The AFD’s new framework aligns with the UN Sustainable Development Goals and the 2030 Agenda.
By Paul A. Davies, Michael D. Green, Edward R. Kempson, and Roberto L. Reyes Gaskin
The Agence Française de Développement (AFD) has issued a new Sustainable Development Bond Framework (the Framework) that establishes bond eligibility criteria based on fundamental principles, and describes the identification and selection process for parties to be included in any Sustainable Development Goals (SDG) bonds. The Framework defines SDG bonds as “loans extended to countries, territorial authorities, NGOs, banks and financial intermediaries, or public and private enterprises” which satisfy the eligibility criteria discussed below. The AFD is a public financial institution working to fight poverty, promote sustainable development, and implement policy defined by the French government.
The launch of the new Framework comes in the context of a rapidly growing ESG bond market. For example, total green bond issuance recently topped US$1 trillion and analysts expect a similar upwards trend in 2021.
On September 22, 2020, the International Business Council (IBC) of the World Economic Forum (WEF), in collaboration with Deloitte, EY, KPMG, and PwC, published a white paper, 
On 5 August 2020, Global Investors for Sustainable Development (GISD) Alliance released to the European Commission their