The CFA franc and China support infrastructure development in WAEMU and CEMAC. This is revealed by a recent analysis by the American rating agency, Moody's.

Building essential infrastructure in the WAEMU and CEMAC zones will require long and inexpensive capital that the States still cannot mobilize. A stable currency and financing like that of China are positive points to achieve this. “UEMOA and CEMAC member states are part of the Franc Zone, within which a fixed parity applies between the CFA franc and the euro. This helps them reduce external vulnerabilities and absorb shocks, created by their high exposure to extractive industries, by keeping inflation below 3%. Currency stability is also likely to reduce investor concerns. In the power sector, strong power purchase agreements (PPAs) in a stable currency can help secure financing,” the analysis reads. Also, the agency points out that China is a major player in the field of infrastructure in Central Africa where, according to official data, it financed 22% of projects in 2020, with equal contribution with African development financing institutions, including the African Development Bank (AfDB).