In France, blending operations are implemented by the public development bank (PDB) Agence Française de Développement (AFD) and the development finance institution (DFI) Proparco. Proparco has gained a larger role in recent years, reflecting a growing recognition of the need to mobilise private investment. Proparco is part of the AFD Group and in charge of all development operations with the private sector. Its latest capital increase dates back to 2020, bringing its share capital to €984 million. AFD is France’s main implementation agency.