AFD - RARES 2025

The Editorials

Rémy RIOUX Chief Executive Officer of AFD Group

“Development policy is a crucial aspect of France’s international policy, alongside diplomacy and defense, and is essential for accelerating the reconfiguration of global alliances. Development policy also helps create positive ties between peoples by creating jobs and prosperity that are sustainable within our planet’s limits. It’s thus noteworthy that at the meeting of the French Presidential Council for International Partnerships (CPPI) held in April 2025, the President of the Republic called for a halt to isolationist trends. Indeed, France and Europe have a key role to play in upholding and transforming multilateralism for the sake of solidarity and the preservation of global public goods.

AFD Group’s new Strategy 2025-2030, adopted in December 2024, lays out the ways we can help France address the current geopolitical and geo-economic uncertainties. In accord with the value proposal we have developed, we will stand resolutely by our partners’ side in the 150 countries with which we cooperate, and in the French Overseas Territories. Our goals will be to link France’s interests with those of its partners and to build mutual interests respectfully and intelligently. This value proposal runs through 2030, which is also the deadline to achieve the United Nations Sustainable Development Goals (SDGs). AFD also intends to implement a “100% SDG-aligned” quality requirement in all its investments, as illustrated by our Sustainable Development Analysis and Opinion mechanism, which celebrated its 10th anniversary in 2024. This mechanism is a pillar of our banking activity, with more than half the bonds we issue on financial markets now compatible with the SDGs. Our new strategy also requires us to act as a mobilization platform. AFD is thus available to all French stakeholders that wish to become involved in international cooperation. AFD Group has also become the leading partner of the World Bank Group in the number of co-financed projects and is working very actively to build #TeamEurope.

Together with the world’s 530 public development banks, we launched the Finance in Common (FiCS) movement. We even put sports to work for sustainable development last year when we organized, along with the International Olympic Committee, an unprecedented summit bringing together 55 heads of State and government on the eve of the opening of the Paris 2024 Olympic Games.

Finally, we want to keep AFD Group’s promise, as decided by the French Parliament in the 2021 Programming Act on Inclusive Development and Combating Global Inequalities. This legislation aims to make available all the useful tools that can best meet the expectations of AFD Group’s clients and partners – not only financial tools, but also technical assistance, research, training and mobilization. I would like to thank Françoise Lombard, Jérémie Pellet and all the 5,000-plus employees of AFD Group, in France and within our common network. Our Group is now undergoing substantial transformation and is ready for all those who want to cooperate with France and work for a World in Common.”

Rémy RIOUX Chief Executive Officer of AFD Group

Jérémie PELLET Chief Executive Officer of Expertise France

“No matter how you look at it, we are living through extraordinary times. Challenges are accumulating, and uncertainty is rising about the ability of the current world order to provide adequate solutions to the multiple climate, economic, and social crises. Instability is spreading and strategic rivalries are intensifying, while international law and multilateralism both suffer. The humanist values we espouse are in danger. As the world splinters apart, development policy forms a pillar of our foreign policy. It is how we weave these dynamics into our relations with other countries and maintain open channels for dialogue between States. Development projects are a core component of our international partnerships. France has proven in recent years that financing development and addressing global challenges are priorities, with its Parliament unanimously voting for the 2021 Programming Act on Inclusive Development and Combating Global Inequalities.

Moving beyond hard figures, France has a long tradition of supporting socially responsible initiatives and project development. It is attentive to the needs of its partners and works to build bridges between public administrations, the private sector, and civil society. By bringing Expertise France under the AFD Group umbrella, France now boasts a more comprehensive and coherent offer that combines technical expertise and financial instruments to provide effective responses tailored to the needs expressed by our partner countries. France’s offer is clearer and more appealing to international stakeholders thanks to a range of combined solutions that maximize the benefits for our partners. We can now link international solidarity with sustainable investments across increasingly diversified and complex areas of the world. It’s rare to find an organization today that can leverage all the development tools together to provide support for State actors, the private sector, and technical cooperation. France now has all the instruments it needs to fulfill its development policy, rather than having to shape its development policy around available instruments.

As such, we have a great responsibility to make the most of these tools to create a fairer, more socially responsible world. Our aim is to bring back hope and inspire a positive vision of what we can achieve together to solve our shared challenges. In keeping with the priorities outlined in AFD Group’s 2025-2030 Strategy document, Expertise France is committed to implementing substantive, high-impact projects aligned with the SDGs and the 10 priority policy goals set out by the Presidential Council for Development (CPD) and the Interministerial Committee for International Cooperation and Development (CICID). Over the next decade, Expertise France has set itself three main objectives: ensure we have the best instruments to meet our partners’ needs, make Team Europe more effective and visible to enhance its impact, and finally, ensure that our project implementation processes satisfy both the State actors and people we serve”

Jérémie PELLET Chief Executive Officer of Expertise France

Françoise LOMBARD Chief Executive Officer of Proparco

“In a world facing economic uncertainty, climate challenges, and significant geopolitical tensions, public initiatives are not enough. Support for private stakeholders is also a crucial condition for building sustainable, collective responses. By capitalizing on its network, expertise, and a diverse range of instruments, Proparco works with the private sector and harnesses the power of private investors (both local and international) to support development.

By working together with its partners, which include public stakeholders, companies, financial institutions, investors, and philanthropic organizations, our institution helps create ecosystems, give impetus to the ecological transition, and promote innovation. In 2024 Proparco continued its upward growth trajectory and achieved a record level of business with €2.8 billion in projects signed. With €912 million in financing committed to climate initiatives and €682 million earmarked for gender equality projects, Proparco has pursued its efforts to enhance economic resilience, protect the planet, and reduce inequality. These results are the outcome of our strategic ambition to make project impact a key consideration in our activities.

In a year marked by unprecedented geopolitical turmoil, Proparco was able to tackle the challenges in the countries and territories where we operate – and whose economies range from highly vulnerable to highly dynamic – in coordination with AFD Group and our partners, which include States and European and multilateral organizations. This achievement also reflects the growing role the private sector plays in financing the SDGs. In addition to providing essential financing to the most vulnerable people, our work helps create sustainable economic models that promote social inclusion and the climate transition.

During our previous financial year, the projects in our portfolio led directly to continued employment or new jobs for 31,000 people, provided access to microcredit for 367,000 people, and prevented the emission of 920,000 metric tons of CO2. They also gave or improved access to electricity for 692,000 people and to education for 31,000 people.

Proparco also played a key role in mobilizing private financing for sustainable development, providing more than €2 billion in financing in 2024. As part of our 2023-2027 strategy, we plan to maintain this momentum by redoubling our efforts to mobilize private financing and expand our actions and impact to support a sustainable economy that creates jobs, protects the planet, and builds a fairer society.”

Françoise LOMBARD Chief Executive Officer of Proparco

01 Strategic
and operational results

AFD Group undertakes to increase its insight into the situations and requests of its partners and clients, with the goal of achieving better alignment between their needs and interests and those of France.

This strategy centers on three main geographic mandates:

1 - Least economically developed countries

In the least economically developed and most vulnerable countries, the emphasis is on health systems, vocational training, education, food sovereignty, sustainable infrastructure, and natural resource protection. In 2024, €1.3 billion, representing 58.5%, of the resources allocated to AFD by the French government, were directed toward least developed countries.

2 - Middle-income countries

In middle-income countries, AFD Group supports just transitions through consulting services, expertise, and private capital mobilization.

3 - French Overseas Territories

Finally, in the French Overseas Territories, AFD Group acts as a public development bank by working with its local subsidiaries to back sustainable development and enhance regional integration, while systematically seeking social and environmental co-benefits.

AFD Group’s 2024
activity in brief

€13.03 BN

In new financing granted by AFD and Proparco in 2024.

€11.6 BN

IN VALUE OF AGREEMENTS SIGNED including €2.8 BN by Proparco, up 26% over 2023.

€447 M

IN TURNOVER for Expertise France.

54%

OF PROJECT LOANS representing AFD’s activity in foreign countries. €1.9 BN devoted to public policy budget financing. €1.3 BN for lines of credit.

53%

OF LOAN COMMITMENTS, EQUITY PARTICIPATION AND GUARANTEES went to non-sovereign actors such as development banks, private and public companies, and local authorities to steer them toward sustainable solutions and build inclusive, stable, and responsible financial systems. This figure represents €3 BN for AFD and €2.8 BN for Proparco.v

Priorities in Africa include support for green transitions, climate change adaptation, biodiversity protection, extreme poverty eradication, strengthening of education and health systems, food security, entrepreneurship, women’s and youth issues, and prevention of forced migration.

AFD Group is also involved in the renewal of ties between France and Africa, with a view to increasing involvement by youth and civil society. This process began with the 2017 policy speech by the French president in Ouagadougou and was bolstered by the New Africa-France Summit, held in Montpellier in 2021, and the Presidential speech in 2023 for a new partnership. At a time when the French military is reconfiguring its operations in Africa to align with new policies and priorities, civil cooperation and AFD Group’s activities in particular are now more than ever the pillars of our relationship with Africa. The aim is to maintain our strong presence in French-speaking Africa and develop our partnerships in nonFrench-speaking countries, especially in the most active economies.

AFD is a driving force in the financing of African economies and remains the World Bank’s leading bilateral partner in Africa. It also works closely with the African Development Bank and manages delegated funds from the European Union and other partners, such as the Global Partnership for Education and the Green Climate Fund.

The AFD in Africa

In 2024, AFD’s activity grew in Africa, with a commitment volume totaling almost €3.5 billion (up from €2.9 billion in 2023), accounting for nearly 43% of its commitments.

Despite uncertain macroeconomic and security situations, sovereign financing remained steady at €2.05 billion (compared to €1.97 billion in 2023), namely due to a €400 million sovereign loan to South Africa. Phase 2 of the Choose Africa program was implemented in 2024. This program finances African and French entrepreneurs including those from the African diaspora, and it seeks to improve both entrepreneurial ecosystems and the private development sector. AFD Group invested €853 million in entrepreneurship in Africa.

Non-sovereign financing reached record levels, with €945 million allocated in the annual business plan (compared to €408 million in 2023).

Financing approvals for 2024 were mainly directed toward:

the infrastructure and urban development sectors (€1.9 billion),
the production sector (€401 million),
education and vocational training (€383 million).

Most AFD financing in Africa went to the regions of Southern Africa (€815 million) and the Gulf of Guinea (€769 million), followed by North Africa (€693 million).

Expertise France in Africa

In 2024, half of Expertise France’s turnover, or €223 million, came from Africa.

Expertise France is especially active in the key areas of the transformation agenda, supporting:

entrepreneurship and innovation (the Team Europe Initiative “Investing in Young Businesses in Africa”, EU)
vocational training and sports (Pour Elles : Sport et Culture – Democratic Republic of the Congo, AFD, €10 million),
cultural and creative industries, and heritage protection and memorial projects (Royal Palaces of Abomey development project in Benin, AFD, €3.2 million).

