African Development Bank Fund Offers $8.9 Billion for Vulnerable African Countries
By Adedapo Adesanya
The African Development Fund (ADF) has agreed to commit a total package of $8.9 billion to its 2023 to 2025 financing cycle to help vulnerable African countries. 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.
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 per cent increase over ADF-15 of $7.4 billion. It is a strong endorsement of ADF 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.
Photo courtesy of Ryk Porras.