Proparco Annual report 2014

2014 was an impactful year for PROPARCO, one in which we adopted a new strategy and increased our share capital by €200m. With a changing range of international fi nancing available to Southern Hemisphere countries (new backers, foundations, investment funds and local banks), it was essential for PROPARCO to re-examine its positioning. The goal was to add more value so that PROPARCO could more effectively meet its partners’ needs. Accordingly, our Board of Directors decided it was time to take more risks, for example by turning to innovative projects and/or troubled countries, providing more extensive guidance on environmental and social issues and investing more heavily in private equity. This strategic realignment
was the rationale behind our capital increase, which was subscribed for by both the AFD and our legacy shareholders. That highlights their confi dence in our institution.