In all, 2,689 micro, small, and medium-sized enterprises were supported through projects implemented by Expertise France. It works with a large network of stakeholders and adapts to the geographical realities of the African continent for effective, targeted cooperation. Most of Expertise France’s activity remains concentrated in North and West Africa

Proparco in Africa

In 2024 Proparco committed €1.1 billion in financing in Africa, accounting for 36% of all commitment approvals for the year.

Meanwhile, over 44% in volume of the projects signed by Proparco were in Africa, for a total amount of €1.1 billion.

In keeping with its commitment to support sustainable, inclusive economic growth that creates jobs, Proparco strengthened its partnerships with key private-sector actors in Africa. Accordingly, in Côte d’Ivoire, six financing agreements were concluded with banks and microfinance institutions during the year, which resulted in support given to nearly 2,200 local companies (75% of which were micro-, small)

A closer look: the South Africa JET-P

The Just Energy Transition Partnership (JETP), signed in November 2024, provides €400 million in budget support to meet the target set by French President Emmanuel Macron to provide €1 billion in financing for sustainable development in South Africa. It’s part of an international commitment of €8.3 billion agreed during COP26 in Glasgow in November 2021 with Germany, the United Kingdom, the European Union, and the United States (before the US announced its withdrawal in March 2025). This second round of financing under the JETP brings AFD to within 70% of its goal. This transformational loan is the first funding in South Africa to specifically target support for “just” aspects of the energy transition, by addressing the country’s major challenges, in particular poverty, unemployment, and social inequality. The aim is to ensure that the positive outcomes of the energy transition benefit the entire South African population equitably. Priority will be given to the people and regions highly reliant on coal, and as such the most impacted by decarbonization, as well as to people sidelined from the job market and major key employment areas. To this end, particular attention will be paid to social protection policies (such as public programs to promote youth employment and reduce gender inequality), entrepreneurship, and vocational training. The socially responsible project aims to ensure that the regions that face the most risks from the transition – often those also most affected by environmental impacts – will see ecological and economic progress. This strategic financing will also support the development of sustainable energy solutions while also ensuring that the energy transition is both equitable and beneficial for the entire South African society. It marks a strong commitment to a more just and sustainable future for the country.

At AFD Group, the “Three Oceans” region refers to the French Overseas Territories and their neighboring foreign States in the Atlantic, Pacific, and Indian Oceans. The aim of our approach there is to better address the shared challenges faced by these territories and countries, which are highly exposed to natural disasters (such as Cyclone Chido in 2024, which devastated Mayotte), and to promote regional cooperation and integration efforts.

The AFD in the Three Oceans

AFD’s activities in the Three Oceans area amounted to €1.6 billion in 2024, including €1 billion in financing for French Overseas Territories. Activity targeting the public sector in the French Overseas Territories remained strong in 2024, with €738 million in financing to support various large-scale projects with significant environmental, climate, and social impacts.

Management support programs for public actors in the overseas territories also expanded during the year. The Overseas Fund (FOM), which provides grants for capacity building for public works projects, was given addition resources (€17 million) to expand its activities in line with the guidelines of the Interministerial Committee for Overseas France (CIOM) in July 2023. FOM funding mainly targeted public works project managers to strengthen their basic capacities and facilitate the initiation of their investment projects. In 2024, 43 projects were supported, and twenty-some technical assistants were assigned to work for the overseas local authorities via the FOM.

Private-sector activity held steady in 2024, with total commitments of €138 million, only slightly down from 2023, a record year.

The level of commitments made to foreign countries totaled €578 million. In keeping with AFD’s commitments set forth in its Strategy 2025-2030 to expand support for shared challenges in the Indo-Pacific region, AFD also broadened its activities in the area to Pacific Island States by opening three new offices. (in Papua New Guinea, Fiji, and Vanuatu).

AFD also pursued efforts to strengthen regional cooperation and employment in the French Overseas Territories to better tackle issues also shared by neighboring States. In 2024, AFD authorized 10 regional cooperation projects involving at least one overseas territory and one foreign State as recipients for a total of €42.8 million.

AFD also strengthened its inter-Ocean basin cooperation in 2024 by signing phase 3 of the Three Oceans Program, bringing the total amount of grants to €22 million since 2019. This program, which is implemented by the French Red Cross, focuses on Small Island Developing States, which are increasingly vulnerable largely due to climate change. The purpose of the program is to reduce the impact of natural disasters, health crises, and climate change on populations of the three ocean basins. It does this by strengthening national and regional coordination mechanisms, the capacities of institutional partners, and the capacities of the most impacted communities.

Expertise France in the Three Oceans

Expertise France continued its actions and reaffirmed its desire to work more closely with partners in the Three Oceans area by creating in-country offices in the Comoros (Indian Ocean) and Haiti (Caribbean – Atlantic Ocean). In 2025, it will also open in-country offices in Madagascar (Indian Ocean) and Papua New Guinea (Pacific Ocean).

In the Indian Ocean, Expertise France’s portfolio of national projects totaled €65 million in 2024. Several regional initiatives were also implemented in the Comoros, Madagascar, and Mauritius, including two projects supported by AFD: Varuna, a project to preserve local biodiversity (€10 million), and Lumin’îles, a project to foster women’s economic empowerment (€10 million).

Expertise France’s work in the Caribbean mainly targeted Haiti through eight projects to support local authorities and civil society organizations in their efforts to address various crises while also trying to identify long-term solutions to the country’s health, education, and development challenges. At the regional level – including Haiti, the Dominican Republic, and Cuba – Expertise France is implementing the Euroclima Caribbean program (€10 million, funded by the EU), which supports initiatives aimed at climate adaptation and local biodiversity preservation as well as assistance for the region’s transition toward a circular economy and an energy model based on renewable energies.

In the Pacific, Expertise France continued implementation of a major initiative for biodiversity, climate change, and forests in Papua New Guinea. The initiative is receiving €33.5 million in funding from the European Union.

Proparco in the Three Oceans

As for Proparco, it also expanded its activity in the Caribbean by financing a portfolio of loans for Banco BHD, mainly intended for affordable housing for women. As a result, financing was provided for nearly 1,100 decent formal housing units for low- and middle-class people in the Dominican Republic. Proparco’s financing commitments for the Three Oceans region amounted to €206 million in 2024.

The region comprising Eastern Europe, the Middle East, and Asia remains exposed to three factors of instability: (i) persistent crises and conflicts, (ii) the reorganization of value chains and trade flows in a context of increasing protectionism, and (iii) the devastating effects of climate change

The AFD in Eastern Europe, Middle East, Asia

The top recipients of the financing approved in 2024 (€3.025 billion, a decrease from 2023) were countries covered by the new Enlargement and European Neighborhood Regional Office (35%), followed by those in Southeast Asia (27%), South Asia (17%), the Middle East (14%), and Central and East Asia (7%).

AFD’s current exposures in India, Indonesia, and Turkey are close to the high risk limits and are being rigorously managed. Unpaid debts in Lebanon led to a restriction in 2024 on all new debt involving this country. In Sri Lanka, the agreement concluded in June 2024 with the Official Creditor Committee to restructure its debt and the subsequent bilateral agreement with France opened the door to gradual resumption of activities governed by the doctrine of debt sustainability of the French Ministry for the Economy and Finance. This doctrine prohibits the renewal of sovereign commitments in several heavily indebted countries.

In September 2024, an AFD regional office was opened in Astana, Kazakhstan, and in November 2024, Kazakhstan and AFD Group signed a memorandum of understanding on sectoral cooperation to be further developed.

AFD’s activity mainly took the form of sovereign loans (around 88% of its commitments) for budget support, such as budget funding for climate of €250 million in the Philippines. Equity grants (around €102 million, or 4% of approved commitments) were mainly for the Middle East. Delegated funds from third-party institutions totaled €188 million (up from €102 million in 2023 and €10 million in 2022).

AFD provided support in 2024 to Vietnam (€80 million for the Bac Ai project under the Global Gateway initiative) and Indonesia (€150 million in public-policy budget support) to implement its Just Energy Transition Partnership (JETP) program initiated by the G7. Biodiversity preservation was marked by blue economy development, with programs under way in Indonesia and forthcoming in the Philippines. AFD also contributed to the nature-based solutions facility launched by the Asian Development Bank (ADB).

In Moldova, a €30 million loan earmarked for energy efficiency in public buildings (in the health and education sectors) was granted. This project, co-financed with KfW, illustrates the close coordination between funders through the Joint European Financiers for International Cooperation (JEFIC) initiative.

Finally, in an effort to formalize the regional dimension of AFD’s work in the Indo-Pacific region and in addition to its financing activities, AFD organized the second Sustainable Finance in Indo-Pacific (SUFIP) conference in June 2024 in Bangkok with the Asian Development Bank. The theme was resilience, with a special focus on island contexts.

As part of the EU enlargement and European Neighbourhood Policy agenda, AFD was invited for the first time to the EU consultations on strategic analyses on partnerships and reform programs, whose conditions for access to financing require aligned monitoring to ensure greater predictability.

Proparco in Eastern Europe, Middle East, Asia

In 2024, Proparco provided €1.03 billion in new funding for Eastern Europe, the Middle East, and Asia, accounting for 36% of the total volume of Proparco commitments. At a time when expectations are high for employment, access to financing, and environmental transitions, Proparco has expanded its support for major transformational projects with significant potential.

In Asia, Proparco’s support to GRP, an Indian company specialized in tire recycling, spurred on this momentum. This project, which also includes biodiversity-related co-benefits, reflects Proparco’s growing commitment to a circular economy with a low environmental impact. Through these complementary initiatives, Proparco is strengthening its role in a region undergoing major change by supporting resilient and environmentally sound projects that create jobs.

Expertise France in Eastern Europe, Middle East, Asia

Expertise France is stepping up its activity in the region, especially in the Western Balkans, Ukraine, Moldova, Turkey, countries of the Caucasus, and Central Asia, with 41 national and regional projects for a total of €173 million. Projects were mainly in the following key sectors (project names, financing amounts, and funders in parentheses):

Vocational training and economic resilience in Turkey (VET4JOB – €44 million, EU),
Health in Ukraine (APPUI – €16 million, French Ministry for Europe and Foreign Affairs; REHAB – €5 million, AFD),
Digital technologies and innovation in countries of the Eastern Partnership (EU4Innovation East – €20 million, EU) and Central Asia (TEI Digital Connectivity – €12 million, EU).

Expertise France is also backing governance, justice, and social protection reforms by supporting the European convergence trajectories of the relevant countries.

