Publications and media
Financial Systems – 2024 Activity Report
In 2024, AFD Group redefined its “Financial Systems” roadmap to better address sustainability challenges and the vulnerabilities of financial systems in developing countries. Amid an international...
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Infographic – Our Activity to Support Financial Systems in 2024
In 2024, the loans signed between AFD Group and its clients in the sector of public and private financial systems totaled €2.8 billion, and the loans allocated st ood at almost €3 billion. The Grou...
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Rwanda: Building Clean Infrastructure for a Green and Inclusive Future
In Rwanda, the Agence Française de Développement (AFD) is supporting the country’s accelerating green transition through Ireme Invest — an initiative led by the Rwanda Development Bank (BRD).
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Sovereign Credit Ratings in Developing Countries Regional - Biases and Subjectivity Factors
Sovereign credit ratings play a critical role in the international financial system and have a tangible impact on countries’ fiscal, economic, and development trajectories. Nevertheless, the activity...
Comparative analysis of biodiversity measurement approaches for public development banks
Biodiversity loss is a major global challenge, pushing public development banks (PDBs) to align with frameworks such as the GBF, TNFD, and CSRD. To support this, AFD and EBRD assessed six biodiversity...
Beyond Redistribution: Market Power, Firm Structure, and the South African Labour Market
This paper examines how firm structure and market power shape inequality in South Africa. Moving beyond a narrow focus on fiscal redistribution, it introduces a pre-distribution lens that highlights t...
Capital Markets Usage by Development Banks
This paper analyzes the role of capital markets in development finance. It identifies which Public Development Banks issue bonds, examines how and to what extent they leverage their capital, and what...
Beyond "dichotomania"
The invention of the categories of “developed” and “developing” in the mid-20th century created a representation of the world whose impact has been nothing short of extraordinary. So much so tha...
Sustainability-Linked Bonds and Credit Enhancement: New Approaches for PDB Financing
The investments needed to achieve the Sustainable Development Goals particularly in emerging markets and developing economies, require the mobilization of more available capital. Public development ba...
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AFD Group Evaluations Report 2025
What lessons can be learned from the projects supported by the AFD Group? How can we enhance the effectiveness of our action? The insights gained from evaluations contribute to continuous learning,...
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Highlights from AFD Group Evaluations Report 2025
What lessons can be learned from the projects supported by the AFD Group? How can we enhance the effectiveness of our action? The insights gained from evaluations contribute to continuous learning,...
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Realizing the Potential of National Development Banks to Boost Sustainable Development Financing with MDB Supp...
The world’s public development banks cannot avoid confronting the global environmental and climate finance crises. Nor should they. This research paper asks, ‘What do national development banks (NDBs)...
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Colombia: Squaring energy transition and fiscal credibility to transform the economy
Despite a robust institutional framework and a broadly sound policy mix, Colombia’s economic model is running out of steam. For over a decade, since the end of the commodities supercycle,growth has be...
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How to improve the Effectiveness of International Funding for Education? The Aligned Pooled Fund Approach
International aid still largely relies on project-based financing. However, this fragmented approach has revealed significant limitations: it often establishes parallel systems that compete with...
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Evaluating projects: a key issue for AFD
When a project ends, AFD's operational teams systematically assess the project's progress—resources, achievements, and results—by drafting a completion report. A project evaluation can then be conduct...
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AI Investment Potential Index 2025
The AI Investment Potential Index (AIIPI) 2025 represents a significant advancement in the systematic evaluation of global readiness and attractiveness for artificial intelligence (AI) investments. Bu...
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Côte d’Ivoire - Macro-financial resilience and pursuit of an emerging ambition
Since emerging from its “lost decade” (2000-2010), Côte d'Ivoire has enjoyed strong economic growth (+7.2% since 2012). Resilient in the face of successive external shocks, it has confirmed its positi...
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L'économie africaine 2025: English version of Introduction & 1st Chapter
Since 2020, La Découverte and the Agence Française de Développement (AFD) have published an annual edition of L’Économie africaine, aiming to provide an accessible macroeconomic analysis of the Africa...
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MacroDev - Semestrial Panorama 2025 #1
As we move into 2025, the legitimacy of the world order inherited from the fall of the Iron Curtain is confronted more than ever with the “ambivalent superpower” of the United States, already describe...
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Assessing the distributional impacts of development interventions - the Inequality Marker
Persistent economic and social inequalities constrain the inclusive development of nations. The internationally agreed Sustainable Development Goal 10 (SDG10) and its targets, aim to address these con...
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How do global decarbonization trends create external risks for emerging and developing economies?
The low-carbon transition, despite its imperative nature, is likely to present both economic and social opportunities as well as downside risks, depending on the companies, sectors, or regions. The as...
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