AFD // 2021 Universal Registration Document

CONSOLIDATED FINANCIAL STATEMENTS 6

Statutory auditors’ special report on related-party agreements

6.4 Statutory auditors’ special report on related-party agreements

This is a translation into English of the statutory auditors’ report on the related-party agreements issued in French and it is provided solely for the convenience of English speaking users. This statutory auditors’ report includes information required by European regulation and French law. This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France.

BOARD OF DIRECTORS FOR THE APPROVAL OF THE FINANCIAL STATEMENTS FOR THE YEAR END 31 DECEMBER 2021 To the members of the Board of Directors of Agence Française de Développement, In our capacity as Statutory Auditors of Agence Française de Développement, we hereby present our report on your regulated agreements. It is our responsibility to report to members of the Board of Directors, based on the information provided to us, on the main terms and conditions of the agreements that have been disclosed to us or that we may have identified as part of our engagement, as well as the reasons given as to why they are beneficial for the Company, without commenting on their relevance or substance or identifying any undisclosed agreements. It is the responsibility of the members of the Board of Directors, under the provisions of article ɸ R.225-31 of the French Commercial Code (Code de commerce), to evaluate the benefits arising from these agreements prior to their approval. Where applicable, it is also our responsibility to provide you with the information required by article ɸ R.225-31 of the French Commercial Code relating to the execution, during the year elapsed, of agreements already approved by the Board of Directors. We performed the procedures we considered necessary in accordance with the professional guidance issued by the national institute of auditors (Compagnie Nationale des Commissaires aux Comptes) relating to this engagement. These procedures consisted in verifying that the information provided to us is consistent with the basic documentation from which it was taken. Agreements to be submitted for the approval of the board of directors AGREEMENTS AUTHORISED AND ENTERED INTO DURING THE YEAR We hereby inform you that we have not been notified of any agreements authorised and entered into during the year to be submitted to the Board of Directors for approval in accordance with Article ɸ L. ɸ 225-38 of the French Commercial Code. With la societe de promotion et participation pour la cooperation economique (proparco) New sub-participation co- fi nancing framework agreement signed between PROPARCO and AFD on 25 January 2021 Your company entered into a first sub-participation Framework Agreement with PROPARCO on 26 October 2007, and then, given the good use of the sub-participation lines, each year thereafter. In order to simplify the contracting procedures for the various annual framework agreements, your company signed a new sub-participation co-financing framework agreement with PROPARCO on 30 March 2018 to develop the operations carried out in co-financing in favour of the private sector during the period 2018-2022. This framework agreement provides for envelopes to be set on an annual basis by authorisation of the Board of Directors of PROPARCO and AFD. A new Framework Agreement was approved at the Board of Directors meeting on 8 October 2020 in order to integrate the new modalities of subsidized private sector financing. PROPARCO retains all the fees it charges its clients to cover project identification, processing and formalization costs. AFD pays a management fee to PROPARCO in return for project monitoring services for equity investments. The financial expense recorded by your company for this agreement for the year 2021 amounts to 7,608 thousand euros. Service agreement between AFD and PROPARCO for the administrative and fi nancial monitoring of certain equity investment effective 15 July 2021 The purpose of the agreement, which was signed on 5 July 2021 and came into force on 15 July 2021, is to specify the tasks carried out by PROPARCO in the name of and on behalf of AFD in the context of the monitoring equity investments. This agreement concerns the administrative and financial monitoring of certain equity investments of AFD. It should be noted that the management agreement for AFD’s equity investment in the African Agriculture Fund fund of 18 December 2014, which was previously mentioned in the list of regulated agreements, has been included in this new agreement since its entry into force.

180

www.afd.fr

2021 UNIVERSAL REGISTRATION DOCUMENT