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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) – HQLA 1
  • It provides financing of sustainable infrastructures.
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About us
A public development bank that exclusively finances the local public sector
About us

Provisional Calendar for the Publication of Financial information related to the Financial Year 2024

Agence France Locale Group consists of :

  • Agence France Locale, a public limited company with an Executive Board and Supervisory Board (the Issuer) (1), and ;
  • Agence France Locale – Société Territoriale, the parent company, a public limited company with a Board of Directors (the Société territoriale).

(1) Since June 2024, the Issuer also publishes consolidated financial statements at its level, which include the Issuer and its subsidiary, Agence France Locale – Foncière, formed with the corporate purpose to hold office space designed to accommodate the future headquarters of the Issuer as from 2027.

March 27, 2025

Subject to subsequent change :

Before trading hours:

Press release on the annual corporate and consolidated results of the Issuer, and on the annual corporate and consolidated results of the Société Territoriale, for the financial year ended December 31, 2024.

(Black-out period starting as at March 05, 2025)

May 6th, 2025

Annual General Meeting of Shareholders of the Issuer, called in particular to approve the Issuer’s corporate financial statements, prepared in accordance with French GAAP, and its consolidated financial statements, prepared in accordance with IFRS, for the financial year ended December 31, 2024.

May 21, 2025

Annual General Meeting of Shareholders of the Société Territoriale, called in particular to approve the financial statements of the Société Territoriale, prepared in accordance with French GAAP, and the Agence France Locale Group’s consolidated financial statements prepared in accordance with IFRS, for the financial year ended December 31, 2024.

September 24, 2025

Subject to subsequent change :

Before trading hours:

Press release on the corporate and consolidated semi-annual results of the Issuer, and the consolidated semi-annual financial statements of the Agence France Locale Group, for the first half-year ended 30 June 2025.

(Black-out period starting as at September 03, 2025)

Our Key ratios

55 %
MARKET SHARE

among member local authorities (2023)

13.23 %
CREDITWORTHINESS

on consolidated basis

€9
BILLION

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

Culture

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 for Moody’s?

    An upgrade could be contemplated once AFL has further stabilized its franchise, increased its market share, generated sustainable profit and accumulated capital.

  • Why do you estimate that debt securities issued by AFL are 5 to 8% risk weighted?

    AFL’s member local authorities guarantee all the financial commitments undertaken by AFL up to the amount of loans AFL granted to them.

    However not all the member local authorities are 0% risk weighted (some are still 20%).

    Taking into accounts the guarantees from the ones that are 0% risk weighted leads to a risk weighting of the debt securities issued by AFL between 5 and 8%.

  • 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..).