French Development Agency
|
Native name
|
Agence française de développement |
|---|---|
| Public Industrial and Commercial Institution and Financial Institution | |
| Founded | 1998 |
| Founder | Charles de Gaulle |
| Headquarters | 5 rue Roland-Barthes, Paris, France |
|
Key people
|
Charles de Gaulle |
| Brands | Shaping Sustainable Futures |
| Website | www |
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 8.1bn to finance projects in developing countries and for the French overseas territories, a commitment up by 4% compared to 2013.
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 (Central Fund for Free France) created by an ordinance of Charles de Gaulle on 2 December 1941 in London. The Fund’s role was limited to a note-issuing bank and institution. The ordinance of 2 December 1941 gave the Fund the responsibility for “issuing and having issued or 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, Minister of Finance, decided to change the function of the Fund by giving it responsibility for financing the economic and social development of the French overseas territories. It became the (CCFOM – Central Fund for the French Overseas Territories) on 2 February 1944. It did, however, maintain its role as a note-issuing bank.
Following the independence of a number of French colonies, changed its name to Caisse Centrale de Coopération Economique (CCCE – Central Fund for Economic Cooperation) in 1958. Its monetary mandates were gradually taken over by two public institutions, (IEDOM – Note-Issuing Bank for the French Overseas Departments), which was set up in 1959, and Institut d'Emission d'Outre-mer (IEOM - Note-Issuing Bank for the French Overseas Territories), which was set up in 1967.
CCCE became Caisse Française de Développement (CFD – French Development Fund) in 1992. Finally, with the reform of French cooperation in 1998, CFD become Agence Française de Développement (AFD – the French Development Agency) and the main operator for French development assistance.
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