The French Local Governments Funding Agency

  • AFL is a Public development credit institution owned by French local authorities and 100% dedicated to their financing.
  • AFL relies on a strong creditworthiness :  Aa3 (Moody’s) / AA- (S&P).
  • It provides financing of sustainable infrastructures.
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Financial information and reports
AFL annual and half-yearly reports and financial press releases
AFL Bond Issues
Sustainable finance
Discover AFL ESG commitments
Ratings & creditworthiness
Financial ratings and guarantees
About us
A public development bank that exclusively finances the local public sector

Financial communication calendar for the year 2024

The Agence France Locale Group consists of :

  • Agence France Locale, a public limited company with an Executive Board and Supervisory Board (the Issuer), and ;
  • Agence France Locale – Société Territoriale, the parent company, a public limited company with a Board of Directors (the Société territoriale).
March 28, 2024

Subject to change at a later date

Before the opening of trading:

Press release on the annual results of the Issuer and on the annual corporate and consolidated results of the Société territoriale, for the year ended December 31, 2023.

May 6th, 2024

Annual general meeting of the Issuer’s shareholders, called in particular to approve the financial statements for the financial year ending December 31, 2023, prepared under French GAAP and IFRS.

May 21, 2024

Annual General Meeting of Shareholders of the Société Territoriale, called in particular to approve the parent company financial statements for the fiscal year ended December 31, 2023, prepared in accordance with French GAAP, and the Group’s consolidated financial statements for the fiscal year ended December 31, 2023, prepared in accordance with IFRS.

September 26, 2024

Subject to change at any time

Before the opening of the Stock Exchange:

Press release on the Issuer’s half-yearly results and the Agence France Locale Group’s consolidated half-yearly results for the first half-year ended 30 June 2024.

Our Key ratios

51 %

among member local authorities (2022)

15.73 %

on consolidated basis


of outstanding credits

Some examples of the investments we finance

Vue aérienne du barrage de Saint-Etienne-Cantales

Ecological transition

Tramway de Dijon

Mobilities and transports

Construction du village olympique des JO de Paris 2024

Development and construction

Palais du Pharo de Marseilles


Vue aérienne d'une usine de traitement des eaux usées

Water and sewerage

Renewable energy

Lyon - 3ème arrondissement

Education and early childhood

Vue aérienne du Château de Saumur

Economic life

More information :

📞 +33 (0)9 70 81 85 17

Contact Us

Do you have a question ?

  • What is the rational for the one notch rating difference versus the Central Government?

    At the beginning, the rating difference incorporated the startup risk and nowadays a growing but still limited market position.

  • Why are you 20% risk weighted?

    Because AFL is a bank and given that local authorities in France, which are AFL’s debt guarantors, are 20% risk weighted.

  • What is the average duration of the loan portfolio?

    The average maturity of loans is 18 years, and because most of AFL’s loans are linear amortizing, the average duration is approximately 9 years.

  • Are your ESG issuances per project or for a pool

    ESG issuances are for a pool of loans. These loans are selected as per our methodology which is detailed in our Sustainability Bond Framework.

  • Why does AFL issue bonds in other currencies than euro?

    In order to diversify its investor base and to optimize its funding cost. AFL does not have any loan denominated in any other currency than EUR.

  • 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 is the purpose of the scoring methodology while local governments are governed by a strict budget regulatory framework?

    Better assess the financial profile of each local authority with the objective to build up a financially sound and well distributed loan portfolio.

  • 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..).