AFD has determined four priorities along with the Armenian government: urban development, rural development and support for agribusiness, clean and renewable energies, and development of the private sector.

In 2013, AFD's first intervention in Armenia was the financing of a project to renovate and improve the energy efficiency of the housing for disadvantaged households. In 2015, AFD supported an irrigation project in the Ararat plain. And since 2016 AFD has been providing guidance for reforms in public policies of a fiscal, economic, social, and environmental nature.

AFD recently started working in the South Caucasus, a region made up of Georgia, Armenia, and Azerbaijan. It was formally authorized to work there only in 2012, as part of a mandate to promote "green and inclusive growth."

It has taken only five years since the beginning of AFD's action in the region for its partnerships with the Governments, local authorities, and public enterprises to bear fruit. Four projects, totaling 314,7 million euros, have been started up since 2012.

In 2017, the creation of an office in Georgia has helped give concrete shape to AFD's desire to strengthen its action in the region. The Tbilisi office for the South Caucasus was officially inaugurated in March 2017 by Georgia's first Vice Prime Minister and Minister of Finance. The office covers the three countries of the region.