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Concept
French Development Agency
Summary
The French Development Agency (Agence française de développement, AFD) is a public financial institution that implements the policy defined by the French Government. It works to fight poverty and promote sustainable development. This public institution is active in Africa, Asia, the Middle East, Latin America, the Caribbean and the French overseas territories, where it finances and supports projects that improve living conditions for populations, promote economic growth and protect the planet.
In 2014, AFD earmarked EUR 8.1 billion to finance projects in developing countries and for the French overseas territories, a commitment up by 4% compared to 2013. According to the OECD, 2020 official development assistance from France increased 10.9% to US$14.1 billion.
Its headquarters is located in Paris. Its teams are based in Paris, Marseille and in a network of 72 agencies and representations abroad and in the French overseas territories.
AFD is the descendant of the Caisse Centrale de la France Libre (Central Fund for Free France) created by an ordinance of Charles de Gaulle on December 2, 1941 in London. The fund's role was limited to a note-issuing bank and public treasury institution. The ordinance of 2 December 1941 gave the fund the responsibility for “issuing and taking charge of banknotes in the territories of Free France”, as well as for foreign exchange controls (ordinance of 24 July 1942).
Just before the end of the Second World War, Pierre Mendès France, the Minister of Finance decided to change the function of the fund by giving it the responsibility of financing for the economic and social development of the French overseas territories. It became the Caisse Centrale de la France d'Outre-mer (CCFOM – Central Fund for the French Overseas Territories) on February 2, 1944. It did, however, maintain its role as a note-issuing bank.
Following the independence of a number of French colonies, CCFOM changed its name to Caisse Centrale de Coopération Economique (CCCE – Central Fund for Economic Cooperation) in 1958.
Official source
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