending with IFC

Earlier this month, Afriland First Bank also partnered with the International Finance Corporation (IFC) to boost lending to small and medium-sized enterprises (SMEs) in Cameroon. The agreement, which includes up to $60 million in financing, aims to bridge the funding gap for local businesses, particularly those led by women.

Through this partnership, Afriland will receive performance-based incentives, helping to provide greater access to capital for underfunded sectors and further strengthening its role in driving private-sector growth.