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AFD’s 2026 Funding Program
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AFD’s Board of Directors approved the 2026 funding program on January 29th, setting the target at €9.5 billion.
- Agence Française de Développement Group’s 2026 Funding Program set at €9.5 billion
- AFD issued €8.2 billion in medium- and long-term bonds in 2025 of which 58% was through SDG bonds
- Since 2024, bonds issued by AFD have been classified as Reg S Category 1
In an effort to support and accelerate the transition to a fairer and more sustainable world, AFD will continue to finance its lending activity. These new issues will also contribute to bond repayments over the year.
AFD will execute these transactions under its EMTN (Euro Medium Term Note) program, which is currently €70 billion.
In 2025, AFD issued a total of €8.2 billion through twenty-nine issues. These trades were carried out over six public transactions:
- Four bonds in euros: a five-year bond of €1.5bn, a ten-year bond of €2bn, a fifteen-year bond of €1bn and a €300mn tap of the June 2029 issuance.
- One bond in US dollar: a five-year bond of $1bn.
- One bond in British pound: a long three-year bond of £300mn.
Among all of its transactions, 58% was funded through SDG bonds, including the five-year and the ten-year public EUR bonds, and the US dollar public bond mentioned above.
With these transactions, AFD demonstrated its ability to provide liquidity to its investors and to become a frequent actor on the SDG bond market.
AFD also updated its Prospectus (available here) in December 2025.
What to expect for 2026?
In line with its commitments to the market, and pending conditions and investors’ requirements, Agence Française de Développement Group will issue in the medium and long term at least two euros benchmarks and one or two US dollars benchmarks.
AFD has already issued the equivalent of €3.7bn through a €2bn benchmark with a ten-year maturity and a $2bn benchmark with a five-year maturity. Moreover, AFD’s objective is to issue around 60% of its 2026 funding program through SDG bonds.
As in previous years, Agence Française de Développement Group will adapt to investor demand. Issuance of taps and Floating Rate Notes either under public or private formats will be subject to demand. The taps designed to increase the liquidity of the outstanding issues, with securities issued by AFD now immediately fungible.
AFD will continue to explore opportunities for private placements, both in euros and in other currencies, including exotic currencies. In 2026, AFD issued private placements in Australian dollar (AUD), Indonesian Rupiah (DOP) and Turkish lira (TRY) and can consider on request any local currency.
AFD has also a Neu CP program (available here) with an outstanding up to €8bn. Used to adjust its treasury position, its average outstanding in 2025 was €1.88bn.
Investor relations: _AFD_Funding@afd.fr