Expertise France is working in South and Southeast Asia to establish new national and regional partnerships. In 2024 in South Asia, Expertise France invested in two Sri Lankan initiatives backed by the European Union to implement “green” national public policies (€5 million) and promote the circular economy, especially in the food sector (€3 million). In Southeast Asia, Expertise France rolled out two new initiatives in the Philippines: one on reducing the risks of natural disasters (€4 million, funded by AFD) and a second on promoting the circular economy and reducing waste (€11 million, funded by the EU)

Expertise France also continued efforts to strengthen regional ties and collaboration, such as through the ESIWA II security and defense project (€3.75 million, funded by the EU) and the Air Quality Improvement Program (AQIP) in partnership with the Association of Southeast Asian Nations (ASEAN) with €2.5 million in funding and support from AFD.

A closer look: l'Ukraine

AFD was authorized to take action in Ukraine from January 2024 in response to the rapidly deteriorating situation on the ground and urgent identified needs. Its mandate, centered on support for local authorities and non-sovereign financing, allows it to provide €400 million in loans and €50 million in grants. AFD opened an office in the country in July 2024, and by the end of the year its first three operations there had been appraised, in the water, urban mobility, and health sectors. These operations, for a total of €15 million, will be financed through grants and implemented in 2025 in the cities of Kryvyi, Lviv, and Odesa. This financing comes ahead of larger amounts that will be provided through non-sovereign loans granted directly to the cities, in line with AFD’s mandate.

Given the rapid growth of its portfolio in Ukraine, Expertise France also opened an in-country office there in September 2024, with more than 40 employees to manage its activity. It’s now handling 15 national projects and 3 regional projects for a total amount of over €50 million across six sectors:
(i) health and social protection,
(ii) rule of law and justice,
(ii) local governance and decentralization,
(iv) innovation and private-sector support,
(v) economic and financial governance, and
(vi) defense and security.

The two themes common to both of these projects are European integration and reconstruction. Expertise France will also provide a dozen international technical experts to support Ukrainian institutions.

The AFD in Latin America

In 2024, AFD’s activity in Latin America was concentrated in a few countries due to concerns about States’ debt levels and the economic and political tensions that continue to be an issue in this region.

Brazil and Colombia accounted for the largest share of the annual total of 1.6 billion for the entire region, with a volume of €763 million in commitments to Brazil (47% of the total) and €396 million to Colombia (25%).

However, AFD Group is expanding its activity in Latin America. As part of the extension of relationships established with public development banks during the Finance in Common Summit (FiCS) held in Colombia in September 2023, the share of the lines of credit granted in 2024 to Latin American development banks rose, making up 46% of the division’s portfolio. Part of this increase was also due to new strategic partnerships signed with major public development banks.

A third of AFD’s activity in Latin America was project assistance, particularly in Brazil and Ecuador. Most of these initiatives fall under the European Union’s Global Gateway initiative (with EU funding in 2024 of more than €21 million). Project identification and preparation activities were also focused on exploring critical energy-transition minerals such as lithium in Bolivia and Argentina. These minerals are strategic to French and European interests, and they benefit from bilateral initiatives such as the Latin American and Caribbean Investment Facility (LACIF) and the Fund for Technical Expertise and Experience Transfers (FEXTE).

In 2024, AFD’s activity in Latin America continued to play a major role in fighting climate change (with a €1.1 billion contribution) and in protecting biodiversity (€322 million).

Expertise France in Latin America

Expertise France ramped up its activity in Latin America in keeping with French and European priorities.

Expertise France ramped up its activity in Latin America in keeping with French and European priorities. It is leading 37 national and regional projects for a total volume of €192 million, with the support of the European Union, AFD Group, and the French government. Its operations encompass various strategic priorities: climate and biodiversity, just transition, economic governance, social dynamics, digital technologies, and global security. To support this momentum, Expertise France is shoring up its local presence with 85 employees assigned to several countries in the region and a project-support unit in Bogotá, which is leading eight regional initiatives.

Proparco in Latin America

In all, 22% of Proparco’s 2024 investment volume went to projects in Latin America, equating to a total of €594 million in signed agreements (versus €467 million in financing authorizations).

In Central America, Proparco also supported the growth of the CMI Alimentos, a major agrifood corporation in Guatemala whose activities span the entire food value chain, from grain to meat production. This financing will help bolster food security in the region by ensuring that more than 12.6 million people can access basic foodstuffs, while also supporting a key industry for the local economy.

A closer look: Sustainable development in the Amazon

2024 was marked by French President Emmanuel Macron’s visit to Brazil and by a billion euros of commitments signed by the two countries to promote sustainable development in the Amazon and bioeconomy development. Efforts to preserve the Amazon were covered by a specific approach, confirmed through the granting of two lines of credit totaling €280 million to two federal development banks, the Brazilian Development Bank (BNDES) and the Banco da Amazônia S.A. (BASA). This financing was then rounded out with a €10-million grant (through the Amabio1 program, implemented by Expertise France) for bioeconomy development, which constitutes the first stage of the investment program. Since 2018, AFD has used its General Monetary and Multisectoral Macrodynamics for the Ecological Shift (GEMMES) tool to assist Colombia along its low-carbon development trajectory as it works to reach its nationally determined contributions (NDCs). This decision-support tool plays a key role in public-policy dialogue with the Colombian authorities. Get to know more

The BRK Maranhão project financed by Proparco for water and sanitation improvement will provide access to drinking water for more than 480,000 people and access to sanitation for 333,000 residents by 2029 in a region where nearly 60% of the population lives below the poverty line. By reducing the prevalence of waterborne diseases and building local economic resilience, this project will also improve public health while furthering climate and environmental priorities in the region. Among the project outcomes, 37% provide adaptation co-benefits and 40% provide biodiversity co-benefits, mainly thanks to water decontamination efforts and a goal of 80% sanitation coverage by 2032.

AFD Group “by our partners’ side”: Results from the latest IPSOS AFD 2024 client survey

The quality of AFD Group’s relationship with its clients and partners

The quality of AFD Group’s relationship with its clients and partners requires ever more attention and understanding, so that we can establish a relationship that adapts to their realities and capacities. The second client survey carried out in 2024 by IPSOS on behalf of AFD Group included Expertise France for the first time and ran at the same time as the Proparco survey, making it possible to obtain several Group-level indicators. This second survey, which combined sampling and qualitative interviews, confirmed the strength and quality of the trusted relationships AFD Group maintains with its clients and partners as well as the added value it offers.

The findings indicate that two in three clients seek out AFD not only for financing support but also for its expertise in impact and institutional change. The close relationships with the extended global network and dialogue between project teams were especially appreciated, with clients and partners highlighting the engagement, availability, and responsiveness of AFD Group employees.

Infographic on AFD client satisfaction in 2024: 55% very satisfied (scores 9–10), 35% satisfied (scores 7–8), 11% dissatisfied (scores 0–6). Average score: 8.4 out of 10, based on a sample of 327 respondents. Client testimonials highlight the availability, listening skills and competence of AFD staff.

As the first public development bank to have aligned itself with the Paris Climate Agreement in 2017, AFD Group is now committed to a “100% SDG” alignment process.

In its Strategy 2025-2030, AFD Group plans to achieve this commitment through:

increased attention to impacts;
systematic consideration of three crosscutting issues: (i) protection of the planet, (ii) reduction of multidimensional and gender inequalities, and (iii) citizen and democratic participation.

Key facts and figures
on AFD Group activity in 2024

€7.7 BN

FOR PROJECTS WITH CLIMATE CO-BENEFITS in foreign countries and French Overseas Territories.

€1.2 BN

IN FINANCING FOR PROJECTS
WITH BIODIVERSITY CO-BENEFITS up 20% compared to 2023.

€729 M

COMMITTED BY AFD TO STRENGTHEN AGRICULTURAL AND AGRIFOOD VALUE CHAINS and nearly.

€260 M

in projects financed by Proparco that SUPPORT AGRICULTURAL PRODUCTION CAPACITIES.

€427 M

COMMITTED BY AFD GROUP TO PROJECTS TARGETING TEACHER TRAINING.

64%

OF HEALTH-SECTOR COMMITMENTS WITH A COMPONENT TO BOOST HUMAN RESOURCES.

€133 M

INVESTED IN THE GOVERNANCE OF MIGRATION AND FORCED DISPLACEMENT, via capacity building for institutional actors and support for civil society, public migration policies and reintegration for returning migrants.

11.3%

OF ALL GRANTS COMMITTED TO PROMOTING GENDER EQUALITY AS THEIR MAIN OBJECTIVE, representing €78 M over 25 projects, half of which are dedicated to the health sector.

OF AFD’S TOTAL COMMITMENTS,

54.5%

representing €5 BN promote democratic and inclusive governance as their main or secondary objective

PART 1 – Boosting the quality of our operations to better address client requests and global challenges

From the appraisal phase, AFD Group puts into motion analyses and procedures to:

reduce the potential negative impacts of its financing,
increase the positive contributions to sustainable development, and
Aimprove the synergies linking sustainable development issues to meet social and economic objectives while respecting the planet.

AFD project evaluation process in four steps: 1. Identification: strategic alignment and mandate compliance, including biodiversity. 2. Appraisal and financing: prevention of environmental and social risks, impact analysis. 3. Monitoring: tracking risks and results. 4. Evaluation: measuring results, sustainable development analysis, assessment of the funded project.

Sustainable development analysis: a tool to align a public bank with the SDGs

Our sustainable development analysis approach aids in the qualitative management of the operations we finance. It was established at AFD in 2014 and extended to Proparco and Expertise France in 2023.

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For each sustainable development dimension, the expected impacts of projects are assessed according to their scope:

• Negative impacts: significant −2 or residual −1 ;
• Neutral impacts: 0 ;
• Positive impacts: moderate +1, significant +2, or structural +3.

Sustainable development project analysis and opinion at AFD in 2024

In 2024, 225 projects whose financing was approved by AFD were subject to an analysis as to whether they were “sustainable development” projects. They represented a total of about €9 billion, or 83% of the year’s financing volume.

Sustainable development project analysis at Proparco in 2024

In 2024, 124 projects amounting to €2.66 billion whose financing was authorized by Proparco were subject to an analysis of whether they were sustainable development projects.

The criteria used for the sustainable development rating were also updated to align them with Proparco’s 2023-2027 strategy.

Learn more

Aerial view of a green rural landscape with fields, forests and rolling hills under a cloudy sky.

Sustainable refinancing at AFD

2014-2024: 10 years of AFD’s first green bond

In 2024, AFD celebrated the 10th anniversary of its first green bond issue. The purpose of theme-based bonds is to finance a specific part of a bond issuer’s operations. AFD Group conducts more than 50% of its annual borrowing program through “Sustainable Development Goal” (SDG) bond issues. In 2024, the volume of bond issuance with the SDG label was €4.43 billion.

