AFD // 2021 Universal Registration Document

PRESENTATION OF AFD Activities of the Agence Française de Développement Group in 2021

Activity on specific mandates was up sharply compared to the previous year: approvals amounted to €0.49bn compared with €0.19bn in 2020. This increase was due to C2Ds returning to their 2017 level following the agreements between France and Côte d’Ivoire, 2020 having been particularly low (€89M). Activities using resources from other sponsors These activities are down sharply, to €321M compared to €603M in 2020, mainly due to a year of replenishment of European funds in Brussels. 1.6.3.2 AFD, French Overseas Departments and Collectivities In 2021, AFD continued to implement its overseas activities as part of the government’s Recovery Plan, and in particular its support system for local authorities, in line with the Sustainable Development Goals (SDGs). After an exceptional year in 2020, driven by loans on behalf of the State granted to Pacific authorities, commitment approvals (loans, guarantees and grants) in the French Overseas Departments and Collectivities stabilised at €1.1bn in 2021. Activity under a specific mandate – Sogefom, Fogap and Fonds de garantie à l’habitat Mayotte - amounted to €29M, in line with the forecasts for 2021. Once again, a significant portion of the overseas activity relates to financing the public sector, in a context still marked by the Covid crisis. Commitment approvals (loans and grants) amounted to €918M compared to €1.1bn the previous year. Loans to the overseas public sector, which accounted for four-fifths of proprietary loans, remained stable despite the context which exacerbated the persistent financial difficulties of local authorities, in order to enable them to respond to the crisis. The subsidy budgets have made it possible to increase commitments on operations promoting social ties (PSP ɸ B) and those that preserve the environment or contribute to climate change mitigation and adaptation (Green PSP). 1.6.3.3 Proparco, Foreign States Proparco approvals, signatures and disbursements in 2021 were up compared to 2020. Approvals amounted to €2.3bn, up 13% compared to 2020, while signatures rose sharply (+48%) to €2.1bn. Disbursements were also up sharply (+46%) and amounted to €1.6bn.

In 2021, the AFD Group’s overall activity reached €12.15bn in commitment approvals, up €0.75bn compared to 2020. This slight increase is explained by: P a decrease in approvals on AFD’s scope (-€527M): this decrease occurred in both in foreign States (-€377M) and in the French Overseas Departments and Collectivities (-€151M), but is explained by different causes according to the geographic area: P for foreign States, the decrease is mainly due to no other loans being granted, as the green fund replenishment loan (€310M granted in 2021) is not intended for renewal. Other current activity aggregates for foreign States were broadly stable, with the exception of sovereign concessional loans, which were down €230M, offset by the increase in non sovereign non-concessional loans of €239M, P in the French Overseas Departments and Collectivities, the €150M decrease was almost exclusively due to the decrease in loans approved. The year in 2020 was buoyed by two exceptional State-guaranteed loans, amounting to €480M, in response to the Covid crisis. P the increase in approvals on the Proparco scope, of €322M, partially offset the decrease on the AFD scope. The -€159M decrease in loans was offset by the increase in equity investments (+€168M), other securities (+€106M) and guarantees (+€206M). 1.6.3.1 AFD, foreign States Current activities The activity of loans and guarantees reached €7.29bn this year compared to €7.58bn in 2020, slightly lower than in 2018. The year in 2021 was marked by a decline in sovereign activity (-€230M) offset by an increase in non-sovereign activity (+€264M). The latter was particularly marked for non-sovereign non-concessional loans (+€240M). There were no approvals in the guarantee activity, unlike in 2020 when it accounted for €4M, already a sharp decline compared to previous years. In addition, in 2020, other loans and other securities represented €310M and €200M respectively. These amounts were not renewed in 2021. Total grant approvals amounted to €895M (+€24M) at the end of 2021, stable compared to 2020 and in line with what was reported in the 209/110 ɸ programme, after the sharp decline observed from 2019 to 2020.

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2021 UNIVERSAL REGISTRATION DOCUMENT