Only French local authorities with tax raising powers can join the Agency, this includes cities, inter-municipal entities with tax autonomy, departements and regions. The AFL is modelled on similar institutions that have long operated in Northern Europe without default (the oldest among these, Kommune Kredit, was first established in 1899). This model is gaining traction across OECD countries and has recently been adopted in both New Zealand and the United Kingdom. Approximately 70% of French local authorities’ investment expenditure is self-financed and their debt amounts to 8% of GDP.