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PART 2 – Measuring results and impacts for better investment

Investment priority #1
Investing for sustainable infrastructure

To help achieve the SDGs, AFD Group supports the development of quality, sustainable, and resilient infrastructure that meets people’s needs. These include quality of life, prosperity, employment, equality, and opportunities for young people. Such infrastructure also helps address challenges to the planet (climate change and threats to the environment and biodiversity) as well as strengthen the institutions in charge of these issues by upgrading skills, improving governance, and fighting corruption.

In 2024, infrastructure investment needs remained considerable following extreme weather events and natural disasters that included storms and destruction of roads and power lines in South Africa, floods and destruction of homes and water supply systems in Pakistan, and landslides and destruction of rural infrastructure in Ethiopia and India, to name a few. These challenges remind us of the vulnerability of infrastructure and its essential role for people.

Against this backdrop, AFD has taken strong action and delivered concrete results: the projects closed in 2024 have improved quality of life for more than 11 million urban residents and users, a result that meets 100% of the commitments made at the time of grant approval.

Access to securely managed sanitation services

Since 2002, AFD has been providing assistance to Cambodia for its urban water supply network. A comparative assessment of three projects (two in Phnom Penh and one in Siem Reap) was completed in 2023.

Users are charged differently based on their water use and social strata, with costs generally considered affordable by users. Social policies (such as aid provided for network connection) and communication campaigns on the importance of using running water have had a positive impact. Some users do not want to connect to the network. Others are connected, but must still rely on private wells to fulfill their needs – this is the case of companies in the tourism sector, among others, with high use levels (e.g., hotels).

The projects provided capacity building for water company employees at various levels (technical, management, finance, etc.), which other authorities view as an example to follow. The COVID-19 pandemic led to several training sessions being canceled. Additionally, some training courses were not always sufficiently tailored to staff profiles at the Phnom Penh Water Supply Authority (PPWSA), and the Siem Reap Water Supply Authority (SRWSA) still faces significant training needs.

AFD was able to quickly mobilize funds for largescale projects and established long-lasting and trusted partnerships with the water authorities. It is considered a flexible partner that understands the issues and challenges the sector faces. In Siem Reap, efforts were made to ensure alignment and complementarity with parallel projects conducted by the Japan International Cooperation Agency (JICA) and the Asian Development Bank (ADB). However, the assessment did find contradictory technical approaches and a lack of coordination.

Investment priority #2
Investing for human development

Investing in socially responsible and sustainable projects and building human capital are the basis for any just and low-carbon transition, including at the local level and for people vulnerable to crises and conflicts.

They represent our commitments to provide access to essential services and to support the institutions and public policies that ensure the sustainability of investments and social progress in a more inclusive, more equitable, and peaceful world – a world that is working together for just transitions by investing in young people.

With regard to education and vocational training, the projects closed in 2024 have provided access to suitable programs for 308,485 people, far more than the initial commitment of 250,000 people. Despite questions about the future of the basic education sector (which is highly dependent on grant amounts), AFD is strengthening its commitment to the sector, and the projects whose financing was approved in 2024 will help extend access to education and vocational training to more than 9 million people.

In the Central African Republic, AFD is supporting a project to reduce gender inequalities in the education sector in nearly 300 schools. In the region where the project takes place, 30% of children work in mines under hazardous conditions. They are exposed to significant risks, and girls in particular face the threat of gender-based violence. The project works to promote gender equality in and through education by strengthening community cohesion and supporting crisis resolution through a holistic approach.

In 2024, the continued strong demand for investment in human capital was driven by needs in training, access to basic services (education, health, water, sanitation, housing), and support for social reforms. It’s against this backdrop that AFD-financed projects closed in 2024 helped support 87,959 economically vulnerable people, representing 62% of the initial commitments made at the time project financing was approved. The projects implemented by Expertise France in 2024 led to 977,000 people gaining access to basic social services and provided support for more than 3,000 service-providing facilities.

Health for all

The Health in Common initiative, launched in April 2020, was one of AFD’s most important responses to COVID-19 in Africa. An independent evaluation of this emergency initiative noted several ways to ensure an efficient response in the event of future crises.

A suitable response despite the urgency

Positive outcomes were identified for the health component, such as capacity building in diagnostics and epidemiological surveillance and safe treatment pathways. For example, AFD’s support for the international Institut Pasteur network helped detect cases and test populations around the world while improving understanding of the disease. AFD Group’s response also mitigated the socioeconomic impact of the crisis. In Senegal, the NIAMDE project, led by a coalition of NGOs, improved access to food for more than 9,000 students in 57 schools while also supporting agrifood companies affected by the pandemic.

The decisive role of local stakeholders

Another key recommendation was to work with long-standing partners or those already active on the ground, especially civil society organizations. Working with stakeholders who are already active in the field makes it possible to adapt to local conditions and remain flexible. A community-based approach also helps better target vulnerable people through awareness-raising, early detection, and other activities.

Planning for crises and post-crisis responses

Although AFD was able to provide a timely response, the evaluation recommended establishing internal mechanisms to make procedures and human resource management more flexible under emergency circumstances. The final suggestion for improvement was to better coordinate responses in the short term and strengthen health systems in the long term. While formally developing such actions is difficult during an emergency, the evaluation underscored the importance of including crisis exit strategies within projects. The evaluation also emphasized the need to invest during non-crisis times in capacity building for better pandemic prevention, preparedness and response.

Investment priority #3
Investing for a sustainable economy
and financial systems

For AFD Group, developing an economy and financial systems that are sustainable means ensuring that growth creates decent jobs, reduces inequalities, and generates shared and inclusive prosperity. It must also ensure that the essential functions provided by nature persist over time. This goal is fully consistent with the Paris Pact for People and the Planet, which is aimed at fighting inequality, the effects of climate change, and the destruction of nature’s capital.

Among the projects closed in 2024, four have provided new or improved access to suitable financial services to 53,989 people, exceeding our initial commitment of 28,000 people, and six have led to improved economic performance for 96,000 agricultural businesses, or approximately 80% of the target set. Meanwhile, some 40 projects whose financing was approved in 2024 will help support 920,000 agricultural businesses in optimizing their performance and improve access to financial services for an additional 980,000 people.

Access to financial services

For economic activity to become a genuine driving force for empowerment, initiatives must be tailored to local situations. The evaluation of eight microfinance projects, carried out in Tunisia between 2013 and 2018 with the support of AFD and Proparco, illustrates this challenge: the number of microcredits granted to women increased during the evaluation period (2014-2021), but the actual share of total loans granted fell from 67% to 45%. This is mainly due to two structural barriers: the more informal nature of work that women perform and less access to the guarantees required to obtain a microcredit.

To ensure that projects benefit women and men equally, it’s crucial to develop mechanisms that address women’s specific needs, including those beyond the economic sphere. A synthesis conducted by the World Bank and AFD of several impact evaluations suggests several specific ways to broaden women’s access to training and jobs. For example, female instructors could be hired where interactions with male instructors are poorly accepted; training could be given to couples; or childcare services and flexible hours could be offered.

Source: AFD Group Evaluations Report 2025

AFD Group plans to expand its action and contribute to mobilizing the forces of change to achieve the SDGs. We will work through three priority and complementary channels.

1. Financial mobilization
2. Civic and partnership mobilization
3. Mobilization of knowledge, technology, and expertise

Mobilization of French know-how and expertise in AFD Group projects

AFD-supported projects in the areas where AFD Group works created 323 tender contract opportunities open to international players, including French companies, via international calls for tender; 82% of contracts generated by AFD proects led to international competition.2 The overall value of these contracts was €2.3 billion. AFD financing represented €1.3 billion of this amount. These international contracts were mainly concentrated in Africa, where there is a particularly strong demand for French expertise (73% in Africa, 23% in Asia and the Middle East, 3% in the “Three Oceans” region, and less than 1% in Latin America).

Group of people wearing yellow safety vests and hard hats visiting an industrial site, some taking notes or photos.

A strategic partnership
with SUEZ

In 2024, AFD Group added a new dimension to its collaboration with SUEZ by signing a strategic partnership agreement. SUEZ is recognized in France, and in countries where AFD Group operates, for the quality of its expertise in sustainable cities (water and sanitation, waste management, and smart city systems). This collaboration enables both corporate groups to strengthen their mutual knowledge in this area (through technical workshops, site visits, joint work between AFD Group and SUEZ experts) and build AFD Group’s capacity to mobilize this technical expertise for its operations. This partnership has also led to other activities, such as the co-financing by AFD and the SUEZ Foundation of AgroParisTech’s Water for All Chair. Since 2009, it has trained 389 utilities managers in 52 Global South countries, making the Chair a tool for outreach and economic influence by promoting models and the French offer around the world.

Financial mobilization

Co-financing with other European donors

AFD also co-finances with other European donors. KfW is AFD’s second-largest co-financing partner, behind the World Bank Group, and the largest among national public banks. Between 2020 and 2023, the two institutions co-financed an annual volume of €1.5 billion on average. For the private sector, KfW’s subsidiary DEG is Proparco’s main co-financer. Together they co-financed a total of €2.7 billion over the previous three years. The EIB is also a key partner of AFD. Through the Mutual Reliance Initiative (MRI), the two institutions co-financed a total of €1.66 billion in 2024.

Moldova

A support project for the energy sector, as part of the process of joining the EU, involving EU delegated funds to AFD (technical assistance, €4.25 million) alongside a €40 million loan to the Moldovan government. The project, which began in November 2023, will support the Moldovan Ministry of Energy as well as other energy stakeholders in the country to undertake a sustainable green transition of the energy sector while complying with the necessary Community acquis required to join the EU.

Vietnam

The Bac Ai hydroelectric power plant project supports the country’s energy transition. It is co-financed as a Team Europe+ Initiative by the following: the EU (via the Project Preparation Facility); five European co-financers including AFD Group (AFD and Proparco), Germany’s KfW development bank, the EIB, and Italy’s CDP development bank; and the Japan International Cooperation Agency (JICA). This project, for a total of €690 million (with €80 million from each co-funder and €210 million in self-funding), is a strategic public investment with the creation of the country’s first pumped-storage hydropower plant.

Railway line running through dense green vegetation, stretching straight toward the horizon.

The Global Gateway strategy

The Global Gateway strategy is a vast European investment plan that has set aside €300 billion for the 2021- 2027 period to fund sustainable, quality infrastructure projects outside the EU (half of which are in Africa) through the Neighbourhood, Development and International Cooperation Instrument (NDICI). It is overseen by the Directorate-General for International Partnerships (DG INTPA); the Directorate-General for Enlargement and the Eastern Neighbourhood (DG ENEST); and the Directorate-General for the Middle East, North Africa and the Gulf (DG MENA) of the European Commission. Global Gateway is the European offer for the rest of the world, founded on the principles of mutual beneficial partnerships that take into account the EU’s economic and commercial interests.

