关键风险体现在具体项目中。例如，纳齐加水电站的PPP结构带来了7871亿中非法郎（约14亿美 元）的或有负债，而"照付不议"等条款更使国家承担着下游支付风险。面对约束，政府已推行PPP新法 规以加强治理，但根本出路在于深化行业改革。 "投资喀麦隆"网站12月30日报道，喀麦隆的能源雄心正面临严峻的或有债务约束。截至2025年9 月，其或有债务存量高达48970亿中非法郎（约87.4亿美元），主要源于PPP项目，其中电力部门占据核 心且风险集中。这直接制约了该国参与"使命300"能源计划——该计划需120亿美元资金实现电网扩容和 用户增长，却无法再依赖传统的主权担保融资模式。 目前，一项世界银行支持的3亿美元改革计划已取得初步进展，如缩减电价赤字和清理交叉债务。 然而，成功取决于更深层的转型：包括在公共部门推广智能电表、强化ENEO国有化后的资金管理，以 及重建支付纪律。这些内部效能的提升是吸引投资、减少新担保负债的前提。 （原标题：喀麦隆：能源融资面临或有债务约束） 若2026年能有效清理行业账目，喀麦隆有望转向更灵活、低担保的融资模式，否则存量债务将迫使 国家在财政稳健与供电目标间艰难权衡。其能源转型成败， ...

Core Insights - Cameroon coffee prices have reached a 20-year high, with Arabica coffee beans exporting at 5,150 CFA francs per kilogram (approximately $8.44) in December, marking a significant increase from previous months [1] - The coffee revenue for the 2024/2025 season is projected to rise by approximately 38%, reaching around 365 billion CFA francs (approximately $0.6 billion) [1] - The upward trend in coffee prices aligns with global market conditions, benefiting major exporting countries like Brazil and Uganda by about 80%, while smaller exporters like Cameroon benefit by approximately 50% [1] Industry Impact - The significant rise in coffee export prices has led to Cameroon being elected as the chair of the African Coffee Organization (OIAC) for the 2025/2026 term [2] - Cameroon will host the 66th conference of the African Coffee Organization in Yaoundé next year, highlighting its growing influence in the coffee industry [2]

"投资喀麦隆"网站1月2日报道，在2025年12月31日的新年致辞中，喀麦隆总统宣布将于今年实施一 项旨在修复破损道路的特别计划。总统明确指出，该计划还包括新建道路，完成后将显著改善城市和城 际交通。道路网络的修复和扩建一直是公共部门持续关注的问题，而道路状况也加剧了公众的焦虑。主 要干道，特别是连接各大城市的道路，路况严重恶化。最终导致贸易放缓、出行时间延长以及交通事故 增加。根据公共工程部最新数据，喀麦隆75%（91404.7公里）的道路状况较差或一般，而仅有 25%（30468.2公里）的道路状况良好或尚可。到2025年，政府仅完成了384公里的道路铺设，而年度目 标为754公里，完成率"不足"一半。 （原标题：喀麦隆总统保罗·比亚宣布将于2026年启动一项特别道路修复计划） 总统计划的细节尚未最终确定，但其实施需要充足的资金，而预算限制是关键所在。据估计，到 2025年，喀麦隆需要10970亿中非法郎（约18.28亿美元）用于维护国家公路网。然而，同期该领域仅获 得了1000亿中非法郎（约1.66亿美元）的拨款。 ...

Core Insights - Germany's exports in November 2025 reached 128.1 billion euros, marking a month-on-month decline of 2.5%, the largest drop in a year and a half, primarily due to weak demand from the US and EU [1] - Exports to the US totaled 10.8 billion euros, down 4.2% month-on-month and down 22.9% year-on-year; exports to EU countries also fell by 4.2% to 73.1 billion euros [1] - In contrast, exports to China increased by 3.4%, reaching 6.5 billion euros [1] Export and Import Data - Total imports in November amounted to 115.1 billion euros, showing a slight increase of 0.8% [1] - Imports from China were 14.9 billion euros, up 8% month-on-month; imports from the US were 7.7 billion euros, increasing by 7.9% [1] Industrial Production - Industrial production grew by 0.8%, marking the third consecutive month of growth, driven by strong performance in manufacturing, which saw an overall increase of 2.1% [1] - The automotive industry experienced significant growth of 7.8%, while mechanical engineering grew by 3.2% [1] - However, the energy sector's output declined by 7.8%, and construction output fell by 0.8% [1]

Core Viewpoint - Cameroon plans to allocate 406.2 billion CFA francs (approximately $6.66 billion) in 2026 to address climate change, representing 4.72% of the total projected budget for that year [1] Budget Allocation - The allocated funds will include 351.5 billion CFA francs for investments, accounting for 22% of the public investment budget (PIB), and 54.7 billion CFA francs for operational expenses, which is 5.8% of the operational budget [1] - This budget represents an increase of 180.9 billion CFA francs compared to the 225.3 billion CFA francs expected for 2025 [1] Administrative Involvement - The number of public administrative departments involved in climate-related spending has increased from 9 in 2025 to 18 in 2026, indicating a broader commitment to climate initiatives [1] Policy Framework - The budget allocation is part of the second version of the "Climate and Environment Sensitive Budget" document, which aims to fulfill Cameroon’s commitments under the 2016 Paris Agreement [1] - The goals include adjusting ecological, social, and economic systems by 2030 to reduce greenhouse gas emissions, protect biodiversity, prevent pollution, and sustainably manage water resources [1]

