Section 4: French Development Agency

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L515-13

Article L515-13

French Monetary and Financial CodeIn force
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Updated 7 Nov 2023

I.-The Agence française de développement carries out a permanent mission of public interest within the meaning of Article L. 511-104. This mission consists of carrying out financial operations of all kinds with a view to :

1° Contribute to the implementation of the State's development aid policy abroad, in particular by financing :

a) As a priority, access to essential services in the least developed countries and in particular in the priority countries of French development policy, particularly through grants and concessional loans;

b) Global public goods, economic convergence and the fight against climate change in developing countries;

2° Contribute to the development of the local authorities mentioned in Article 72-3 of the Constitution.

The Agence française de développement reports on each of these different activities.

II - The Agence française de développement is a public establishment of an industrial and commercial nature placed under the supervision of the State and contributing to France's external action, within the meaning ofArticle 1 of Act no. 2010-873 of 27 July 2010 relating to the State's external action.

The members of the agency's Board of Directors include two deputies and two senators, and their alternates, appointed in such a way as to ensure pluralist representation for each of the assemblies.

The Ministers for Development, the Economy and Overseas France will provide the Agency's Chief Executive Officer with a mission statement following his appointment and when his term of office is renewed, as well as an annual letter of objectives.

III - For its financial operations, the Agence française de développement may use a subsidiary approved as a banking services provider in which it holds, directly or indirectly, the majority of the capital. A proportion of the capital of this subsidiary must be held by persons governed by private law who carry out investment or international financing activities in the geographical areas in which this subsidiary operates, without these persons having the capacity to control or block or exercising a decisive influence over the subsidiary. The proportion of capital held in this way must not give the shareholders concerned a controlling interest within the meaning ofarticle L. 233-3 of the French Commercial Code.

Mariela Petrova

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Mariela Petrova

Mariela Petrova

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15+ Years In Corporate Practice

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