Rémy Rioux

Executive Officer of the French Development Agency (AFD)

AFD has been the first financial institution to engage with cities and territories. It has developed a range of financial instruments (€1.6 billion in 2020, one third of which is in Africa) which includes direct loans to local governments without State guarantees, intermediated financing through public and private banks, guarantees, subsidies and technical assistance. AFD supports the financing of urban investments through research and technical expertise to strengthen capacities, prepare projects, develop policies and make financing accessible to local governments. AFD organized the "Finance in Common" World Summit, which brought together 450 public development banks (representing 10% of global investments), to accelerate the financing of global sustainable development agendas. Among them, Subnational development banks have a major role to play in financing sustainable cities.