Annual results 2025: AFD Group confirms its robustness

At a time of increasing inward-looking pressures, the strength of AFD Group’s efficient, impact-driven economic model remains a key asset for delivering lasting change. In a more fragmented and uncertain global context, the Group confirmed its ability in 2025 to stay on course, in line with its mandate.

With €13.7 billion in commitments and more than 1,120 new projects in 2025, activity remained broadly stable compared with the previous year, despite a decline in funding from the French government (€1.5 billion) and partner-delegated funds (€500 million). Loans now account for around 90% of total activity, compared with 10% for grants – in 2023, the split was 80% loans and 20% grants.

The geographic distribution of operations has shifted, with activity in Latin America increasing by 50%. While the share allocated to Africa declined – 30% of 2025 commitments compared with 40% in 2024 – the continent remains central to AFD’s model, representing 50% of the total committed portfolio.

Tangible impacts and greater transparency

In 2025, AFD Group further improved transparency by consolidating its results monitoring system around 22 shared indicators. The new Impacts Portal provides clearer insight into the real effects of financing by comparing initial objectives with achieved results – an unprecedented level of transparency for a public development bank.

To support the evaluation of France’s international solidarity policy, 64 hearings and interviews were conducted with parliamentarians in 2025. 

AFD Group is also publishing its sustainability report for the first time on a voluntary basis, in line with the Corporate Sustainability Reporting Directive (CSRD). The report helps structure and strengthen the reliability of the Group’s non-financial data, while improving identification of impacts, associated risks, and areas for improvement.

Positive impacts for France

Funded projects generated tangible benefits for France. A total of 67 French local authorities received support through the Facilité de financement des collectivités territoriales (local government financing facility). French civil society organizations working with the Group now employ more people in France – 50,000, compared with around 35,000 in the early 2010s.

Certain projects also serve as inspiration for initiatives in France. In Bukavu, in the Democratic Republic of the Congo, Panzi Hospital, founded by Nobel Peace Prize laureate Denis Mukwege, has inspired the Maison des Femmes in Saint-Denis and AP-HP (Assistance publique – Hôpitaux de Paris, the Paris public hospital system) to strengthen support for women affected by sexual violence..

Ten years of transformation supporting development

As Chief Executive Officer Rémy Rioux prepares to step down, France now has a more robust AFD Group that has consistently delivered positive results, including during the COVID-19 crisis. 

Over the past ten years, profitability and equity have both doubled, while productivity has increased by 50%. With €388 million in net income in 2025 – 25% of which is returned to the French government – and a solvency ratio above 15%, AFD Group confirms its rigorous management and robust financial base.

Addressing future challenges

In the face of emerging global challenges – including pressure on natural resources, demographic change, and migration – international solidarity remains a powerful driver.

This is one of the conclusions of opinion surveys conducted with IFOP (the French Institute of Public Opinion) across G7 countries. A majority of respondents (54%) support maintaining international cooperation budgets, viewing them as a long-term investment.

However, the survey also highlights a clear need for better public understanding and clarity: 36% of respondents estimate that international cooperation accounts for more than 20% of national budgets, when in reality it represents less than 1%.

Scaling up 

The Group’s mobilization of private capital reached a new milestone. For the first time, Proparco, the Group’s private sector subsidiary, exceeded its “one-to-one” target, mobilizing €1.13 in private investor financing for every €1 of Proparco financing.

To support the shift from an aid-based approach to one focused on sustainable and solidarity-driven investment, the Group is actively contributing to France’s 2026 presidency of the G7, which has placed development financing and international partnerships at the core of its agenda.

Key figures for AFD Group’s 2025 activity

• €13.7 billion in commitments,
• More than 1,120 new projects, with over 4,000 ongoing projects,
• Operations in more than 160 countries,
• €7.8 billion in climate financing.

Selected impacts from completed operations in 2025

• 4.8 million people benefited from improved or newly created education, training, and employment services,
• 2.1 million people gained improved access to sustainable transport infrastructure and services,
• 3.2 million people had their resilience to crises and violent conflict strengthened.