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French Development Agency
The French Development Agency (French: Agence française de développement, AFD) is a public French financial institution that supports and complements France's diplomacy. Active in Africa, Asia, the Middle East, Latin America, the Indo-Pacific, the Caribbean, and France's overseas territories, AFD finances and supports projects that aim to improve living conditions, foster economic growth, and protect the planet. Its 2,600 staff members are based in Paris, Marseille, and a network of 85 offices worldwide.
AFD's origins go back to the Caisse Centrale de la France Libre (CCFL), created by Charles de Gaulle on 2 December 1941 and successively renamed the Caisse Centrale de la France d'Outre-Mer (CCFOM) in February 1944 and the Caisse Centrale de Coopération Économique (CCCE) in 1958. By 1967, the CCCE had lost all the money-issuing duties that had been at the origin of the CCFL, but had expanded the development financing that the CCFOM had acquired in 1944.
In 1992, the CCCE was renamed the Caisse Française de Développement. With the reform of French development cooperation in 1998, the CFD became Agence Française de Développement.
In addition to a marked increase in its financing, between 2001 and 2010, there was a diversification in the financial instruments used by AFD: grants, of course, but also highly “concessional” loans or loans without interest subsidies, investment funds, guarantee funds and partnerships. AFD can provide loan recipients with liquidity to finance, at attractive rates – due to the AAA rating, the highest for long-term issuances, given to AFD by the international rating agencies –, their investment policies or programs when markets are unable to meet their needs.
In 2013, Anne Paugam took over from Dov Zerah as CEO. She is the first woman to head AFD. In 2014, The Act on Development and International Solidarity recognized the importance of the work conducted by AFD towards France's international commitments. In 2015, Gaël Giraud became AFD's Chief Economist. In 2016, Rémy Rioux took over as CEO from Anne Paugam. A new French law enacted in 2021 established the AFD Group, bringing together Proparco, Expertise France, and AFD.
As a specialized credit institution, AFD is subject to banking law, particularly in the field of risk sharing. AFD is a public financial institution. The Government has entrusted it with the role of the main operator for France's cooperation policy. It thereby combines the functions of development bank and implementing agency for France's Official Development Assistance policy.
AFD has a contract of objectives and policies with the state and implements the orientations defined by the Inter-ministerial Committee for International Cooperation and Development (CICID), chaired by the Prime Minister.
In overseas France, AFD conducts a policy, on behalf of the state, to support public authorities and finance the economy. This mandate was reaffirmed during the first Inter-ministerial Committee for Overseas France, chaired by the French president, which was held in November 2009.
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French Development Agency
The French Development Agency (French: Agence française de développement, AFD) is a public French financial institution that supports and complements France's diplomacy. Active in Africa, Asia, the Middle East, Latin America, the Indo-Pacific, the Caribbean, and France's overseas territories, AFD finances and supports projects that aim to improve living conditions, foster economic growth, and protect the planet. Its 2,600 staff members are based in Paris, Marseille, and a network of 85 offices worldwide.
AFD's origins go back to the Caisse Centrale de la France Libre (CCFL), created by Charles de Gaulle on 2 December 1941 and successively renamed the Caisse Centrale de la France d'Outre-Mer (CCFOM) in February 1944 and the Caisse Centrale de Coopération Économique (CCCE) in 1958. By 1967, the CCCE had lost all the money-issuing duties that had been at the origin of the CCFL, but had expanded the development financing that the CCFOM had acquired in 1944.
In 1992, the CCCE was renamed the Caisse Française de Développement. With the reform of French development cooperation in 1998, the CFD became Agence Française de Développement.
In addition to a marked increase in its financing, between 2001 and 2010, there was a diversification in the financial instruments used by AFD: grants, of course, but also highly “concessional” loans or loans without interest subsidies, investment funds, guarantee funds and partnerships. AFD can provide loan recipients with liquidity to finance, at attractive rates – due to the AAA rating, the highest for long-term issuances, given to AFD by the international rating agencies –, their investment policies or programs when markets are unable to meet their needs.
In 2013, Anne Paugam took over from Dov Zerah as CEO. She is the first woman to head AFD. In 2014, The Act on Development and International Solidarity recognized the importance of the work conducted by AFD towards France's international commitments. In 2015, Gaël Giraud became AFD's Chief Economist. In 2016, Rémy Rioux took over as CEO from Anne Paugam. A new French law enacted in 2021 established the AFD Group, bringing together Proparco, Expertise France, and AFD.
As a specialized credit institution, AFD is subject to banking law, particularly in the field of risk sharing. AFD is a public financial institution. The Government has entrusted it with the role of the main operator for France's cooperation policy. It thereby combines the functions of development bank and implementing agency for France's Official Development Assistance policy.
AFD has a contract of objectives and policies with the state and implements the orientations defined by the Inter-ministerial Committee for International Cooperation and Development (CICID), chaired by the Prime Minister.
In overseas France, AFD conducts a policy, on behalf of the state, to support public authorities and finance the economy. This mandate was reaffirmed during the first Inter-ministerial Committee for Overseas France, chaired by the French president, which was held in November 2009.