Core Insights - The Douala Port Authority (PAD) in Cameroon projects a balanced budget for the fiscal year 2026, with revenues of 122.06 billion CFA francs (approximately $203 million) and expenditures of 121.5 billion CFA francs (approximately $202 million) [1] - Revenue for 2026 is expected to decline by 6% compared to the forecasted revenue of 129.975 billion CFA francs (approximately $216 million) for 2025, while expenditures are projected to decrease by 5.7% [1] - The reductions in revenue and expenditures are primarily attributed to a decrease in external funding, particularly bank financing for major investment projects [1] Revenue and Expenditure Projections - Douala Port's revenue for 2026 is projected at 122.06 billion CFA francs, down from 129.975 billion CFA francs in 2025 [1] - Expenditures for 2026 are expected to be 121.5 billion CFA francs, a decrease from the 2025 forecast [1] - External funding for significant investment projects is anticipated to decline, with projections of 34 billion CFA francs in 2024, 18 billion CFA francs in 2025, and further reductions in 2026 [1] Operational Challenges - Douala Port handles 75% to 85% of the national cargo volume and a significant portion of goods destined for Chad and the Central African Republic [1] - The port has been facing long-standing congestion issues, leading to a decline in logistics activities in recent years [1] - Overall cargo volume at Douala Port decreased by 6.9% as of March 2025, primarily due to a reduction in both import and export tonnage [1] - The number of vessels docking at Douala Port fell by 11% from Q4 2024 to Q1 2025 [1]

Core Insights - Ghana's oil production has reached nearly 70,000 barrels per day, marking a significant recovery that reshapes its position in the West African oil and gas landscape [1] - The increase in production reflects improved stability of offshore assets and a renewed focus on operational efficiency after years of production volatility [1] Group 1: Offshore Asset Support for Production Recovery - The Jubilee oil field remains the cornerstone of Ghana's oil projects and production support, with collaboration from the TEN and Sankofa-Gye Nyame oil fields stabilizing supply [2] - Operators are focusing on enhancing operational efficiency, implementing maintenance plans, and targeted drilling to counteract the natural decline of mature offshore fields [2] - Maintaining production at approximately 70,000 barrels per day requires ongoing capital investment due to the technical complexity and high costs associated with deepwater operations [2] Group 2: Economic and Fiscal Impact Enhancement - The increase in oil production boosts export revenues and foreign exchange inflows, improving Ghana's economic outlook amid ongoing fiscal consolidation [3] - Oil revenues complement exports of gold and cocoa, helping stabilize government finances and alleviate international balance of payments pressures [3] - The production recovery enhances Ghana's attractiveness to upstream and downstream investors seeking a politically stable investment environment in Africa [3] Group 3: Enhanced Regional Energy Influence - Although 70,000 barrels per day is modest compared to Africa's largest oil producers, it significantly enhances Ghana's strategic influence in West Africa [4] - The ongoing production from politically stable oil-producing countries gains more importance as energy security becomes a regional focus [4] - Challenges remain, including a slowdown in exploration activities, with long-term production growth dependent on new discoveries or enhanced extraction from existing fields [4]

据德国联邦统计局1月9日消息，2025年11月，经日历和季节调整后，德国出口总额为1281亿欧元，环比 下降2.5%，录得自2024年5月以来最大降幅；进口总额为1151亿欧元，环比增长0.8%。11月贸易顺差 131亿欧元。其中，对欧盟成员国出口731亿欧元，环比下降4.2%，进口587亿欧元，环比下降4.0%；对 欧盟以外国家出口551亿欧元，环比下降0.2%；进口563亿欧元，环比增长6.3%。 美国仍是德国最大出口目的国，对美出口108亿欧元，环比下降4.2%。自美进口增长7.9%，至77亿欧 元。中国是德国最大进口来源国，自华进口149亿欧元，环比增长8.0%。对华出口环比增长3.4%，至65 亿欧元。 ...

1月6日，郭策公使在中国驻印度大使馆会见了来访的印度出口组织联合会(FIEO)总干事Ajay Sahai一行，就促进印度对华出口进行交流。Sahai表示，期待与 中方加强联系，共同探索印度商品进入中国市场的路径。郭表示，中方欢迎印扩大对华出口，欢迎印企参加进博会等展会推广印度产品。 FIEO由印度商务部于1965年成立，是印度最高级别的贸易促进组织，直接或间接地服务于约20万家出口商。 ...

据爱沙尼亚统计局数据，2025年11月份，爱沙尼亚对中国货物进出口总额为7916.3万欧元，同比增 长5.6%。其中，对华出口额为1686.7万欧元，同比下降16.2%；自华进口额为6229.6万欧元，同比增长 13.7%。 （原标题：2025年11月爱沙尼亚对中国货物进出口总额同比增长5.6%） ...