President of the African Development Bank, Akinwunmi Adesina, has commended President Bola Tinubu for approving a $500 million replenishment of the Nigeria Trust Fund (NTF) for another 15 years.

Mr Adesina gave the commendation at the opening of the Africa Development Bank (AfDB) Annual Meetings on Tuesday in Abidjan.

“To President Bola Tinubu for your support over the past two years, I’m profoundly grateful. Thank you for graciously approving the replenishment of the Nigeria Trust Fund for another 15 years for $500 million,” Mr Adesina said.

NTF was created in 1976 by agreement between the AfDB and the Nigerian government.

The fund is a self-sustaining revolving fund and its objective is to assist the development efforts of the bank’s low-income regional member countries whose economic and social conditions and prospects require concessional financing.

The NTF resources can co-finance operations with the AfDB and the African Development Fund (ADF), as well as fund stand-alone operations in both the public and private sectors.

Supplementary loans for bank group-financed projects can also be considered.

Unlike the African Development Fund, NTF resources are allocated to projects and not to countries.

He also commended heads of states and governments in Africa for their incredible kindness and support for him and his colleagues over the past decade as they piloted the affairs of the bank.

Mr Adesina stated, “May God bless the African Union and all the Regional Economic Communities, the private sector, civil society, youth and women of Africa, multilateral and bilateral institutions, partner institutions, and media organisations who supported us along the way. Together, we collectively joined hands around the Baobab tree of Africa’s challenges and opportunities. Thank you all for believing in Africa. May Africa always thrive and shine, and may our light never grow dim.’’

The decision is part of the government’s efforts to support the fund, which is a legal arrangement where assets are held and managed by a trustee on behalf of beneficiaries.

The NTF supports various social and economic development projects.

(NAN)