African Development Fund mobilizes $8.9 billion for Africa’s low-income countries, the highest in its 50-year history

African Development Fund mobilizes $8.9 billion for Africa’s low-income countries, the highest in its 50-year history

After a year of intense negotiations and a difficult global economic outlook, development partners of the African Development Fund (ADF) have agreed to commit a total package of $8.9 billion to its 2023 to 2025 financing cycle. It is the largest replenishment in the history of the Fund. ADF is the concessional window of the African Development Bank Group (www.AfDB.org), providing grants and soft loans to the continent’s low-income countries.

The $8.9 billion replenishment package includes $8.5 billion in core ADF funding and $429 million for the newly created Climate Action Window.

ADF-16 core funding represents a 14.24% increase over ADF-15 of $7.4 billion. It is a strong endorsement of the African Development Fund and its impact in tackling the continent’s multiple development needs, including recovery from the Covid-19 pandemic, the effects of climate change, fragility, debt, and economic vulnerabilities.

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. He said: “I am impressed by the huge