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AFD funds itself mainly on capital markets. As a frequent issuer, AFD issues several public transactions every year and answers to specific queries from investors.
AFD has a dual status, being both a French public body, known as an EPIC (“Etablissement Public à Caractère Industriel et Commercial”) and a finance company (“Société de Financement”), which is regulated by the national banking authority (ACPR). AFD benefits from the same financial rating as the French state and has a EUR 60bn EMTN program, and a EUR 2bn NeuCP program for short-term issues. AFD also frequently issues sustainable bonds. Finally, AFD commits to communicating detailed, rigorous and transparent information to investors.
AFD’s rating
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Standard & Poor's rating agency - 2025
Fitch rating agency - 2024
Financial Reports
Universal registration documents
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2024 Universal registration document
2023 Universal Registration Document
2022 Universal Registration Document
Annual financial statements
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Consolidated financial statements at 31st December 2022 (in French)
AFD’s annual financial statements at 31st December 2022 (in French)
Statutory auditors’ report on the consolidated financial statements (in French)
Statutory auditors’ report on the annual financial statements (in French)
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Consolidated financial statements at 31st December 2021 (in French)
AFD’s annual financial statements at 31st December 2021 (in French)
Statutory auditors’ report on the consolidated financial statements (in French)
Statutory auditors’ report on the annual financial statements (in French)
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Consolidated financial statements at 31st December 2020 (in French)
AFD’s annual financials statements at 31st December 2020 (in French)
AFD’s annual financials statements at 31st December 2019 (in French)
Statutory auditors’ report on the annual financial statements (in French)
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Consolidated financial statements at 31st December 2019 (in French)
AFD’s annual financial statements at 31st December 2019 (in French)
Statutory auditors’ report on the consolidated financial statements (in French)
Statutory auditors’ report on the annual financial statements (in French)
Semestrial reports
Half-year financial report – June 2024
Half-year financial report – June 2023
Half-year financial report – June 2022
Issuance programs & final terms
EMTN Programs
Foward the document below :
First Supplement to EMTN Programme (march 2025)
Second Supplement to EMTN Programme (April 2025)
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EMTN Programme 2025
Third Supplement to EMTN Programme (September 2024)
Second Supplement to EMTN Programme (June 2024)
First Supplement to EMTN Programme (may 2024)
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First supplement to EMTN programme (last update december 2022)
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Base Prospectus 2022 (last update)
First Supplement – 2022 EMTN Programme
Base Prospectus 2022
NeuCP and NeuMTN Programs
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NeuCP Program 2023 (in French)
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NeuCP Program 2022 (in French)
NeuMTN Program 2022 (in French)
Final terms
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Serie 175-4 DUE 16 JAN 2030 FR001400WMI1 4.875% USD
Serie 180 DUE 22 OCT 2028 FR001400YS12 4.5% GBP
