France’s development bank pumped €13.7 billion into global projects last year while generating billions in contracts for French companies, according to annual results released by French Development Agency (AFD), according to the original press release. The agency launched over 1,250 new projects in 2024, focusing on helping vulnerable communities and supporting green transitions in developing countries. With only €2 billion in government funding, AFD managed to multiply its impact more than sixfold, showing how strategic development finance can stretch taxpayer money far beyond its original value.
The numbers reveal how development aid has evolved into something more like international business partnerships. French organizations participated in 80% of AFD-funded projects, with French companies winning nearly half of all contracts and generating €8 billion in economic activity back home. This approach helps explain why two-thirds of French people support their country’s international development efforts, according to a recent survey.
AFD committed €6 billion specifically to African projects in 2024, an 8% jump from the previous year, including €368 million to fight malnutrition across nine countries. The bank also maintained its climate leadership position, channeling €7.7 billion toward climate projects and €1.2 billion for biodiversity protection. Ocean conservation got particular attention with 110 marine projects worth €964 million, setting the stage for France to host the United Nations Ocean Conference in Nice this June.
Some AFD-supported initiatives abroad are now inspiring copycat programs in France itself. The Justice Ministry wants to replicate a fencing program for young offenders that’s been running successfully in Senegal since 2015. Meanwhile, a soil restoration project in Benin could help French farmers adapt to climate change.
Looking ahead, AFD is pushing for a major shift in how the world funds development and climate action. The bank wants to see global climate financing jump from $300 billion to $1.3 trillion annually, with discussions planned at upcoming international conferences in Spain and South Africa.