Over the 2023-2025 period, AFD Group was a stakeholder in 53 Global Gateway flagship projects, to which it provided a financial contribution of €4.9 billion. This places AFD Group as the leading bilateral contributor to Global Gateway flagship projects (and third-largest contributor overall after the EIB and EBRD), with 28 of the 138 new Global Gateway flagship projects being led by AFD Group in 2024.

The Transgabonais railway upgrade program in Gabon is a 2025 Global Gateway flagship program for the key area of “Transport”. It is jointly financed by AFD Group and the European Commission. The goal of the project is to modernize the country’s main rail line (644 km of tracks) to more reliably transport passengers and merchandise between the capital of Libreville and Franceville, the country’s third-largest city and main producer of manganese. The AFD loan combined with the EU delegated funds (€173 million + €30 million) will enable the Gabonese government to upgrade the tracks, while financing from Proparco and the International Financial Corporation – IFC (€190 million) will go directly to SETRAG (the railway management company) to purchase new trains.

Learn more

International mobilization:
aligning finance with the SDGs/ FiCS

To meet the expectations set out in international agreements, AFD Group is exploiting its mobilization capacity to a maximum, for example by expanding work to create partnerships with and coordinate development banks. AFD continues to hold the presidency and hosts the general secretariat of the Finance in Common Coalition (FiCS). This coalition brings together all 530 public development banks around the world, which represent 10% of investment worldwide. AFD Group’s actions seek to harness the full potential of public development banks so that they align their actions with the SDGs and promote inclusive, socially responsible, and climate-friendly finance.

FD also hosts the permanent secretariat of the International Development Finance Club (IDFC), an international network of 27 major public development banks and financial institutions. The IDFC members share a common commitment to financing sustainable development and the fight against climate change. AFD Group greatly facilitated and contributed to the production of several IDFC deliverables in 2024.

• IDFC mobilized significant amounts of green and climate financing, reaching $199 billion in 2023, including $8.2 billion for biodiversity.
• AFD presented IDFC with a position paper on the New Collective Quantified Goal (NCQG) negotiated at COP29 and the need for high-quality, transformational finance aligned with the objectives of the Paris Agreement. This position paper was adopted not only by IDFC, but also by the United Nations Environment Programme Finance Initiative (UNEP FI), the Principles for Responsible Investment (PRI) coalition and the Mainstreaming Climate in Financial Institutions coalition. IDFC also communicated these messages to multilateral development banks.
• The IDFC members and multilateral development banks adopted outcome metrics for a common approach to measuring climate finance outcomes at COP29.

COP29 on climate (held in November 2024 in Baku, Azerbaijan) began setting up a new climate finance regime, in line with the Paris Agreement. The NCQG for climate finance for developing countries was thus set, raising the goal from the $100 billion floor that had prevailed until then. By 2035, $300 billion for developing countries will have to be mobilized under the leadership of developed countries, as well as $1.3 trillion in cross-border financing, from all sources.

COP30 in Belém, Brazil, will have to complete this framework by specifying the means for mobilizing these new quantitative targets (the subject of the Baku to Belém Roadmap), as well as by focusing on more qualitative aspects, including the means for implementing one of the macro-objectives of the Paris Agreement, namely the alignment of all financial flows with low-carbon and climate-resilient pathways (Article 2.1.c of the Paris Agreement).

Mobilization of French expertise and knowledge

In 2024, the mobilization of French expertise and knowhow was a very significant part of AFD’s activity, with 83% of AFD’s projects involving at least one French public or private actor1 companies, consultancies, public institutions, local authorities, etc.). This proportion confirms AFD Group’s position as a major vehicle for projecting French expertise abroad and as a tool for supporting French industrial investment in countries where the business environment is often complex. AFD Group’s efforts to promote and deploy its French offer internationally through its financing were also confirmed by the increase in the use of French expertise, which rose from 74% in 2023 to 83% in 2024.

Mobilization of expertise from French public institutions

AFD Group currently works along with some thirty French public institutions on the priority themes of the SDGs (climate, biodiversity, health, culture, and education). In addition to the mobilization of their expertise in AFD Group projects,2 this cooperation also takes the form of many levers (e.g., joint participation in conferences, sharing of knowledge and best practices, and joint research work). Such heightened coordination promotes and pools French public know-how internationally. It’s a partnership that embodies the French model of socially responsible and sustainable investment, which is based on essential values of transparency, equity, inclusive governance, respect for human rights, and sustainability science, as well as on the promotion of the rights of nature and sustainable and quality investments. These values are enshrined in the respective strategies of these public institutions.

The year 2024 saw an intensification of these already firmly established relationships with French public institutions. Partnership agreements that were signed or renewed included our alliance with the Caisse des Dépôts et Consignations (CDC) as well as our strategic partnerships with the French National Research Institute for Sustainable Development (IRD), the French Agency for Ecological Transition (ADEME), and the French agricultural research and international cooperation organization (CIRAD).

Strengthening local-to-local connections via decentralized cooperation

Action maintained despite budget constraints

AFD continued its efforts to mobilize French local authorities in 2024 by supporting seven decentralized cooperation projects. To this end, €10 million was granted via the French Local Authorities Financing Facility (FICOL). These initiatives promote the expertise of French local authorities while offering them the opportunity to enrich their own public policies on issues and challenges that they share with their foreign local authority partner (e.g. access to drinking water, sanitation, resilient agriculture, and waste management and recovery). The projects were located worldwide, showing the diversity of AFD Group’s areas of intervention: Cambodia (department of Hauts-de-Seine), Comoros (Urban Community of Dunkirk), Senegal (department of Isère), Lebanon (Trivalis, department of Vendée), and Palestine (Town of Morlaix and Collectivité Eau du Bassin Rennais). The year 2024 was also marked by increased support, via several projects, to create a formal framework for external action of French local government bodies. The completion of a study on local authorities in the French Overseas Territories made it possible to better identify their needs. Financial support was also renewed to our long-standing partner Cités Unies France (CUF), to consolidate and enrich its mechanism for initiating international actions by local authorities. This mechanism available to French local authorities can take the form of support for developing international strategies, structuring decentralized cooperation projects, or better mainstreaming climate change issues into these projects.

Guiding Ukraine toward EU integration

In coordination with Team France, AFD contributes (via FICOL) to supporting Ukraine’s resilience and its European convergence trajectory, in particular by backing an initial decentralized cooperation project in 2024. The goal of this project, called “Kalyna”, co-managed by the Île-de-France Region and the Ukrainian regions of Chernihiv and Kyiv, is to train civil servants from these regions in the management of EU funding.

International technical experts at Expertise France

In addition to the experts mobilized for projects, Expertise France also manages the system of international technical experts (ITEs). These are individual experts working in government agencies and international organizations. Expertise France is responsible for recruiting, monitoring, and managing ITEs, at the request of the Ministry for Europe and Foreign Affairs and the Ministry of the Economy and Finance.

They work as experts in a wide range of sectors, including health, environment, cultural and creative industries, sports, renewable energies, cultural heritage, and economic and financial governance. In this way, they contribute to the implementation of France’s development and international solidarity policy./p>

Citizen mobilization

AFD Group and CSOs

AFD Group increased its funding to French and local civil society organizations (CSOs) in 2024. In total, all of AFD Group’s mechanisms open to CSOs committed nearly €520 million in funding in 2024 (compared to €444 million in 2023), through 423 approvals for 300 CSOs, including 44% for local CSOs.

Youth increasingly active in civil society and local authority projects

But in most of the countries where AFD operates, young people aged 15 to 24 already make up more than half of the overall population. This share increased from €24 million in funding at the time of launch of the facility to €119 million in 2024.

Volunteer service at AFD Group

Young people are also active in NGO projects via volunteer service, with a total of more than 1,541 months for the volunteers, representing between 100 and 129 volunteers working in international solidarity or performing civic service. Most volunteer assignments (93%) are carried out on field projects (compared to 7% on projects of general interest).

Cooperation with actors of La Francophonie

The year 2024 saw the holding of the 19th Francophonie Summit as well as intensification of AFD’s cooperation with the Organisation Internationale de la Francophonie (OIF) and all Francophone stakeholders. Partnership agreements with AFD Group were signed during the summit with the Agence Universitaire de la Francophonie (AUF) and Senghor University in Egypt.

Ces partenariats permettront au groupe AFD d’enrichir les actions communes dans plusieurs domaines :

education,
vocational training,
employability,
entrepreneurship,
scientific research,
and the social responsibility of universities.

One of the main French contributions to the summit was the announcement of the creation of the Francophone Feminist Alliance. AFD has partnered with a consortium of feminist CSOs led by Equipop to ensure its management

Spotlight on sports in 2024

Sport unites us. It is a vehicle of social cohesion and contributes to achieving the SDGs in health, education, gender equality, and inclusion. This is why AFD Group has made sports an accelerator of socially responsible and sustainable investments. Since the adoption of its “Sport and Development” strategy in 2019, AFD Group has created the following:

an unprecedented level of investment and impact, with total financing of nearly €200 million for 200 projects in more than 50 countries, impacting nearly 10 million young people;
a forum for dialogue that encourages States to incorporate sport into their public policies;
occasions for mobilization and partnerships that create collaborative projects with internationally renowned sports organizations (International Olympic Committee, Paris 2024, Dakar 2026, International Federation of Association Football – FIFA, National Basketball Association – NBA, Basketball Africa League – BAL), sports federations, and associations and athletes committed to development.

On the occasion of the Paris 2024 Olympic and Paralympic Games, AFD reaffirmed its conviction that sports are a powerful accelerator of socially responsible and sustainable investments that work toward social cohesion, empowerment of young people, and the achievement of the SDGs.

Learn more

In 2021, the French Parliament passed the Programming Act on Inclusive Development and Combating Global Inequalities, which made AFD Group a comprehensive and essentially unique player in the international development finance ecosystem, as a group with three entities.

Agence Française de Développement is the public financial institution in charge of implementing France’s development policy.
Proparco is its subsidiary dedicated to the private sector.
On 1 January 2022, Expertise France, the French agency for international technical cooperation, also became a subsidiary.

The success of AFD Group’s strategic commitments depends on the full deployment of our collective capacity, combined with that of :

• AFD Group Campus,
• Société Immobilière de Nouvelle-Calédonie (SIC),
• SOCREDO bank,
• the guarantee fund SOGEFOM,
• and STOA (the impact fund co-created with Caisse des Dépôts et Consignations (CDC)).

Interviews

Morgane
Salomé

Strategy & Partnerships Officer, seconded from AFD to Germany’s KfW development bank.

What is your background at AFD?