Serie 179 DUE 3 APR 2040 FR001400YM26 3.875% EUR
Serie 175-3 DUE 16 JAN 2030 FR001400WMI1 4.875% USD
Serie 148-6 DUE 2 MAR 2037 FR0014008SA9 1.125% EUR
Serie 148-5 DUE 2 MAR 2037 FR0014008SA9 1.125% EUR
Serie 178 DUE 6 MAR 2028 FR001400XZE0 30% TRY
Serie 177 DUE 27 FEB 2040 FR001400XR48 5.479% AUD
Serie 176 DUE 20 JAN 2035 FR001400WPS3 3.625% EUR
Serie 175-2 DUE 16 JAN 2030 FR001400WMI1 4.875% USD
Serie 175 DUE 16 JAN 2030 FR001400WMI1 4.875% USD
Serie 174 DUE 15 JUL 2026 FR001400WJZ1 35% TRY
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Serie 172 DUE 16 JAN 2028 FR001400T5I4 35% TRY
Serie 173 DUE 17 JAN 2028 FR001400TB18 9.65% DOP
Serie 124 DUE 25 MAY 2030 FR0013507993 0.5% EUR (Tap)
Serie 98 DUE 31 OCTOBER 2034 FR0013373065 1.5% EUR (Tap3)
Serie 171 DUE 15 JUNE 2027 FR001400SD82 4.0% USD
Serie 170 DUE 30 JULY 2029 FR001400RMN1 30% TRY
Serie 169 DUE 22 JULY 2027 FR001400RJX6 3.15% EUR
Serie 156 DUE 21 JANUARY 2030 FR001400F7C9 2.875% EUR (tap2)
Serie 141 DUE 25 NOVEMBER 2028 FR0014003YN1 0.01% EUR (tap3)
Serie 141 DUE 25 NOVEMBER 2028 FR0014003YN1 0.01% EUR (tap2)
Serie 141 DUE 25 NOVEMBER 2028 FR0014003YN1 0.01% EUR (tap1)
Serie 156 DUE 21 SEPTEMBER 2030 FR001400F7C9 2.875% EUR
Serie 168 DUE 3 JULY 2039 FR001400R9V1 5.4% AUD
Serie 153 DUE 21 SEPTEMBER 2027 FR001400CRX1 4% USD (Tap2)
Serie 153 DUE 21 SEPTEMBER 2027 FR001400CRX1 4% USD (Tap)
Serie 165 DUE 17 JANUARY 2034 FR001400N7K2 3.00% EUR
Serie 166 DUE 22 JULY 2027 FR001400ND61 4.125% GBP
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Serie 164 DUE 24 OCTOBER 2025 FR001400LKC1 5.375% USD
Serie 163 DUE 24 APRIL 2025 FR001400LFH0 45% TRY
Serie 162 DUE 20 SEPTEMBER 2038 FR001400KR43 3.75% EUR
Serie 161 DUE 25 MAY 2033 FR001400I822 3.375% EUR
Serie 160 DUE 12 APRIL 2025 FR001400H6P1 35% TRY
Serie 159 DUE 02 MARCH 2026 FR001400G9G5 2.85% CNH
Serie 158 DUE 17 FEBRUARY 2026 FR001400FVZ1 4.50% USD
Serie 79 DUE 5 JULY 2032 FR001400FNR5 1.375% EUR
Serie 157 DUE 6 FEBRUARY 2026 FR001400FMR7 3.01% CNH
Serie 156 DUE 21 JANUARY 2030 FR001400F7C9 2.875% EUR
Serie 155 DUE 16 MARCH 2026 FR001400F5D1 4.375% GBP
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Serie 79 DUE 5 JULY 2032 FR0013266434 1.375% EUR (3e Tap)
Serie 123 DUE 25 MAR 2025 FR0013483526 0% EUR (4e Tap)
Serie 123 DUE 25 MAR 2025 FR0013483526 0% EUR (3e Tap)
Serie 154 DUE 25 FEB 2033 FR001400DCB7 3.5% EUR
Serie 148 DUE 2 MARCH 2037 FR001400D3F3 1.125% EUR (2e Tap)
Serie 148 DUE 2 MAR 2037 FR001400CQM6 1.125% EUR (public Tap)
Serie 153 DUE 21 SEPT 2027 FR001400CRX1 4% USD
Serie 123 DUE 25 MAR 2025 FR0013483526 0% EUR (2e Tap)
Serie 79 DUE 5 JULY 2032 FR0013266434 1.375% EUR (2e Tap)
Serie 123 DUE 25 MAR 2025 FR0013483526 0% EUR (Tap)
Serie 96 DUE 31 OCT 2025 FR0013365376 0.50% EUR (2e Tap)
Serie 152 DUE 30 JUN 2024 FR001400BC90 3.125% USD
Serie 151 DUE 28 JUN 2027 FR001400BB91 2.101% EUR
Serie 144 DUE 19 NOV 2024 FR0014006LE0 FRN USD (Tap)
Serie 96 DUE 31 OCTOBER 2025 FR0013365376 0.50% (Tap)
Serie 139 DUE 25 MAY 2036 FR0014002GB5 0.375% EUR (Tap)
Serie 150 DUE 25 MAY 2032 FR001400ADF2 1.625% EUR
Serie 149 DUE 17 MARCH 2023 FR00140097X9 3.03% CNY
Serie 79 DUE 5 JULY 2032 FR0013266434 1.375% EUR (Tap)
Serie 148 DUE 2 MARCH 2037 FR0014008SA9 1.125% EUR (Tap)
Serie 145 DUE 21 JANUARY 2025 FR0014007QW9 1.375% USD (Tap)
Serie 148 DUE 2 MARCH 2037 FR0014008SA9 1.125% EUR
Serie 147 DUE 18 JUNE 2025 FR0014007VI8 1.25% GBP (Tap)
Serie 147 DUE 18 JUN 2025 FR0014007VI8 1,25% GBP
Serie 146 DUE 20 Jan 2025 FR0014007T85 4% DOP
Serie 145 DUE 21 JAN 2025 FR0014007QW9 1.375% USD
SDG bonds
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Download the documents below :
SDG Bond Framework
Second Party Opinion Moody’s Ratings
SDG Bond Framework (short version)
