Our history

 by the Caisse Centrale de Coopération Economique (CCCE, which became AFD in 1998). With a share capital of FF 10m (EUR 1.5m), 100% held by CCCE, its mandate was to finance the private sector in the franc zone .

Proparco was founded in 1977 and was a small entity with a capital of EUR 1.5m, 100% held by CCCE (now AFD). It was specialized in equity investments in French-speaking Africa.

Following its change in status to a financial company in 1990 and the opening of its capital to private shareholders, its portfolio stood at EUR 9.7m with 65 companies, and it had a staff of 14.

• Status changed to a financial company approved by the French banking authorities, enabling Proparco to operate via equity, but also via loans and guarantees, as well as through consultancy and advisory services for the arrangement of deals.
• Share capital increase from EUR 21m to EUR 34m (FF 140m to FF 225m): entry of public and private shareholders, financiers and industries from the North and South: Aga Khan Fund for Economic Development (AKFED), BNP Paribas, Coface, GDF Suez and Natixis.

In the early 1990s, Proparco’s change of status to a financial company and its opening to private shareholders allowed a rapid development of its activity and share capital, which rose from EUR 3.4m in 1991 to EUR 142.6m in 2001.

It became more active in financial intermediation and its parent company, which became Caisse Française de Développement (CFD) in 1992, scaled up private sector financing due to its contribution to development.

In 2001, Proparco conducted 39 operations for a total amount of EUR 219m.

• Opening of Casablanca office (Morocco)
• Creation of the association of European Development Finance Institutions ( EDFI ). Proparco becomes a member.

• New share capital increase to EUR 68m (FF 450m) 
• Entry into the share capital of SIPH, Société Générale, Socotec International and SOMDIAA.

Extension of AFD Group’s geographical area of operations by the supervisory authorities to ACP (Africa, Caribbean, Pacific) countries, as well as to the Maghreb region, Cambodia, Lao PDR and Vietnam.

Share capital doubled to EUR 142.6m: entry into the share capital of Banque Marocaine du Commerce Extérieur (BMCE), Bouygues Construction and the Development Bank of Southern Africa (DBSA).

• Entry into the share capital of DEG, Proparco’s German counterpart.
• Opening of Bangkok office.
• Creation of European Financing Partners (EFP) with nine other EDFIs and the European Investment Bank (EIB), a mutual fund dedicated to financing the private sector in African, Caribbean and Pacific (ACP) countries.

This period was marked by the extension of Proparco’s geographical area, a significant capital increase, and rapid growth in its activity. 

• Share capital tripled to EUR 420m: the West African Development Bank (BOAD), BOA Group, Bouygues, BPCE International et Outre-mer, CDC Entreprises Élan PME, Crédit Agricole, Xavier de Bayser, FCPR “Natixis Solidaire” and Véolia Eau-Compagnie Générale des Eaux S.C.A become shareholders.
• Opening of New Delhi office (India) covering South Asia.
• Creation of a collegiate management with three directors.

• Extension of Proparco’s geographical area of operations to all countries eligible for development assistance.
• Amundi becomes a shareholder.
• Launch of the magazine Private Sector & Development .
• Creation of a technical assistance unit at the headquarters.
• Creation of the Investment and Support Fund for Businesses in Africa (FISEA), held by AFD and managed by Proparco.
• Signing of a cooperation agreement with the International Finance Corporation (IFC).

• Opening of Abidjan office (Côte d’Ivoire) covering West Africa.
• Creation of an Environmental and Social and Impacts Unit (ESIU) at the headquarters.

The growth in Proparco’s activity has continued with a renewed commitment in Sub-Saharan Africa and an increased presence in Asia and Latin America.

• Opening of Douala office (Cameroon) and Mexico City office (Mexico), respectively covering Central Africa and the Central America-Caribbean region.
• Entry into the share capital of the Andean Development Corporation (CAF) and Bolloré Africa Logistics.
• Creation of the Interact Climate Change Facility with AFD, EIB and ten other EDFIs: a mutual fund dedicated to financing private sector operations in the South in renewable energies and energy efficiency.

• Adoption of a “ Climate” Action Plan by AFD Group (2012-2016): Proparco sets the target of earmarking 30% of its financing for operations that contribute to the fight against climate change.
• Signing of a cofinancing facility with DEG and FMO , Proparco’s German and Dutch counterparts.

• Redefinition of France’s geographic and sectoral priorities for development assistance by the Interministerial Committee for International Cooperation and Development (CICID) and reaffirmation of the central role of AFD Group.
• Opening of Istanbul office covering the Middle East, Central Asia and the Caucasus.

• Adoption of a new strategy for 2014-2019.
• New share capital increase to EUR 693m.

Since the launch of the Choose Africa initiative in 2019, AFD Group has been taking action to support start-ups and MSMEs in Africa, which are real pillars of the African economy.

• 2020 was marked by Proparco's capital increase. Since its creation in 1977, Proparco's share capital has grown from 1.5 million euros to 984 million euros in 2020.
• In response to the crisis triggered by Covid-19, it has stepped up its action by deploying a new component of the initiative: Choose Africa Resilience, with an additional € 1BN. The total Choose Africa commitment has been increased to € 3.5BN. www.choose-africa.com

In response to the numerous challenges currently confronting the planet – economic and geopolitical crises, climate emergency, growing inequalities – Proparco is adopting Strategy 2023-2027. This five-year roadmap is structured around three strategic objectives and differentiated operational approaches and is underpinned by impact-based objectives for a more just and sustainable world.