I joined AFD in July 2022 as a country risk economist with the Economic Diagnostics and Public Policy Department. Previously, I worked for seven years at the French Treasury as an economist specialized in emerging markets and developing countries, including four years in the international network in Brazil and then Singapore (in charge of Southeast Asia). In September 2024, I was seconded by AFD to KfW in Frankfurt, in its Strategy, Institutional Relations and Partnerships Division.

What is your role at KfW?

My main job is to manage and implement the partnership agreement between AFD and KfW. This entails planning sectoral and regional dialogues, preparing high-level meetings, and identifying projects to co-finance. I fulfill these duties with my counterpart at AFD, Markus Rühling (seconded from KfW). I’m also occasionally asked to be involved in internal strategic discussions at KfW by providing AFD’s perspective (as a peer institution). In addition to the bilateral relationship, my role is also to support the development of the Joint European Financiers for International Cooperation (JEFIC) network of European bilateral development banks (which includes KfW and AFD as well as Spain’s AECID, Italy’s CDP, and Poland’s BGK), not only in terms of strategy (joint position vis-à-vis the European Commission) but also operations (co-financing).

What is your take on the AFD-KfW partner relationship?

The ties between AFD and KfW are already very strong, which is reflected in many other co-funded projects, whether through the Mutual Reliance Initiative (MRI) (which also includes the EIB) or the JEFIC co-financing framework agreement (which also includes AECID and CDP). Over the past 10 years, more than 50 projects have been co-financed by AFD and KfW, with total funding amounting to nearly €7 billion. But there is still room to do more. Strengthening the AFD-KfW partnership as well as strategic partnerships in general, and especially European ones (which aside from the JEFIC include the EU and the EIB), seems to be more necessary than ever given the current trend in Europe of cuts to development budgets.

Julie
Brouillard

Economist in AFD’s Africa Division, seconded from the European Bank for Reconstruction and Development (EBRD)

What is your role at the EBRD?

I have been an economist at the EBRD in London since 2018, and was seconded to AFD’s Africa Division in February 2024.

What is your take on the AFD-EBRD partner relationship?

While my office location may not feel so exotic to me, this secondment does come with some less familiar aspects. Most of the EBRD’s activities are focused on the private sector, in what we call “transition economies”, whereas AFD’s Africa Division deals mainly with State actors and public institutions. Between the knowledge and institutional culture shock, this experience has shown me different ways of working in the development world. I’ve been able to work on the African macroeconomic situation as well as economic outlook papers for countries such as Kenya, Rwanda, and Gabon. And most of all, since EBRD is now expanding its activities in sub-Saharan Africa, this has given me insights on how things are done in Africa, where the Africa Division’s expertise is undeniable.

SOGEFOM

The SOGEFOM guarantee fund for the French Overseas Territories provides partial guarantees for financing operations undertaken by credit institutions operating in France’s Pacific communities (French Polynesia, New Caledonia, and Wallis and Futuna). In particular, it supports small and very small enterprises (SMEs and VSEs) in various economic sectors.

The sustained level of activity observed over several years (€48 million in guarantees granted in 2022 and €44 million in 2023) soared in 2024, with record production of €84 million (+93% compared to 2023), reaching 1,208 guarantees granted (+85% compared to 2023).

In terms of impact, the guarantees granted by SOGEFOM in 2024 helped create 370 jobs and maintain more than 4,100 jobs. SOGEFOM provided guarantees for €104 million in bank loans, and 83% of the guarantee grants went to microenterprises.

SOCREDO

SOCREDO, a joint public and private limited company, is owned 50% by French Polynesia, 35% by AFD, and 15% by the bank BRED. It has been a registered bank since 1984 and is a major player in the financing of the French Polynesian economy. It operates in all economic sectors and more particularly several key sectors such as housing, sea-related industries, and tourism.

SOCREDO has also made sustainable development a core aspect of its new 2024-2028 strategy, which makes the concept of “development bank” part of its DNA. The four main orientations in this strategy show SOCREDO’s desire to continue its current efforts and to strengthen its actions.

Invest more intensively in sectors with climate and biodiversity co-benefits, and improve the bank’s skills in climate finance.
Expand the bank’s regional outreach by developing partnerships with other Pacific territories.
Provide a specific, inclusive and dedicated response to clients on remote islands by effectively extending the reach of the AFD Group offer there.
Continue to support priority economic sectors according to the needs and priorities of the new government in New Caledonia.

At the end of 2024, SOCREDO had a workforce of 517 people and posted a balance sheet total of €3.5 billion, slightly higher than in 2023 (€3.4 billion), consisting mainly of client loans (€2.6 billion) and client deposit liabilities (€2.5 billion). In 2024, the bank generated net banking income of €94 million and a net profit of €13.6 million, and all its regulatory ratios are satisfactory.

What does research at AFD involve?

Research for and by the Global South, to facilitate dialogue on public policies

In 2024, 115 research studies and projects were launched: 82 in collaboration with a partner (amounting to €12 million) and 33 carried out by AFD’s research teams.

Learn more about research at the AFD Find all research publications

Flagship publications and events for 2024

L’économie africaine 2024

The 2024 issue of L’économie africainediscusses the key points to understanding the challenges Africa faced in 2024: macroeconomic outlooks for the continent; a review of ecosystems, migration and climate change; mining of critical minerals; funding for climate initiatives; and the socioeconomic issues involving football.

Download (available in French only)

« Tackling climate challenges through financial regulation » policy brief

Le policy brief « Répondre aux enjeux climatiques par la réglementation financière » présente des recommandations pour renforcer l’intégration des enjeux de durabilité dans les politiques de réglementation financière — qu’il s’agisse des risques climatiques, intégrés au mandat de stabilité, ou des enjeux d’inclusion financière, facteur de résilience.

Download (available in English and French)

Inequalities in Sub-Saharan Africa

Written with the African Centre of Excellence for Inequality Research (ACEIR) and co-published by the World Bank, this publication highlights many inequality-related challenges (income gaps, unequal access to education and healthcare, rising climate vulnerability, need for inclusive growth, etc.).

It offers outside-the-box thinking on issues ranging from competition reform to new negotiation frameworks designed to rebalance the power dynamics between labor and capital.

Disponible en anglais et en français

A summary of this publication is also available in Swahili and Xhosa.

De la recherche à l'action

The AFD’s 16th International Development Research Conference showed how research results can be translated into concrete action to support public policies, especially in and with countries of the Global South. Researchers, policymakers, and development practitioners discussed the inclusion of sociodemographic dynamics in ecological transitions, the idea of alignment as it applies to sustainable finance, public services that go beyond the State level, and the risks and opportunities in pro-nature transitions.

Find out more on afd.fr

Proparco business results and key figures

1. A year of strong commitments to support development

In 2024, Proparco continued to implement its “Acting together for greater impact” strategy with a commitment volume of €2.8 billion for 200 authorizations. This performance shows that private-sector action to address development challenges has become more established. At the end of 2024, 736 projects were under execution in Proparco’s portfolio, for a total outstanding amount of €8.2 billion.

2. Concrete projects for the climate, inclusion, and employment

Climate: One third of projects whose financing was authorized in 2024 had a positive impact on the climate. Proparco has shown its capacity to structure large-scale financing for the energy transition, especially in Africa, which remains the leading intervention region, with a total of €1.28 million in agreements signed.

Economic and social inclusion of women: The goal of one fourth of the projects was to improve women’s living conditions via access to essential services, employment, and entrepreneurship.

Sustainable economic growth (SDG 8): Nearly all of the projects taken up by Proparco have contributed to the goal of inclusive and sustainable growth, through support to local businesses, infrastructure financing, and the entrepreneurial ecosystem.

3. Proparco, a European player committed to working alongside French companies

3. Proparco, a European player committed to working alongside French companies In 2024, part of the European Fund for Sustainable Development Plus program negotiations concluded, and European synergies within the framework of EDFI networks were enhanced. Proparco also hosted the EDFI general meetings in Paris in May 2024. Meanwhile, Proparco’s many partnerships with French companies and organizations, such as CIRAD, have heightened the impact of projects benefiting from French expertise

Key figures

483

EMPLOYEES

200

NEW PROJECT AGREEMENTS

736

PROJECTS UNDER IMPLEMENTATION

AFinancing authorizations (in billion euros): 2019 = 2.5; 2020 = 2.0; 2021 = 2.4; 2022 = 2.3; 2023 = 2.7; 2024 = 2.9.

Volume of signed projects: 2019 = 1.7; 2020 = 1.4; 2021 = 2.2; 2022 = 1.9; 2023 = 2.0; 2024 = 2.8.

Disbursement volume: 2019 = 1.3; 2020 = 1.3; 2021 = 1.7; 2022 = 1.4; 2023 = 1.4; 2024 = 1.9.

Breakdown of projects signed in 2024 by type of activity: 43% financial sector (€1,186 M), 29% infrastructure (€810 M), 23% enterprises (€637 M), 5% investment funds (€126 M).

Breakdown of projects signed in 2024 by financing instrument: 70% loans (€1,930 M), 15% guarantees (€406 M), 8% equity (€230 M), 6% other securities (€177 M), 1% grants (€16 M).

Expertise France business results and key figures

In 2024, Expertise France’s business continued trending upward, and has continued to consolidate its position as a top public operator of French and European technical cooperation.

Turnover of €447 million, up 15% compared to the previous year.
Africa remains the main region of Expertise France operations, concentrating 60% of the amounts signed. However, it continued to open up to new regions, especially in Asia and Eastern Europe.

Breakdown of 2024 financing by donor for a total of €795.2 M: European Union: €448.9 M; French ministries: €203.7 M; AFD: €135.8 M; Other foreign donors: €6.8 M.

Breakdown of 2024 financing by sector for a total of €795.2 M: Health: €167.4 M; Sustainable development: €139.7 M; Governance: €138.6 M; Sustainable and inclusive economy: €136.3 M; Human capital and development: €130.7 M; Peace, stability and security: €82.5 M.

Funding trends (in million euros): 2022 = 341; 2023 = 388.5; 2024 = 447.

Expertise France in 2024

879

EMPLOYEES AT HEADQUARTERS AND 619 IN THE FIELD (local contracts excluded)

€795 M

IN VALUE OF AGREEMENTS
SIGNED IN 2024

More than

300

INTERNATIONAL TECHNICAL
EXPERTS (ITEs)

€447 M

IN TURNOVER

384

PROJECTS UNDER WAY

OPERATING IN

147

COUNTRIES AND TERRITORIES

The fight against fraud and corruption, a key aspect of AFD Group’s accountability

AFD is especially attentive to making sure its financing is allocated properly, and it makes every effort to ensure that its funds serve their intended purposes. The Investigations section, housed within the Legal Monitoring, Compliance & Investigations Division of the Compliance Department (DCO/VIJ), plays a key role in preventing, detecting, and remedying any misuse of AFD Group financing. It was created in 2018 to investigate reports of fraud, corruption, and other prohibited practices. It deals with around 100 cases annually, reported by AFD Group employees and by third parties.