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2023 Sustainable Development Goal bond reporting
2023 Sustainable Development Goal bond reporting (Excel)
Information statement about the backing of funds raised (in French)
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2022 Sustainable Development Goals bond reporting
Information statement about the backing of funds raised (in French)
Corporate social responsibility
Since 2004, AFD has been developing and implementing a Corporate Social Responsibility (CSR) approach, in both its internal operations and its financing.
AFD has been developing and implementing a corporate social responsibility (CSR) approach since 2004, both in its internal operations and in its financing. In its “Strategy 2025-2030” document , AFD Group has unveiled its new CSR ambition: : to contribute to aligning the Group to the SDGs through the quality of our operations and bring our internal functioning into line with our mandate.
View AFD Group's Corporate Social Responsibility policy
Essential documents
The Activity and Environmental and Social Responsibility (RARES) 2024
GRI content index
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2021 CSR Report (in French)
2021 GRI Content Index
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2020 CSR Report (in French)
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2019 CSR Report (in French)
2019 CSR Activity Report (in French)
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2016 CSR Report (in French)
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- Climate & Development - 2017-2022 Strategy
- Climate & Development - 2017-2022 Strategy: Midterm Review
- Territorial and Ecological Transition - 2020-2024 Strategy
- TCFD (Task-Force on Climate Related Financial Disclosure) Report
- Climate - 2020 Activity Report
- Climate - 2019 Activity Report
- Climate - 2018 Activity Report
- AFD Carbon Footprint Tool for Projects - User’s Guide and Methodology
AFD’s presentation to investors
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AFD’s presentation to investors (December 2024)
AFD articles of association
Download AFD Group's Organization Chart
Press releases
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Consult the press releases published in 2025:
Find below the press releases published in 2024 :
Find below the press releases published in 2023:
- New US$1.5 billion Sustainable Benchmark due 24th October 2025
- Reporting of bond issues: sustainable and climate loans in SDG bond issuances
- New 3.750% EUR 500 million sustainable benchmark due 2038
- New EUR 2 billion 10-year bond maturing in May 2033
- First Turkish Lira (TRY) Denominated Bond
- Benchmark USD 1.75Md – February 2026
- AFD's 2023 Funding Program
- Benchmark EUR 1.5Md – January 2030
- New GBP 500 million fixed-rate 3-year bond issue
Find below the press releases published in 2022:
- Third Sustainable Bond
- Inaugural sustainable dollar bond - September 2027
- Benchmark USD 1B – June 2024
- First sustainable benchmark issuance in 2022
- First Offshore Chinese Renminbi Linked Bond
- Benchmark EUR 750M - March 2037
- 2022 Funding Program
- Benchmark GBP 500M - January 2025
- Benchmark EUR 1,5B - January 2025
- First off-shore Dominican Peso (DOP) Bond
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Bond EUR 750M - May 2035
Benchmark EUR 2B – June 2029 0,25%
2019 Funding Program
Benchmark USD 2B – Jan 2021 2,75%
Contact AFD
View sustainable finance projects
Combating climate change through the promotion of renewables
AFD has opened two lines of credit to the public Indian bank IREDA to finance the production of electricity from renewable resources.
