African Development Fund commits $7.6bln to support low-income countries

African Development Fund commits $7.6bln to support low-income countries

Donors of the African Development Fund (ADF)over the weekend agreed to commit $7.6 billion to speed up growth in Africa’s poorest nations and help lift millions out of poverty.

According to the African Development Bank Group, the Fund comprises 32 contributing states and benefits 37 countries.

The fund, administered by the African Development Bank, supports Africa’s most vulnerable countries 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.

ADF-eligible countries include those that are experiencing higher growth rates and heading toward becoming new emerging markets, as well as those that remain fragile and need special support for basic service delivery- the ADF provides support to all of its diversified clients. The Fund’s resources are replenished every three years by its donor countries.

ADF-sponsored projects have improved transportation, linked countries and increased market access for millions, helping to address the challenges that have hampered intra-African trade: poor infrastructure, tariff and non-tariff barriers, visa regimes and lack of connectivity.

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