AfDB raises US$8,9bn for Africa

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MOROCCO – The African Development Fund (ADF) committed a total package of US$8,9 billion, the largest replenishment in the history of the fund, towards its 2023 to 2025 financing cycle to help African countries support needy areas.

The ADF is the concessional window of the African Development Bank (AfDB) Group, which provides grants and soft loans to the continent’s low-income countries and African other countries that require financial help.

The US$8,9 billion replenishment package includes US$8,5 billion in core ADF funding and US$429 million for the newly created Climate Action Window.

AfDB disclosed the funding package at the fourth and final meetings of the new replenishment (ADF16) in Morocco.

Dr Akinwumi Adesina, AfDB president, applauded the funding package saying, “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.

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