IFC maintains a strategic relationship with France through the French Treasury, Proparco and the Agence Française de Développement (AFD). IFC, with the support of the French Treasury, serves as the Secretariat of the Alliance for Entrepreneurship in Africa (AforE), a partnership that supports a stronger private sector, entrepreneurship and the growth of small and medium-sized businesses across Africa. In December 2023, IFC and Proparco signed two hundred million trade finance risk-sharing agreement under AforE to strengthen food security in several African countries. In May 2020, IFC and Proparco signed a Joint Collaboration Framework Agreement to create markets, mobilize private sector investment, and support economic recovery in developing countries in the wake of the COVID-19 global crisis. The agreement helps build a pipeline of bankable and high-impact projects aimed at attracting investors into developing countries and promote greater reciprocity in project co-financing arrangements.