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Friday, 15 January 2016

French Development Agency and Caisse des dépôts to be integrated

François Hollande confirmed on Tuesday that the French Development Agency (AFD), which provides French public aid to developing countries, would be “integrated” within the Caisse des Dépôts (CDC - Deposits and Consignments Fund). “I have decided to integrate the French Development Agency within the Caisse des dépôts et consignations", he stated before 6,000 CDC employees meeting at the Grand Palais in Paris for the bicentenary of this institution. "This major reform will be started in the first quarter of this year with the discussion of a law in Parliament", explained the French president. The CDC "must open itself up to the world", he asserted, ensuring that it will be able to extend “its traditional missions -- funding infrastructures or supporting businesses – no longer just in France, but on a global scale”. According to François Hollande, “the AFD will triple its own funds and increase its activities by almost 50% between now and 2020”, which could “reach more than 12 billion Euros per year in favour of developing countries and the fight against climate change”.

Source: La Croix