Donors commit $7.6bn to ADF - ITREALMS

ITREALMS:

The donors of the African Development Fund (ADF) on Thursday agreed to commit $7.6 billion to speed up growth in Africa’s poorest nations and help lift millions out of poverty, reports ITREALMS.

This fifteenth replenishment of the ADF (ADF-15), up 32 per cent from the previous cycle, sends a strong signal of trust in the Fund, which is the concessional window of the African Development Bank Group.

The Fund comprises 32 contributing states and benefits 37 countries – including those experiencing higher growth rates, headed towards new emerging markets, and fragile states needing special support for basic service delivery. The Fund’s resources are replenished every three years.

ADF-15 will support Africa’s most vulnerable countries by tackling the root causes of fragility, strengthening resilience, and mainstreaming cross-cutting issues. These include gender, climate change, governance, private sector development, and decent job creation.

“What a great pledge we’ve achieved with your support... Together we’ve exceeded the target set for this replenishment. What a great and successful replenishment story that is, “said Akinwumi Adesina, President of the African Development Bank.

Over the past 45 years, the ADF has played an important role in the development journey of African low-income countries.

Uboshe Uboshe/Editor

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