ADF prepares $8.9 B package for low-income countries
The African Development Fund (ADF) has mobilised $8.9 B for Africa’s low-income countries, the highest replenishment in its 50-year history.
Image source: ESI Africa
The African Development Fund (ADF) has mobilised $8.9 B for Africa’s low-income countries, the highest replenishment by the fund in its 50-year history.
The $8.9 B replenishment package includes $8.5 B in core ADF funding and $429 M for the newly created Climate Action Window.
Algeria and Morocco contributed to the fund for the first time. They join Angola, Egypt and South Africa on the list of contributing African countries. The Kingdom of Morocco hosted the fourth and final meetings of the new replenishment (ADF16).
An elated President of the African Development Bank Group, Akinwumi Adesina applauded the impressive funding package. “I am impressed by the huge commitment and efforts of the ADF donor countries in stepping up support for Africa’s low-income countries, especially at this time of great economic, climate and fiscal challenges. This is the power of global partnerships and effective multilateralism in support of Africa,” said Adesina.
The fund is achieving significant impact and in the past five years alone, it has helped to connect 15.5 million people to electricity, given 74 million people access to improved agriculture, and 42 million people access to water and sanitation.
ADF-16 will support two strategic framework and operational priorities: developing sustainable, climate-resilient and quality infrastructure; and governance, capacity building and sustainable debt management in recipient countries.
Source: ESI Africa
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