Universal registration document 2025

Since 2016, AFD has grown. The AFD group's annual commitments continue to grow strongly, with equity having doubled and more than €130bn committed over the past ten years. ln 2025, the AFD group confirmed the strength of its model with €13.7bn in new commitments. The Group's disbursements reached a record €11bn. 

The Group has been able to maintain its financial trajectory whilst adapting its activity: more loans (90%), fewer grants (accounting for just 10%) and an increased capacity to seek additional financing, acting as a platform for financial mobilisation and impact. 

After ten years of work to strengthen the reliability of our accountability mainstay, all projects financed by AFD are now subject to an internal appraisal and half of them to external appraisals. Above all, AFD is able to accurately certify the sustainable development impacts achieved in all the projects, sectors and territories it supports. Nearly 60% of the €8.2bn of bonds issued on the financial markets in 2025 are based on the rigorous methodology of the sustainable development opinion.

AFD's responsibility is also to mobilise its own country for greater solidarity and the sharing of experience. As a result, more than 90% of projects financed by AFD involve a French stakeholder, and over the last five years, the markets supported by the AFD group have generated nearly €12bn in direct economic benefits for French companies. 

The development impacts have been achieved with the very rigorous use of public funds and a management approach that has generated a net income of €388M in 2025 and €250M on average over the last ten years. Each year, AFD pays 20% of its net income to the State, i.e. more than half a billion euros over the past ten years. The Group thus regularly strengthens its equity, which has doubled since 2015, and which exceeded €10bn for the first time at the end of 2025. The Group's capital adequacy ratio stood at 15.84%, well above the regulatory requirement set by the banking supervisor.

Beyond its financial statements and in addition to its impact reporting, the AFD group has chosen this year to further strengthen its transparency by publishing a voluntary sustainability statement for the first time.