AFD’s Investigations section also handles reports of prohibited practices for Proparco and SOGEFOM.
The Investigations section participates on behalf of AFD in working groups and conferences of donors and international bodies (OECD, World Bank, G20, etc.) dedicated to the fight against fraud and corruption.

In November 2024, the Investigations section organized the InvestigAid conference in partnership with the European Anti-Fraud Office (OLAF). This annual event brings together the audit and investigation services of donors and cooperation ministries of EU Member States. The 2024 conference was an occasion to discuss the impact of artificial intelligence on the fight against fraud and corruption and highlighted both the opportunities offered by new technologies and the increased risks of cybercrime.

By harmonizing policies and methods, this approach helps improve the effectiveness of Group-wide actions to fight corruption.

02 Our social responsibility
commitments

For more than 20 years, AFD Group has been using a corporate social responsibility (CSR) approach to structure and improve its practices.

This approach also enables us to meet the social, environmental, ethical, human rights, anti-corruption, and transparency requirements incumbent upon us.

AFD Group’s CSR approach is subject to non-financial ratings that not only guide investors’ decisions, but also serve as a valuable tool to drive internal progress. In 2023, the credit rating agency Moody’s gave AFD Group a score of 74/100 (compared to 73/100 in 2021), thereby positioning us in first place in the “Specific Purpose Banks & Agencies” category and in the top 10 among 4,667 businesses assessed worldwide. . In its latest ratings review in February 2023, MSCI awarded an AAA rating to AFD. Finally, the independent external evaluation conducted by the think tank E3G described AFD Group as the leader in climate finance among national and bilateral public development banks and as “transformational” in terms of its institutional leadership and its fossil fuel phase-out.

Adopting and intensifying sustainable development in our operations

Managing the environmental and social (E&S) risks of the projects we finance

AFD Group integrates social responsibility into its governance system and activities. To this end, we take steps to assess and manage the E&S risks of the operations we finance. We follow procedures to identify, prevent, and mitigate E&S damage, including any human rights abuses that may arise from our activities. This approach of limiting E&S risks is applied at every stage of the project cycle, from project identification and approval of financing, up through monitoring and ex post assessment. AFD Group also has an exclusion list that indicates activities AFD Group will not finance, specifically as they pertain to climate, biodiversity conservation, and protection of human rights. This approach is supplemented by two different mechanisms, one used by AFD and one by Proparco, to manage E&S complaints.

Evaluating and capitalizing on good and bad practices – a few examples

In 2024, AFD carried out its first overall evaluation of its contribution to the SDGs in a country where it operates: in this case in Indonesia, between 2015 and 2022. While AFD provides Indonesia with a smaller financial volume than do multilateral institutions, AFD plays a key role there there are crucial because it supports strategic actions aligned with the country’s priorities in the environment and energy sectors. Indeed, AFD’s contribution to the country’s development trajectory is qualitative and targeted. It is based on establishing public-policy dialogue on key reforms (taxation and climate finance in particular) and is gradually including the SDGs into its policies. The evaluation, which highlights the relevance and positive impact of the projects financed, recommended continuing the actions undertaken, strengthening the SDG approach, and providing more support to the private sector. It also called for better mobilization of all financing tools and for improving synergies between the AFD Group entities.

Separately, two independent evaluations connected to our Sustainable Development Analysis and Opinion mechanism were launched in 2024.

• The first, which deals with the mechanism itself, will draw lessons from its experiences and results in the 10 years since its creation.
• The second focuses on sustainability analyses at project completion; by analyzing a cluster of completed projects, it is gathering knowledge on the conditions needed for successful financing to achieve sustainable development impacts.

Financial exemplarity and ethics

Preventing and combating prohibited practices

We continued our efforts in 2024 to strengthen our processes to prevent and combat prohibited practices.

• For example, the revised edition of AFD’s procurement guidelines for awarding projects in foreign countries came into force, thereby expanding ineligibility for AFD financing to applicants that have been excluded from procurement by multilateral development banks for misconduct involving fraud or corruption.
• Our in-house whistleblowing system available to internal, external, and occasional AFD Group employees was modified in 2024 to incorporate the new requirements resulting from a French law passed in 2022 to protect whistleblowers.
• We also opted to centralize due diligence checks on our suppliers and service providers by the Purchasing Department.
• Another notable development is the deployment in 2024 of an anti-corruption questionnaire to collect information on the anti-corruption processes of counterparties evaluated.

For resolutely responsible finance

In 2024, we published an update of our thematic SDG bond emissions framework aligned with the SDGs, in order to align it with our new Strategy 2025-2030 and to reflect the progress of our internal processes. The sustainable development rating system at AFD and Proparco is a cornerstone of this framework, which was assessed by a Second Party Opinion (SPO, Moody’s Ratings) and received an SQS2 Sustainability Quality Score of “Very Good”. AFD Group conducts more than 50% of its annual borrowing program via SDG bond issues. In 2024, the volume of bond issuance with the SDG label was €4.43 billion.

AFD won the “Best Agency Funding Team” award at the 2024 GlobalCapital Bond Awards. Bokar Chérif, Executive Director of Finance at AFD, reports on AFD’s reaction as follows: “We at AFD are very pleased to have been given this award by the industry. It testifies to the great work by our teams over the years in building a strong and reliable offer in the capital markets, which is expected by investors. Beyond the markets, this is an inspiration to maintain our commitments and the objective of this financing program to finance sustainable development projects.”

Meanwhile, AFD Group has continued to modify the nature of the employee savings investments offered to its staff. In 2024, a call for tenders was launched for a new employee savings management contract for AFD Group. A new management company was selected according to more demanding specifications on access to information for employees and environmental and social sustainability criteria for the proposed funds.

Enhanced dialogue on ethics

Mindful of the strict requirements of its public service mission in French Overseas Territories and in foreign countries, AFD took the initiative in 2004 to put in place a comprehensive ethics system, comprising a charter, an ethics committee, and an adviser. Through its educational, positive, and constructive approach, the ethics process strives to be attractive and serve as a call to action; it seeks to sharpen individual and collective questioning as well as each person’s duty to understand and implement AFD Group values.

In 2024:

• A workshop and two “ethics café” events were held internally in 2024; discussions there fueled the AFD Group Ethics Board’s reflections and helped inspire its proposals and recommendations.
• Three podcasts were also produced on themes such as “What to do when you don’t agree, even if it’s official policy?” and “Ethics issues regarding employees under French law vs. local employees.”
• Some 23 internal ethics sessions were also held in 2024, attended by 410 AFD Group staff working at AFD or Proparco, both at headquarters and in the network.

Reducing AFD Group’s footprint and refining its practices

Toward a low-carbon trajectory

For several years now, AFD Group has been progressively limiting its internal carbon and environmental footprint by gaining better knowledge of its direct greenhouse gas (GHG) emissions and adopting proactive action plans such as responsible purchasing, energy efficiency, and responsible digital technology. AFD and Proparco emissions are, for example, offset through the purchase of carbon credits to finance actions working toward the SDGs. In addition, the budgets of some projects implemented by Expertise France have included funds earmarked for voluntary compensation of emissions generated by air travel.

Between 2023 and 2024, total headquarters emissions for AFD and Proparco increased by 25%, from 25,997 to 32,473 metric tons CO2 -eq, due to two changes in the method of incorporating the emission factor of inputs. But without these changes in calculation, headquarters’ emissions would have increased by only 2.9% due to the 11% increase in travel, but with no significant change in the distribution between expenditure category and no sharp increase in the number of flights. Nonetheless, travel-related CO2 emissions are still 25% lower than in the pre-COVID period of 2019

AFD Group has undertaken to reduce its internal carbon footprint by 2030. Our reduction goal will be established during social dialogue in 2025 and lead to a low-carbon trajectory for AFD Group via several levers. AFD Group’s entities will implement specialized action plans without delay, particularly in energy efficiency.

Participating in low-carbon efforts

As a public operator, AFD Group is committed to the French government’s ecological transformation plan and the national energy efficiency plan. We are putting France’s “Eco-responsible Public Services” approach into action with our partners and service providers. A set of tailored measures was established, covering ways to both save energy and adapt to technical constraints, while constantly keeping in mind the need to provide the best possible working conditions for all.

• Some of the Paris offices were closed for about 10 days in August 2024 and again in December 2024. The closure in December 2024 helped reduce total energy consumption over the year by 1.54% in the buildings concerned.
• Meanwhile, special efforts have been made to promote soft mobility. A sustainable mobility package for employees was put in place and significantly subsidized so that AFD’s efforts to contribute to employees’ soft mobility costs are on par with what it contributes to public transport costs.
• Since July 2023, two vegetarian options are now available every day. There is now a “100% vegetarian day” every month.
• At least 54% of the food is now sustainably sourced, including 39% from organic farming.
• Coffee and chocolate sold at the cafeteria are fair-trade and organic certified.
• Particular attention is also paid to reducing plastic waste, and water in plastic bottles has been discontinued.
• Lastly, the catering contractor redistributes some leftover edible food from its central kitchen under an agreement with a food bank.

Promoting responsible procurement

• In 2024, AFD Group adopted a responsible procurement roadmap. It meets three commitments: reducing the environmental footprint of purchases, improving their social responsibility, and contributing to the economy and to local territories.
• An interactive platform of environmental and social considerations adapted to the different purchasing categories of AFD Group has been developed and made available to buyers and product recommenders of AFD Group.
• In 2024, 54% of AFD contracts included at least one environmental consideration and 40% at least one social consideration.
• Finally, AFD Group’s Socially and Ecologically Responsible Procurement Plan was published in April 2025. This plan, required as part of the “Climate and Resilience Act” for public contractors, bolsters our accountability and serves as a tool for dialogue.

Toward more responsible digital use

In 2024, the following actions were carried out:

• improvement of inventories and awareness-raising actions (the number of PCs per employee dropped from 1.15 to 1.03),
• automatic standby of workstation computers and device screens when not in use,
• promotion of electronic signature tools,
• study of practices for dealing with end-oflife equipment,
• inclusion of environmental criteria into calls for tenders,
• establishment of a comprehensive process to decommission 356 online servers that are no longer used,
• a performance criterion on the volume of personal storage of files has been included in the employee profit-sharing agreement. A target has been set to reduce storage use by 20% by 2026,
• more than 658 PCs were given to schools and nonprofits, notably to Label École, a second-chance school in the Emmaüs network that offers free training in e-commerce jobs for people who experience difficulty in finding work.

Responsible human resources

Quality of life at work

Concerning the quality of life at work, AFD continued to implement the agreement signed in 2020. The Human Resources Division has continued its efforts to implement measures for psychosocial risk prevention, provide support in difficult situations, and optimize operations of the monitoring unit for occupational stress.

