The French Development Agency (AFD) granted 1.1 billion euros in 2022 to the Overseas Territories, according to an annual report presented on Friday, in the presence of the Minister Delegate for Overseas Territories Jean-François Carenco.
AFD, a public investment bank which holds two-thirds of the debt of overseas local authorities, has spent 916.8 million euros in loans and grants to the public sector, underlined the Director General of AFD Rémy Rioux .
In a tense global economic context marked by the consequences of the war in Ukraine, rising interest rates and inflation, AFD also financed 141.5 million euros to the private sector, including 39.5 million in loans to companies, 92 million in refinancing of the banking sector.
AFD is a major partner for the Overseas Territories
New Caldonia is the territory that received the largest funding (318 million euros), followed by Runion (178 million), French Polynesia (125 million) and Mayotte (111 million). Guadeloupe/Saint-Martin/Saint-Barthlmy, like Martinique, received 108 million euros. Next come Guyana (52 million) and Saint-Pierre-et-Miquelon (0.1 million).
AFD is a major partner for the Overseas Territories. There is no overseas development without AFD, said Mr. Carenco.
AFD is a French public institution whose mission is to financially support public and private projects, particularly in developing countries but also overseas.
In particular, it ensures the implementation of the technical assistance component of the Overseas Recovery Contracts (COROM), launched in 2021 to provide enhanced support to the communities most in difficulty in the Overseas Territories, according to a press release.