France OKs More Than $600M Aid

A man helps a woman load buckets of water onto a bicycle in Tanzania. The French Development Agency has approved €40 million loan for water and sanitation-focused initiatives in Tanzania. Photo by: Bjorn Heidenstrom / CC BY

The board of directors of the French Development Agency, or AFD, has approved some €459 million ($672.13 million) worth of financing for development projects in Africa, Asia, and Latin America and the Caribbean.

The decision was taken in a May 26 meeting of the AFD board.

The sum includes a €185 million loan to support job creation and economic development efforts in Tunisia, €70 million worth of loans for an urban development project in Kenya and €23.5 million worth of funds to help develop tourism in Senegal. AFD is also providing a €60.6 million grant and loan package to help Senegal rehabilitate its power sector.

The board also approved a €40m million loan for water and sanitation-focused initiatives in Tanzania and a €75.5 million loan and grant package for a climate change program, water resources project and public investment reform scheme in Vietnam.

The approved budget likewise includes a €3 million grant that will finance technical cooperation and studies in urban transportation in Latin America and the Caribbean and a €150,000 grant to help improve training and employment opportunities in Africa.

Meantime, in a separate funding deal inked June 2, AFD agreed to provide a total of €10.4 million to boost water resources management and food security initiatives in West Africa.

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    Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.