• A new system for reporting and handling harassment, discrimination, and sexual and gender-based violence claims was set up. This system was publicized through specific communication actions.
• The current remote work agreement allows for a set number of days of remote work.
• In 2024, an agreement was signed for employees who are also caregivers to family members. This agreement gives these employees access to support measures and systems that let them continue working while making their daily lives easier.
• There is also a sports and cultural association, run by the Social and Economic Committee, which offers various activities that successfully promote social cohesion among employees. In 2024, 816 employees participated in these types of activities.
• AFD Group also has an in-house mediator whose role is to provide support on workplace prevention issues and conflict management and resolution (between individuals and within teams) in a professional setting. She works with employees both in the head office and throughout the network.

Promoting equality in the workplace

AFD and Proparco both received a workplace equality index score of 93/100 in 2024 (versus 92/100 in 2023), while Expertise France scored 94/100. The gender pay gap has decreased, with men earning 1.8% more than women in 2024 compared to 2.1% in 2023, mainly due to differential at the management level.

Lastly, the AFD Group’s women’s network, “Mondes en commun·e·s” (“Worlds in Common”), continued its mentoring program in 2024. This program connects women with more experienced female colleagues to support their career and leadership skills development. In all, 90 two-person teams were formed.

Working toward greater inclusion and diversity

In November 2024, the Disability Team suggested an array of initiatives as part of the European Week for the Employment of Disabled People:

• participation in the Paris Job Fair, activities based on a game distributed by Agefiph,
• hours when employees can meet a Team representative at AFD Group’s various Paris locations,
• and promotion of the new disability agreement signed in May 2024 to support employment of people with disabilities.

In 2023, people with disabilities accounted for 4.06% of salaried employees at AFD and Proparco.

Meanwhile, the Human Resources Department works with several AFD employee groups involved in diversity issues (Monde en commun·e·s, Pride, Caregivers, Les Aidants, Kult4D). Diversity issues were benchmarked during the last quarter of 2024, and contacts were made with diversity, equality, and inclusion managers at several institutions and partner organizations (World Bank, KfW, EIB, EBRD, French Ministry for Europe and Foreign Affairs, CDC, IDB) to enrich mutual discussions based on experiences with these topics.

An HR Department working group looked at issues related to being a single parent and how it impacts employees’ work in the context of discussions with union representatives on improved consideration of the many situations that arise.

Stand d’information en plein air animé par deux jeunes femmes présentant des supports visuels et documents à une visiteuse.

Employee engagement

As part of a partnership with the nonprofit organization Article 1, employees help mentor young people to support their professional integration. This partnership also aims to broaden the pool of candidates for internships and work-study schemes within AFD Group, encourage greater diversity among young employees, and make AFD Group an equal opportunity employer.

Employees also participated in a clothing drive for the nonprofit organization Apprentis d’Auteuil and collected toys for hospitalized children at Necker Hospital in Paris and for the nonprofit Sol En Si.

AFD also hosted a design market for the nonprofit Adie to support self-employed artisans and vendors. Adie is a nonprofit of public interest that believes that anyone can be an entrepreneur, even if they don’t have a degree or capital, as long as they have access to financing and professional assistance based on trust and mutual support.

Training employees

26 training courses related to sustainable development were held in 2024, with several sessions available for each option. In all, 653 employees participated in at least one training session on sustainable development.

AFD Group launched a training center in early 2024 called AFD Group Campus. The Campus connects all teams involved in providing training for AFD employees, partners, and clients. By making AFD Group Campus a new, separate division, AFD Group is making clear the strategic value of employee and partner skills development.

Raising awareness about sustainable development

Several awareness-raising events were held throughout the year for employees.

• For Digital Cleanup Day in March 2024, workshops were held to raise awareness about digital pollution.
• During the month of May, when France celebrates Mai à vélo, or “bike month”, employees took part in a bike riding refresher, bike repair workshops, and group bike rides in the neighborhood where the new head office will be, near the Austerlitz train station.
• European Sustainable Development Week (ESDW) was held in September 2024, based on the theme of sustainable food. Activities included cooking workshops to reduce waste, interactive workshops on food, an exhibition, and a smoothie-making workshop.
• AFD Group also hosted an interactive workshop all year long called the Climate Fresk. More than 770 employees have participated in this workshop since 2022. In order to have an in-house pool of facilitators, some 10 people were trained at Expertise France in 2024 to lead the Climate Fresk and 1 person for the Digital Fresk workshop.

Maintaining dialogue with stakeholders

In 2024, while drafting and finalizing its new Strategy 2025-2030, AFD Group consulted with French civil society actors, research centers, European think tanks, peers, and partners. AFD also leads a “partner committee”, a consultation group that brings together French and international CSOs, ministries, French think tanks, and commercial banks every other year to discuss climate and nature issues that AFD Group addresses in its work. Quarterly exchanges are also held on climate and CSR topics with several French CSOs.

During the appraisal and implementation phases for the projects it finances, AFD Group relies on contractual clauses and other means of support to ensure clients consult the various stakeholders. For projects with major risks for environmental and social impacts, AFD takes measures to keep stakeholders involved at all project stages.

Ensuring transparency in financing

AFD Group launched its Open Data portal in June 2024, with the aim of making all data subject to transparency rules publicly available. This new portal is more user-friendly and better organized to make the data easier to access. AFD is working to further strengthen its policy on publishing data in a format that meets IATI standards as well as on its Open Data portal, which involves continued efforts to broaden the scope of transparency. In its Aid Transparency Index 2024, the international NGO Publish What You Fund, which evaluates the quality of donor transparency, scored AFD as “Fair,” down from “Good” in its previous report. This decline comes despite major efforts over the past two years to improve not only internal practices at AFD Group but also the quality and quantity of data published. An action plan has been implemented to raise the score back to “Good” during the next assessment.

Find out more about our corporate social responsibility

CSRD: transparency for environmental and social transitions

Following the “double materiality” principle, which is a core aspect of the directive, companies must ensure transparency according to harmonized standards (the European Sustainability Reporting Standards – ESRS).

In its Strategy 2025-2030, AFD Group is committed to becoming the first 100% SDG-aligned public development bank following its alignment with the Paris Agreement in 2017.

with the Paris Agreement in 2017. We are making support for the SDG trajectories of countries and territories one of our core actions, and we are contributing to international advocacy and mobilizing financial flows and investments toward the SDGs.

AFD Group is aligning with the transformational approach promoted by the CSRD for several reasons:

• to increase the transformational impact of our actions,
• to maximize the positive co-benefits and synergies that promote our three crosscutting issues (climate and nature protection, reduction of inequalities and multidimensional vulnerabilities, and institutional and democratic development),
• to do no harm

A stronger CSR policy

The Strategy 2025-2030 document provides for AFD Group to strengthen its CSR policy in line with the framework set by the Agenda 2030, both through the quality of its operations and by supporting systematic consistency between its internal functioning and its external commitments. This process is fully aligned with the impact-focused approach promoted by the CSRD.

AFD Group has therefore undertaken to reduce its internal carbon footprint by 2030 and to improve the compensation of its residual emissions. Our reduction ambition must be set out in the social dialogue by the end of 2025 and put into motion based on several levers. These will include the promotion of responsible procurement and a low-carbon trajectory for AFD Group, in line with the transparency required by the directive on the transition plan for climate change mitigation and adaptation.

AFD Group’s significant commitment to an ambitious HR policy (particularly in terms of diversity and gender equality) and to its clients and partners demonstrates that we place the interests of our stakeholders at the heart of our actions throughout the value chain. This is likewise consistent with the CSRD, which encourages their inclusion in strategy and business models.

03 Our operational
results in figures

Répartition géographique des financements AFD. Afrique : 5,5 Md€ (40 %). Latin America : 2,2 Md€ (16 %). Eastern Europe, Middle East, Asia : 2,1 Md€ (15 %). Three Oceans : 1,6 Md€ (13 %). Élargissement et voisinage européen : 1,8 Md€ (13 %). Multi-pays non géographisable : 0,5 Md€ (3 %).

The Editorials

Rémy RIOUX Chief Executive Officer of AFD Group

Jérémie PELLET Chief Executive Officer of Expertise France

Françoise LOMBARD Chief Executive Officer of Proparco

01 Strategic and operational results

AFD Group by its partners’ side

AFD Group’s 2024 activity in brief

Africa

The AFD in Africa

Expertise France in Africa

Proparco in Africa

A closer look: the South Africa JET-P

Three Oceans

The AFD in the Three Oceans

Expertise France in the Three Oceans

Proparco in the Three Oceans

Eastern Europe, Middle East, Asia

The AFD in Eastern Europe, Middle East, Asia

Proparco in Eastern Europe, Middle East, Asia

Expertise France in Eastern Europe, Middle East, Asia

A closer look: l'Ukraine

Latin America

The AFD in Latin America

Expertise France in Latin America

Proparco in Latin America

A closer look: Sustainable development in the Amazon

AFD Group “by our partners’ side”: Results from the latest IPSOS AFD 2024 client survey

A 100% SDG-aligned ambition

Key facts and figures on AFD Group activity in 2024

PART 1 – Boosting the quality of our operations to better address client requests and global challenges

Sustainable refinancing at AFD

PART 2 – Measuring results and impacts for better investment

A closer look: Learning from evaluations to make better investments

Access to securely managed sanitation services

A closer look: Learning from evaluations to make better investments

Health for all

A closer look: Learning from evaluations to make better investments

Access to financial services

A mobilization platform

Mobilization of French know-how and expertise in AFD Group projects

A strategic partnership with SUEZ

Financial mobilization

A closer look: Projects

Moldova

Vietnam

The Global Gateway strategy

Mobilization of French expertise and knowledge

Citizen mobilization

Working as a Group

Interviews

Morgane Salomé

Julie Brouillard

Focus on our subsidiaries

SOGEFOM

SOCREDO

What does research at AFD involve?

Flagship publications and events for 2024

Proparco business results and key figures

Key figures

Expertise France business results and key figures

Expertise France in 2024

The fight against fraud and corruption, a key aspect of AFD Group’s accountability

02 Our social responsibility commitments

Social responsibility

Priority 1

Priority 2

Priority 3

Priority 4

Employee engagement

Drivers of corporate social responsibility

Sustainability reporting as a way to leverage transformation

03 Our operational results in figures

AFD Group around the world

Authorizations, Agreements, Disbursements

French Government Financial Contribution

01 Strategic
and operational results

AFD Group’s 2024
activity in brief

Key facts and figures
on AFD Group activity in 2024

A strategic partnership
with SUEZ

Morgane
Salomé

Julie
Brouillard

02 Our social responsibility
commitments

03 Our operational
results in figures