by SAVIOUS KWINIKA
JOHANNESBURG, (CAJ News) – PARTNERS of the African Development Fund (ADF) have agreed to commit a total package of US$8,9 billion to its 2023 to 2025 financing cycle.
The replenishment package includes $8,5 billion in core ADF funding and $429 million for the newly created Climate Action Window.
It is the largest replenishment in the history of the fund.
ADF is the concessional window of the African Development Bank (AfDB) Group, providing grants and soft loans to the continent’s low-income countries.
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.
Morocco hosted the fourth and final meetings of the new replenishment (ADF16).
“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,” Akinwumi Adesina, AfDB president, said.
ADF celebrates its 50th year anniversary since its establishment in 1972.
It has helped to connect 15,5 million people to electricity, has given 74 million people to access improved agriculture, and 42 million people access to water and sanitation.
Some 50 million people have gained access to improved transport.
The fund’s resources are also helping to build and rehabilitate 8 700 kilometers of roads.
– CAJ News