SFIL is a public development bank created on February 1, 2013, with the aim of guaranteeing stability in local public sector financing in France. Since May 2015, SFIL has refinanced major export credit agreements. SFIL is a 100% publicly-owned bank, having obtained approval from the French Prudential Supervision and Resolution Authority (ACPR). The French government is the principal shareholder, with a 75% stake in its capital, the remainder being owned by Caisse des Dépôts et Consignations (20%) and La Banque Postale (5%). Through its société de crédit foncier Caisse Française de Financement Local (Caffil), SFIL refinances medium and long-term loans offered by La Banque Postale, in partnership with CDC, to local governments and public hospitals. Its aim is to enable local governments and public hospitals to benefit from enhanced financing conditions thanks to a first-class rating and exceptional risk control.