Morocco backs replenishment of AfDB’s concessional financing fund
Morocco will make a contribution to replenish the African Development Fund, a concessional funding window of the African Development Bank.
“The decision reaffirms Morocco’s willingness and commitment to help African states in line with the King’s enlightened vision to foster African solidarity and prosperity,” Finance Minister Nadia Fettah Alaoui said in a speech read on her behalf by the industry minister.
The speech was on the occasion of the fourth and final meeting of the sixteenth replenishment of the African Development Fund, which opened on Monday in tangier. The meeting is taking place at a context where African states struggle with the fallout of the pandemic and inflationary pressures.
Nadia Alaoui urged AfDB members to be generous in replenishing the African Development Fund to be able to act as an efficient and innovative financing instrument for fragile African economies.
In this respect, she highlighted the importance of the fund in helping African countries address sustainable development challenges as well as climate change.
Inaugurated by the Minister of Industry and Trade, Ryad Mezzour, representing the Minister of Economy and Finance, Nadia Fettah, Governor of the AfDB Group for Morocco, and
The meeting, attended by President of the AfDB Group Akinwumi A. Adesina, provides an opportunity to deepen the discussion on issues facing low-income African countries, including climate finance and adaptation and sustainable debt management.
Participants will discuss policy and financial directions and approaches to address the various challengs The process will result in a financing package for the three-year ADF-16 cycle (2023-2025).
At this fourth replenishment meeting, the ADF-16 report, funding levels and replenishment terms will also be approved.
The AfDB has previously called on rich countries to redirect their IMF special drawing rights to help African countries with climate finance.
In a recent report, the lender said African countries need to mobilize 1.6 trillion dollars between 2022 and 2030 to address climate change.
