Our responsible bank

AFL is the only French public development bank dedicated entirely to the local public sector.

For our local authorities, it is only natural that the bank we have created should be based on major principles: transparency, solidarity and expertise.

What does it mean to be a responsible bank?


AFL only offers a range of simple loans. The distribution of any structured product is prohibited.


Our bank only finances local public investment, which excludes any financing of fossil fuels, weapons or terrorism.


Our bank has a self-imposed responsible investment policy that includes excluding certain controversial sectors, countries or entities from the exposures it carries in its liquidity reserve.


Risk-taking is inherent to any banking activity. We wanted a bank with a low risk appetite that conducts its activities (credit, market activities, etc.) in a prudent manner.


Our bank only finances investments made by our local authorities which, by virtue of public policy, are aimed at providing better facilities and services to their residents. Without exclusion as to their purpose and without discrimination as to the size of the local authority.


Our local authorities, both urban and rural, are naturally focused on building infrastructure to meet the present and future needs of the inhabitants of our territories. Our bank supports us by giving us access to medium and long-term loans to finance our investments.


In addition to financing, AFL offers us expertise to help us decipher the issues that concern us: the financial health of local authorities, the financing of the ecological transition, the energy renovation of buildings, etc.


Our bank, AFL, does not limit itself to seeking short-term profit, but rather takes into account the long-term impacts of its activities while respecting its stakeholders.

"Because we, as local authorities, invest to avoid the unmanageable and manage the inevitable, AFL is at our side!"
Marie Ducamin, President of AFL-ST Board of Directors

Our local authorities at the heart of the ecological transition


of the levers of success of the ecological transition lie with local authorities (National Low-Carbon Strategy, March 2020)

12 Billion €

must be invested each year by the French government by 2030 to meet national commitments (I4CE, 2022)



of French greenhouse gas emissions are directly or indirectly determined by local government investments (ADEME, 2021)

Sustainable financing at AFL

At AFL, no green loans, no impact loans, no structured loans but truly responsible financing for truly sustainable projects.

Discover more about sustainable finance

Expertise at the service of the local world

At the heart of the local public ecosystem, AFL is committed to working with all our local authorities to contribute to the energy, ecological and social transitions that we carry out every day.

With its partners, such as ADEME, CEREMA, CNFPT, and associations of elected officials and territorial leaders, AFL gathers and disseminates the knowledge and experience accumulated by our local authorities in an effort to simplify access to information and share best practices.

Discover AFL publications [FR]

Reference partners in sustainable development



ADEME - the French Agency for Ecological Transition - is firmly committed to the fight against global warming and resource degradation.


I4CE - Institute of Economics for Climate, is a non-profit association with expertise in economics and finance.

Comité 21

Since 1995, the Comité 21 has been federating actors committed to sustainable development in France.

Discover more about ESG at AFL

Our ESG commitments
Rails de tramway dans environnement vert

Ethics and responsibility

"Embody responsible finance and empower local authorities to respond to the present and future needs of their inhabitants"

Sustainable financing

At AFL, no green loans, no impact loans, no structured products... But truly responsible financing for truly sustainable projects!

Bornes de recharges de vélos électriques

A responsible company

AFL is directly committed as a company to the planet and to its employees.

Find out more about AFL’s financial situation and funding strategy.

Investors area

Do you have any question ?

  • Who are AFL’s shareholders?

    By law, the only shareholders are the French Local Authorities (Regions, Departments, Municipalities, Groupings of local authorities and local public entities).

  • Do you provide ESG loans?

    AFL does not provide ESG loans. However, based on a screening methodology of local authority budgets (detailed in the Sustainable Bond Framework), ESG capital expenses can be financed by loans that are refinanced through AFL’s Sustainability Bond issuances.

  • What kind of projects are you financing?

    AFL is only financing capital expenses of its members-shareholders and by so projects linked to their respective responsibilities and areas of intervention (such as transport, social work, waste management, water treatment and distribution, firefighting, schools, etc..).

  • Does AFL benefit from an explicit guarantee from the central government?

    No. AFL benefits from an explicit and irrevocable first demand guarantee from the French Local Authorities.

  • What will you do with the profit in the future?

    Strengthen the capital.