Investors' space
AFD, a development bank serving a world in common
Created in 1941, Agence Française de Développement (AFD) is France’s public development bank, wholly owned by the French State. It has a dual status as an "Établissement public à caractère industriel et commercial" (a public industrial and commercial institution) and as a financing company. AFD finances high-impact projects in developing countries to support global public goods. The Group, which is rated in line with the French State, raises most of its financing on international bond markets from global investors. To this end, it operates three issuance programs: EMTN Reg S Cat. 1 (€70 billion), NEU MTN (€2 billion), and NEU CP (€8 billion).
Key figures
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€9.5 BN 2026 financing program
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€54.9 BN in outstanding bonds as of 31 December 2025, including €20.6 billion in SDG-linked outstanding bonds
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300+ Number of distinct investors in 2025
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10 Number of different issuance currencies as of 31 December 2025
Press releases
AFD ratings
Agence Française de Développement (AFD) benefits from strong credit ratings assigned by leading international agencies, including Standard & Poor’s and Fitch Ratings.
Credit ratings
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A+ / A1 Outlook stable - S&P
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A+ / F1+ Outlook stable - Fitch
SDG obligations
In 2020, to align its market presence with its 100% Paris Agreement and 100% Social Link commitments, AFD Group introduced a Sustainable Development Goals (SDG)-linked bond issuance framework. Since then, AFD has increased the share of its sustainable issuances, reflecting the close interconnection between environmental and social challenges at the core of its work toward a just transition. By participating, investors support AFD’s financing and its sustainable development methodology, helping channel capital toward developing countries, where needs and impacts are greatest.
ESG ratings
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AAA MSCI - Last update Feb. 2025
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11.7 Sustainalytics - Last update April 2025
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First Decile within financial / development banks - ISS - Last update May 2024
Reports and issuance programs
Corporate Social Responsibility and Activity Report 2025
Published on September 23, 2025
