African Development Fund commits $7.6bn to accelerate growth in Africa’s poorest countries

The African Development Fund’s donors have agreed to commit USD 7.6 billion recently to accelerate growth in Africa’s poorest countries and assist in lifting millions out of poverty. This fifteenth replenishment of the ADF (ADF-15), up 32 percent from the previous cycle, sends a strong signal of trust in the Fund, which is the concessional window of the African Development Bank Group.

The African Development Fund (ADB) comprises 32 contributing states and benefits 37 countries – including those experiencing higher growth rates, headed towards new emerging markets, and fragile states needing special support for basic service delivery. The Fund’s resources are replenished every three years.

According to the source, ADB-15 is going to support the most vulnerable countries in Africa by tackling the root causes of fragility, strengthening resilience, and mainstreaming cross-cutting issues. These include gender, climate change, governance, private sector development, and decent job creation.

“What a great pledge we’ve achieved with your support... Together we’ve exceeded the target set for this replenishment. What a great and successful replenishment story that is,” the President of the African Development Bank, Akinwumi Adesina said.

ADF-15 will focus on two Strategic Pillars: quality and sustainable infrastructure aimed at strengthening regional integration; and human governance and institutional capacity development for increased decent job creation and inclusive growth. The ADF has played an important role in the development journey of African low-income countries.

The ADF has made a difference and positively impacted the lives of millions in a period of nine years. Such as – the ADF is improving access to electricity for 10.9 million people, access to markets and connections between countries to 66.6 million people, access to water and sanitation for 35.8 million people, providing agriculture infrastructure and inputs for 90 million people including 43 million women, and contributing to the continent’s regional integration agenda by rehabilitating more than 2,300 km of cross-border roads.

During the next three years, the Fund will scale up its interventions with bold and profoundly transformative projects such as Desert to Power stretching across the Sahel region. This flagship programme, aims at transforming the Sahel into the world’s largest solar production zone with up to 10,000 megawatt of solar generation capacity and 250 million people connected to electricity.

“You will see a new spring in our step…we will be bold and decisive. We will stretch ourselves, and we will do more with your support,” Akinwumi Adesina added.