Sunday, March 26, 2023

AfDB raises $8.9 billion for low-income African countries

In the release seen by Peoples Gazette, the funding will cover two years between the 2023 to 2025 financing cycle.

• December 8, 2022
AfDB and Akin Adesina 
AfDB and Akin Adesina 

Development partners, via the African Development Fund’s (ADF), have pledged to commit $8.9 billion to low-income nations in Africa, per a African Development Bank’s statement on Thursday.

In the release seen by Peoples Gazette, the funding will cover two years between the 2023 to 2025 financing cycle.

The ADF is the AfDB’s concessional window, which offers grants and lenient loans to the low-income nations on the continent.

“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,” the statement read.

The bank explained that the fund will be used to address the continent’s many development needs, including recovery from the COVID-19 pandemic, the consequences of climate change, instability, debt, and economic vulnerabilities, the statement read.

Speaking about the development, Akinwumi Adesina, president of the AfDB Group, noted that the contributions came at a time when the continent was facing serious economic and financial difficulties.

“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.This is the power of global partnerships and effective multilateralism in support of Africa.” Mr Adesina said.

Mr Adesina asserted that the program has given 74 million people access to better agriculture and assisted in connecting 15.5 million people to electricity among other economic and social benefits.

The fund will support two strategic framework and operational priorities, including establishing sustainable, climate-resilient, and high-quality infrastructure; and governance, capacity building, and sustainable debt management in recipient countries, according to the development bank’s president.

It will also focus on empowering women and girls as a condition for achieving inclusive and sustainable development.

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